Industrial IoT Market and Its Key Opportunities and Challenges
Key Market Dynamics in Industrial IoT
Northrook, IL -- (SBWire) -- 10/22/2019 --The Industrial IoT market size is projected to reach USD 91.4 billion by 2023 from an estimation of USD 64.0 billion in 2018, at a CAGR of 7.4% as per a report by MarketsandMarkets.
Why increasing number of data centers continue to offer more opportunities?
The IIoT market is expected to grow at a high rate in the coming years. To reap the benefits of IIoT, companies need to develop solutions that can handle large volumes of unstructured data. Data centers can handle such large volumes of data; they can collect the data transmitted by IIoT-enabled devices, analyze them, and accumulate meaningful information to facilitate improved decision-making. In case of large enterprises with global presence, data generated at different locations are collected in different data centers where the initial processing takes place. The processed data are aggregated together at a central data center for additional processing. This indicates that the demand for data centers would increase in the next few years. It is also expected to give rise to technologies such as data center infrastructure management (DCIM) systems, which would be used to gather information from several sensors and associated components, and provide a holistic view of system performance. Data centers are also expected to benefit from critical power management systems (CPMSs), which are designed to ensure the continuous operations of data centers through effective power management.
Why maintenance and updates remain a major challenge?
Industrial IoT systems must be developed considering two important factors: maintenance and updates. Industrial systems need to be updated and maintained as per changing business requirements to implement technological upgrades. As new components are added, the software also needs upgrading or more systems must be added. The new system needs to be integrated with the original, as well as the additional systems. More number of systems would mean increased maintenance of the original system. Maintenance and upgrading of IIoT systems would be a challenging task for companies to provide services without interruption.
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Increasing use of cloud computing platform
Innovation in cloud platform has offered new business capabilities and opportunities to enterprises. Since then, there has been a gradual shift in the architectural landscape of business models and its underlying IT network infrastructure. Cloud-based alternatives are now being preferred by industries over machine-centric or PC-centric models. The emergence of mobile computing technologies, proliferation of internet-connected devices, and increasing use of cloud computing platforms have given rise to IoT and IIoT. Mainstreaming of cloud computing has offered the much needed flexibility to businesses to scale and grow at a global level. Networks have become capable of processing more complex data, enabling the creation of interconnected systems. As a huge volume of data can be processed in the cloud, the design of devices can be simpler at the users' end and thus, IoT-based complex systems can be implemented in a simple, usable form.
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