A new Navigant Research report has projected that the combined cumulative revenue for Industrial Internet of Things (IIoT) devices, software and services throughout the world will cross the $1 trillion mark by 2027.
The trend will be driven by an increasing number of enterprises as they start realising the benefits of IIoT leading to lower costs and increased equipment maintenance, the research firm added.
The report, titled “Industrial Internet of Things”, analysed the overall emerging IIoT market and highlighted the key market drivers and technologies as well as the regulatory frameworks. According to the report, in the beginning IIoT solutions can appear to be a little complex to administrators who are not aware about hardware, software, and service choices.
Neil Strother, principal research analyst with Navigant Research, said: “We are starting to see more and more companies across the spectrum adopt IIoT strategies, deploying hardware and software platforms to help lower operational spend, and to serve as a competitive differentiator that can help them sell products and services at lower costs.”
Elsewhere, a Technavio report on smart farming practices using IoT held that the future of agriculture is being shaped by IoT resulting in increased crop yields, real-time plant and filed monitoring and enhanced supply chain management.
According to the report, the global IoT market in smart farming will grow at a CAGR of almost 11% from 2017-2021. The report has highlighted three drivers that are responsible for the growth of the IoT market in smart farming worldwide viz a decline in the rates of sensors; boost in IoT solutions for remote monitoring; and lack of arable land and a swell in population.