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 the Internet of Things Works and How it Benefits Businesses
The Internet of Things (IoT) is a network of interconnected devices that can communicate with one another to exchange data. This network is growing exponentially, and it has the potential to revolutionize many industries. Engage the IT Support Newton team to learn more about IoT.
IoT has a lot of advantages, but why should businesses get involved? In this post, we’ll describe how the Internet of Things works and how it helps businesses. Since IoT is here to stay, we should familiarise ourselves with it.
How Does IoT Work?
One area where the IoT is already having a significant impact on businesses is logistics. For example, IoT devices can be attached to packages as they’re transported, and this information can be used to optimize shipping routes and schedule deliveries. It can also help identify any problems that may occur along the way so that corrective action can be taken quickly.
The IoT is also used in healthcare to track patient health data and generate alerts for abnormalities. This allows doctors to make better decisions based on real-time information rather than waiting for delayed reports from hospitals or clinics.
Security is another area where IoT is used. For example, monitoring the location and condition of security cameras makes it possible to detect any changes or abnormalities in real-time. This allows for quicker response times if there’s an emergency and provides for comprehensive tracking of criminal activity so that justice can be served appropriately.
What are the Benefits of IoT to Organizations?
Minimized Human Labour and Increased Staff Productivity
The internet of things (IoT) is a term used to describe the growing trend of incorporating devices into everyday life to communicate and exchange data. This allows devices to be monitored and managed remotely, which in turn leads to increased staff productivity and reduced human labor.
One of the most common uses for IoT is in the factory environment. By using sensors and actuators embedded in machines, factories can be managed more effectively, and workers can be monitored for safety. This reduces errors and injuries, improves production accuracy, and speeds up the process.
By reducing human labor, IoT solutions have made it possible to use fewer workers to achieve the same results. This has led to increased efficiency and cost savings for companies and greater flexibility and agility.
Effective Management of Operations
The Internet of Things has been heralded as one of the most significant benefits offered by technology. It effectively manages operations by creating a network of devices that can be accessed remotely. This makes it possible to monitor and control equipment and systems in real-time, making it much easier to identify and address problems.
IoT also helps reduce costs associated with inefficient operations. For example, it can automate routine tasks like inventory management so businesses don’t have to waste time and money on mundane tasks that machines could handle more efficiently. In addition, it can help improve safety by monitoring surroundings for potential threats and automatically taking appropriate action.
IoT has proved to be an incredibly effective tool for managing operations. Its ability to streamline processes and communicate information quickly and accurately makes it a valuable asset for businesses of all sizes.
Improved Utilization of Resources and Assets
In the past, businesses have had to spend a lot of time and money managing resources and assets. This is because these resources were often not used to their full potential.
One of the key benefits of IoT is that it allows you to track and monitor all aspects of your resources and assets in real time. This makes it easy to identify problems early on and fix them before they become significant issues. It also allows you to optimize your resources to be used most effectively.
The Internet of Things can also help you better manage your inventory by alerting you when there’s a shortage or surplus of a particular product or resource type. You can then make necessary adjustments in order to meet customer demand without overexerting your resources.
Comprehensive Business Development and Marketing
IoT is a major trend in business development and marketing because it allows enterprises to track everything from customer interactions to sales figures in real time.
This gives businesses an unprecedented level of insight into their customers and their operations. This is especially useful for developing targeted marketing campaigns and improving customer service. Additionally, it can help you better understand your competition and how they’re performing.
Because IoT helps businesses monitor everything from giant factories to small businesses, it has the potential to transform many industries across the board. We may see more widespread use of IoT in marketing and development practices across the board.
Better Business Opportunities
Because IoT solutions are becoming more practical, businesses may now provide a wider choice of services and goods. For example, a company that uses IoT solutions to track inventory can also monitor the warehouse and provide real-time updates on stock levels. This way, customers know exactly what they’re getting, and there’s no need to wait for deliveries or stock to accumulate in warehouses.
Another good business opportunity that comes with using IoT solutions is the ability to measure customer behavior and interactions. This allows businesses to identify how their customers are interacting with their products or services, which can help them make better decisions about future marketing campaigns or product development.
The Bottom Line
As you can see, the Internet of Things (IoT) is recognized as one of the most promising digital technologies. It will undoubtedly grow in popularity and use over the coming years. IoT systems have tremendous capabilities even in their current condition, and their benefits are alluring. It’s crucial to understand, though, that successful IoT integration in an organization takes a lot of work and expertise in order to reap the benefits without experiencing any adverse effects. Therefore, in order to obtain a successful IoT solution, it is most logical to employ the help of trustworthy experts.
Post courtesy: James Richards, CEO at Stronghold Data
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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