Growth is the name of the game in the IoT (Internet of Things) and in the IIoT (industrial IoT), as the number of connected devices serving a range of vertical markets is set to explode in the coming years. Factories are becoming automated environments, logistics operations and supply chains are getting an overhaul thanks to IoT technologies, and sectors like healthcare are benefiting from always-on connectivity. With the rise in the number connected devices comes an increase in data and, in some cases, a trend toward edge computing to better handle this influx of enterprise data.
The IIoT is being driven by low-cost, low-power wireless components, battery-powered wireless sensors with multi-mile network coverage, mature wireless mesh network protocols and ubiquitous cloud-based platforms, says IoT research firm ON World. The firm recently released the latest adoption numbers for the space, suggesting there will be 650 million industrial wireless sensor network devices for industrial automation, agriculture, logistics, construction, and related industrial markets by 2027. The ON World report further suggests three-quarters of its survey’s respondents believe wireless sensor networking and IoT platforms are important strategic investment areas. Some of the fastest growing applications, according to this data set, include asset tracking and locating, machine health monitoring, and factory automation.
In another recent research study highlighting IIoT solutions, this time in the military arena, PMR (Persistence Market Research) suggests the adoption of IoT solutions in military operations will help fuel revenue growth in this important sector. For instance, in PMR’s 10-year forecast of the global military antennas market, findings suggest the space will grow at a steady CAGR (compound annual growth rate) of 4.9% between 2018 and 2028. Growth will be a result of increasing demand for military antennas for use in applications like electronic warfare, surveillance, and telemetry, among others.
As more industries ramp up IoT deployments, the amount of data available for the taking will exponentially grow. With the rise of cellular connectivity and, therefore, cellular data in the enterprise space, TMR (Transparency Market Research) says the mobile edge computing market will simultaneously reach new heights, potentially surpassing $4.2 billion by 2025. The firms says the global mobile edge computing market was valued at $73.8 million in 2016, which means if the market does hit this $4.2 billion target by 2025, it will have grown at an incredible CAGR of 51% during the decade-long forecast period.
Mobile edge computing is becoming increasingly important in industries such as healthcare, banking, and defense and for applications like media and entertainment, autonomous vehicles, and many others. In general, the influx of data thanks to IIoT adoption and deployment is a good thing; it means enterprises are better positioned to make data-informed decisions. The key to reaping maximum value from IoT deployments, however, is analyzing data and using it to improve business operations, products, or services. Only then will machine data from industrial sensors and other devices or machines enhance decisions and provide the value industries have come to expect from the IoT.
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