Table of Contents
In the last few decades, innovations in Internet have changed the business perspective in B2C industries such as media, retail, transportation, banking services and many more. It is very evident that in the coming 5 years, Internet of Things (IoT) will modify to Industrial Internet of Things, allowing industries such as manufacturing, agriculture, energy and others to witness the ease of operations and improve the productivity speed adding up to the increased revenue generation.
IIoT (Industrial Internet of Things) technology will introduce the global reach of Internet with a new capability to control the physical world, including the machines, factories and infrastructure that define the businesses. The IIoT is currently in its early stages, like the Internet was in the late 1990s, this technology is expected to be utilized in various industries in the near future to optimize the process and improve the efficiency, though this involves risking the business and society.
IIoT is a significant sub-segment of IoT which includes digital oilfield, advanced manufacturing, grid automation and smart cities. It provides various useful tools for smart decision making, improved asset monitoring capabilities and effective collaboration.
Standardization of IPv6 and cloud computing are the key drivers for the IIoT.
Some of the key players in the IIoT industry are:
Intel Corporation (U.S),
Cisco Inc. (U.S).
The Industrial IoT market size was worth $181.29 billion in 2013 which is estimated to reach $319.62 billion at a CAGR of 8.15% from 2014 to 2020.
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