The IIoT is on the rise, transforming the manufacturing industry and creating what people call a Fourth Industrial Revolution or ‘Industry 4.0’. The digital connectivity of machines to other machines, to manufacturing operational systems and to the ‘connected worker’ is driving unprecedented increases in productivity and elimination of waste and cost.
Implementing IIoT solutions is driving competitive advantage for forward thinking companies.
Below we summarize some of the key findings from research, studies, surveys and trends on the IIoT and its role in industry. These findings give us a clear understanding of the role and importance of the IIoT in the manufacturing industry today as well as its future growth across many manufacturing markets.
- By 2020, 34 billion IoT devices will have been installed worldwide, according to a 2015 study conducted by Business Insider Intelligence.
- In 2018, Manufacturing was the top industry investing in IoT with a total of $189 billion, according to IDC Research.
- Until 2020, the IIoT market will grow at a CAGR rate of 7.3%.
- The IIoT market will reach $123 billion by 2021, according to forecasts performed by Accenture.
- By 2022, two thirds of manufacturers expect to be fully connected by means of IIoT, according to a study performed by Zebra Technologies.
- Confidence in IIoT is rising, with 66% of manufacturers using the technology to assess supplier quality and 76% to shorten the length of time it takes to identify and resolve issues by 2022. This is extracted from the study performed by Zebra Technologies as well.
- IIoT will have returned $14.3 trillion by 2023 back to the global economy, according to forecasts performed by Accenture.
- According to research by Business Insider, global manufacturers will invest $70 billion in IoT solutions in 2020, and it is expected to add about $14 trillion to the world economy by 2030.
Clearly there's something going on here!
To learn why companies are rapidly embracing IIoT technologies, learn about the Benefits of IIoT Technologies for Manufacturers here.
Interested in learning about a simple to implement manufacturing IIoT solution with fast ROI? Reach out to a Smart Factory Analytics solution consultant below!
