According to the new market research report “Industrial IoT Market by Device & Technology, Connectivity Type, Software, Vertical (Manufacturing, Energy, Oil & Gas, Healthcare, Retail, Transportation, Metals & Mining, Agriculture), and Geography – Global Forecast to 2026”, published by MarketsandMarkets™, the global IIoT market size is expected to grow from USD 76.7 billion in 2021 to USD 106.1 billion by 2026, at a CAGR of 6.7% during the forecast period.
The growth of the IIoT market is driven by factors such as technological advancements in semiconductor and electronic devices, increased use of cloud computing platforms, standardization of IPv6, and support from governments of different countries for R&D activities related to IIoT.
IIoT market for smart beacons technology to grow at a high rate from 2021 to 2026
The IIoT industry for smart beacons is expected to grow at a significant rate between 2021 and 2026. Smart beacons function as signal transmitters that are majorly battery-powered and can be configured with the help of a mobile app. This makes them scalable and highly portable; when Bluetooth-enabled devices, such as smartphones and tablets, come in a beacon’s vicinity, the signal turns on the application in these devices and triggers activities associated with the beacon signal. Further, the increasing demand for IoT solutions worldwide is expected to propel the growth of the market for smart beacons.
Manufacturing vertical held the largest share of the IIoT market in 2020
Over the past few years, there has been an introduction of new approaches and technologies, such as smart factories, cyber-physical systems, and intelligent robotics. Governments in countries such as Germany, the UK, France, the US, China, and India have taken several initiatives for encouraging manufacturers to increase their investments for the adoption of IIoT solutions. The manufacturing vertical is expected to hold the largest share of the IIoT industry in 2021. However, the demand for the agriculture vertical is expected to grow at the highest CAGR during the forecast period.
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IIoT market in APAC to grow at the highest rate during the forecast period
The IIoT industry in APAC is expected to grow at the highest CAGR during the forecast period. APAC is the largest manufacturing hub globally; it is also emerging as a large-scale hub for the metals and mining vertical. Infrastructural and industrial developments in emerging economies such as China and India are contributing to the growth of the IIoT market in this region. These factors are contributing to the growth of the market in North America.
The leading players in the industrial IoT market are Huawei (China), Cisco (US), GE (US), Intel (US), Rockwell Automation (US), ABB (Switzerland), Texas Instruments (US), Honeywell (US), IBM (US), KUKA AG(Germany), NEC Corporation (Japan), Bosch.IO (Germany), Siemens AG (Germany), and SAP (Germany).
How Can IoT Inspire Modern Innovation
The Internet of things has continued to shape the modern technological landscape by penetrating more areas of life through the introduction of new devices. The market has several examples of the Internet of Things, and new IoT devices keep popping up virally everywhere.
The internet of things is advertised everywhere, from blogs to yellow pages, mass media, and newsreels. The IoT revolution gives people a fresh, innovative experience and a new sense of belonging. However, it is far more than simply connecting.
So let’s take a look at how the IoT inspires modern innovation.
Most people can’t imagine a contemporary home now without smart security, lighting, appliances, indoor cameras, thermostats, etc. Smart homes have made life easier and convenient for people. This has ensured that people are more efficient with their resources and time.
A leading company specializing in making homes smarter is Nest Labs. Through a smart thermostat system, you can now remotely control the cooling and heating of your home. In addition, the device can automatically turn off your cooling or heating system when you are away to help you save energy consumption.
It would also be able to save your energy by learning your preferences. You would eventually pay less for your cooling and heating bills. It is a smart choice, especially for people living in cold climates.
The Internet 9f things market has recently seen the influx of several weakest roughly classified as fitness and health devices. Apple, Fitbit, Samsung, and others represent this area of IoT use. These devices usually monitor sleep, calorie intake, heart rate and track activities and other metrics to help you stay healthy.
In other cases, these wearables can communicate with other third-party healthy provider applications to share information about chronic conditions. Finally, connectivity Is the key to IoT wearables. The previous generation of devices relied on rickety home Wi-Fi or physical cables.
But today’s IoT wearables have integrated connectivity right into the devices. As a result, most wearable aspects have shrunk, from the in-device SIM cards that connect through cellular to the sensors.
This has resulted in cellular-based connectivity that uses less power and in a sleek form, making the device easier to wear and use. In addition, IoT SIM cards are usually billed monthly through IoT sim card plans, making it easier to access.
There is a convenience store where you do not need to wait in long lines to pay for your items; the Amazon Go no checkout store. You need to live close to these stores and have a unique app on your phone.
The store has specially equipped sensors that are connected to IoT devices. Ultimately IoT would transform the supply chain with revenue opportunities and operational efficiencies. The supply chain in today’s market is not just a way to keep an eye out for your product. It is now a way to get ahead of your competitors while strengthening your brand.
Most people often overlook smart farming when it comes to IoT innovation. However, several innovative products are geared toward forward-thinking farmers.
For example, some use distributed smart sensor networks to monitor several natural conditions like soil quality, air temperature, and humidity. Other hose automated irrigation systems.
An example of such an IoT device would be Blossom. It is a smart watering system that uses real-time forecasts and weather data to create the proper watering schedule for your yard. It also consists of a smart Bluetooth-enabled controller and a mobile app.
The system is easy to install, set and manage. Though it was initially developed for home use, you can also apply it on a larger scale.
IoT now plays a massive role in digitizing healthcare and helping improve both patient outcomes and clinic operations. End-to-end clinical management suites such as RTLS by CENTRACK are one of the vivid examples of IoT use in the healthcare industry.
RTLS uses smart sensors to track patients’ care and clinical operations from regulatory compliance, staff satisfaction, and patient care quality. In addition, it collects real-time data that clinics use to monitor the medical equipment state and avoid breakdowns through timely repair schedules.
Additionally, smart medication dispensers like HERO are used for people in need of home treatment. Specifically, they are for elderly care. The dispenser can correctly load the right prescription pill and monitor the pill intake.
Businesses would have to embrace the idea of the internet of things sooner than later. There is a lot of space in the IoT space at the current time. Though applications remain limited, technology for IoT is just coming into full maturity. The coming years will see IoT inspire modern innovation in the business and consumer worlds.
IoT integration SBT Alliance Launches Smart Space as a Service (SSaaS)
IoT integration SBT Alliance, launches a new project funding program, Smart Space as a Service (SSaaS), that’s engineered to provide end-users with everything they need to design, deploy, and fully support a smart IoT solution.
SBT’s SSaaS program enables end-users to reap the many benefits of today’s latest IoT technologies without requiring extensive capital requirements, as is commonplace with traditional capital-funded projects. Under the SSaaS program, building owners, and facility managers, unlock additional capital resources through significant energy efficiency savings and facility optimization.
“The launch of our Smart Space as a Service program is a game-changer for our end-user clients. No longer are they required to commit large sums of capital to fund a smart building project – quite the opposite. Through our SSaaS offering, end-user clients experience positive monthly cash flows allowing them to invest those dollars in other areas of their business, something that is so critical in today’s business environment.” – Rich Hanlon, COO, SBT Alliance
Key benefits of SBT’s SSaaS program, include:
- Full project funding, including all hardware, software, and labor
- Dedicated S|HUB Tablet providing in-depth system insights & tech support
- End-to-end project logistics, including, design, deployment, and support
- Custom IoT application development add-ons and upgrades
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