The latest research report published by Transparency Market Research pertains to the global Industrial Internet of Things (IIoT) market for the historical period 2016–2020, and the forecast period 2021-2031. Industrial Internet of Things (IIoT) denotes the extension and implementation of IoT in applications and industrial sectors. With a strong focus on machine learning and Big Data, IIOT allows enterprises and industries to have better reliability and efficiency in operations. Industrial Internet of Things (IIoT) involves robotics, industrial applications, medical devices, and software defined production processes.
Growing adoption of Industrial Internet of Things (IIoT) by aviation, transportation, and various manufacturing sectors is expected to boost the Industrial Internet of Things (IIoT) market during the forecast period
Connecting operational technology to the Internet can make the industry more viable with the help of connected devices and sensors at work, and real-time data is generated
The global Industrial Internet of Things (IIoT) market was valued at US$ 226.1 Bn in 2020. It is estimated to expand at a CAGR of 22.9% and expected to cross the value of US$ 2.1 Trn by the end of 2031.
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Rising Adoption in Transportation & Logistics Sector: Key Driver of Industrial Internet of Things (IIoT) Market
Increasing adoption of IIoT solutions and services in transportation to reduce the number of accidents and parking delays is the major factor driving the Industrial Internet of Things (IIoT) market
There are many systems developed to deal with traffic issues. These include emergency systems, tracking devices (for tracking vehicles and sending location information in an emergency scenario), and driving behavior solutions to keep track of driving skills and avoid rash driving and accidents. Furthermore, governments are also taking initiatives to deploy advanced systems for the transportation & logistics industry.
Demand for IIoT in transportation is rising globally, owing to increasing congestion and traffic issues in metropolitan areas. Adoption of IIoT solutions for transportation significantly reduces traveling & parking delays and the number of accidents.
As per a study published in Time Magazine, drivers looking for parking spaces rack up more fuel combustion each year. According to this study, drivers in search of a parking spot clocked around 950,000 travel miles, 730 tons of greenhouse gas emission, and 47,000 gallons of gas.
Many companies are deploying and developing electronic toll collection systems to reduce travelling time on highways. In line with this, the Government of India launched an electronic toll collection (ETC) program in 2014, called FASTag that allows people to pay highway tolls electronically.
Furthermore, Advanced Traffic Management System (ATMS), a subfield of Intelligent Transportation System (ITS) is used primarily to improve traffic flow. This system uses sensing, communications, and data-processing technologies to reduce traffic problems and unpredictable incidents. The above mentioned factors represent the growing adoption of IoT solutions in the transportation sector, thus supporting the growth of the Industrial Internet of Things market.
For instance, in August 2021, Ivanti acquired an IIoT platform from WIIO Group. This acquisition will help supply chain organizations to create no code or low code applications. Ivanti is focusing on creating value with an exclusive IIoT platform that optimizes operational efficiency and offers application enablement. The company is also focusing on improving the traceability of parcel shipment, which will help in certifying efficiency in operational decision-making.
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Increasing Demand for Industrial Internet of Things (IIoT) from Healthcare Sector
IIoT in the healthcare sector will provide an opportunity to tailor its cognitive data analysis platform by placing major emphasis on health-related services and products. This data analysis is expected to optimize organizational performance, enable better customer engagement, and gain cost efficiencies by effectively managing patients through enhanced decision making.
Advancements in video conferencing, telemedicine, and IIoT is expected to provide numerous opportunities to healthcare professionals, as they can interact with patients directly, eliminating the travel time required to visit in person.
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