The global industrial internet of things market size is expected to reach USD 1.11 trillion by 2028, registering a CAGR of 22.8% from 2021 to 2028, according to a new report by Grand View Research, Inc. The strong emphasis incumbents of various industries and industry verticals, such as manufacturing, are putting on automation, predictive maintenance, and efficient supply chain management, is expected to drive the growth of the market over the forecast period. Several companies have realized the benefits of implementing IIoT to improve their functional efficacies and have subsequently deployed various advanced IIoT solutions based on compatible software and sensors, thereby contributing to the growth of the industrial internet of things (IIoT) market.
Machine-to-Machine (M2M) communication is poised to trigger a paradigm shift in the way various industrial processes are managed. The aggressive adoption of M2M communication for applications, such as smart grids, and across various industries and industry verticals, such as automotive, utilities, home automation, healthcare, and security, is expected to drive the adoption of IIoT. The number of different types of connected devices and sensors installed in industrial environments to collect data from the local environment and upload it to the cloud is expected to increase over the next few years. The latest operational and informational technologies can utilize the data collected by Operational Technology (OT), M2M communication, and IoT systems to gain new insights and improve the decision-making processes.
Several businesses worldwide are confronting challenges in supply chain management in the wake of the outbreak of the COVID-19 pandemic. Vendors are placing multiple orders and are facing financial hardships as a result. Tracking the orders placed and the orders dispatched is also turning out to be a challenging task. At this juncture, cognitive industrial IoT can help businesses in precisely analyzing the orders placed and total yield while tracking the products in transit. Hence, businesses are expected to deploy cognitive IIoT solutions as part of their efforts to reform their strategies and operations.
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