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Frost & Sullivan states that IIoT platforms are creating new business models with enhanced connectivity, control and convergence as key areas against the mentioned backdrop of evolutions, the growing need to turn machine data into insights and decisions, of course increasingly in real-time, with the platforms offering the tools and needed agility in developing application-centric functions which are unique to each industry.
the Industrial Internet of Things (IIoT) market is predicted to reach $123B in 2021, attaining a CAGR of 7.3 percent through 2020. This will give executives the ability to analyze large quantities of industry and/or products-specific data and use that information for business intelligence and decision-making.
IDC, utilities alone is the third industry from the IoT spending context, having reached a total of $69 billion in 2016. Here as well there is one area of investment that clearly sticks out: smart grid for electricity and gas, which accounted for a whopping $57.8 billion in 2016.
The Industrial Internet of Things plays a key role in the overall digital transformation towards a digital supply chain in many parts and value chain components of the large ecosystem, which obviously also touches retail/consumer-facing aspects.
Forrester reports that industrial products will lead all industries in IoT adoption at 45 percent with an additional 22 percent planning to adopt IoT in the next 12 months. 2019
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