catastrophes in key networks such as water, power, and transport. These factors are
driving the industrial IoT market revenue.
The growth in the adoption of Industrial-IoT will lead to a shift in employment
assemblies. The workforce will be blended and it is expected that humans and
machines would work together to achieve results that humans nor machines can
produce alone. Businesses will use smart machines and network solutions to atomize
responsibilities at low costs and attain high-quality results. This will propel the
industrial IoT market demand.
A key factor hindering the growth of the industrial IoT market is the lack of compatibility
between the many technologies functioning in the IoT environment. The technology is
mainly a union of data processing, industrial equipment, networking infrastructure,
sensor technologies, and software solutions for data management and writing.
Semiconductor players have joined forces with hardware, software, networking
companies with academic consortiums, and industry associations to develop formal
and informal standards for industrial IoT applications. To overcome the factors
hindering the industrial IoT market growth AT&T, Cisco, Inc., GE, IBM, and Intel
Corporation formed the Industrial Internet Consortium 2014. This consortium has over
150 and more companies as members working together to help define industry
requirements & standards, establish interoperability standards across environments
and accelerate adoption of Industrial IoT. Other companies have been intensive on
regulating the Application Programming Interfaces (APIs), allowing data transfer and
basic commands amongst IoT devices.
The industrial IoT market based on industries can be segmented into agriculture,
energy & power, healthcare, metals & mining, and manufacturing. These industries
are expected to generate various opportunities due to the Industrial IoT technology.
The manufacturing sector is currently the largest market holder for Industrial IoT. A
change in the implementation of manufacturing processes is likely to benefit various
organizations and businesses as it would enable effective collaboration, financial
monitoring enhancement, high application of resources, smart decision-making skills,
and opportunities to develop and test ground-breaking technologies in the industrial
IoT market.
Healthcare industry in industrial IoT market is expected to grow at a high rate during
the forecast period. The solutions can completely change the healthcare industry
through remote monitoring of critical patients. Data gathered through remote
monitoring can be used for providing enhanced diagnostics and patient care.
Availability of healthcare services and treatments c