Boston, MA -- (SBWIRE) -- 09/10/2015 -- Industrial IoT, also called as Industrial Internet or Industry 4.0, is a network of physical devices, sensors, and machines connected to the Internet for effective communication of data. It helps in monitoring and controlling industrial operations from a remote location. Advanced analytics is applied to the vast amount of data generated by connected devices that help in making intelligent decisions with powerful insights. Industrial IoT helps enterprises to reduce unplanned downtime, improve machine efficiency, optimize business processes, and improve working environment.

Technavio's analysts forecast the global industrial IoT market to grow at a CAGR of 26.56% over the period 2014-2019.

Commenting on the report, an analyst from Technavio's team said: "The growing adoption of industrial IoT may lead to a shift in employment structures. We expect a blended workforce where both humans and machines work together to attain outcomes that neither humans nor machines could produce alone. Technology will likely be designed and applied to empower people rather than replace them. The increased usage of smart devices, intelligent systems, and robots will likely completely transform the skills and jobs required in the future. Companies will use intelligent machines and network systems to automate tasks at lower costs and achieve high quality outcomes. This automation will help people to focus more on human-related job elements such as creative problem-solving and collaboration. So, there will be higher productivity with a dynamic and more engaging human work experience through the combination of humans and machines."

Get More Details on this Report and a Full Table of Contents at Global Industrial IoT Market: Research report 2015-2019

According to the report, a rising number of connected devices are now being used in industries to boost the quantum of generated data. Businesses have realized that they can use these data to optimize costs, deliver better services, and boost revenues. They are also seeing opportunities for changes in business models. For example, aviation engine manufacturers are offering inclusive rental programs on their equipment and servicing contracts. The expectation is that feedback from engine users would help manufacturers enhance engine design and reduce manufacturing and maintenance costs, which may confer significant competitive advantages. Countries have realized that sensor data could be used to avoid catastrophic failures in key infrastructure networks like water, power, and transport. All these factors drive revenues in the market.

Further, the report states that the lack of interoperability hampers the adoption of IIoT.

The key players in the Global Industrial IoT Market are AT&T, Cisco, GE, IBM, Intel and Qualcomm while other prominent vendors include Accenture, Amazon, ARM, Atmel, Atos, Bosch, Broadcom, Digi International, CSC, CTS, Dell, Echelon, Ericsson, Freescale, , Hitachi, HP, Huawei, , Infineon, Infosys, Livion, Google, Microsoft, National Instruments, NEC, Oracle, PTC, Quuppa, Rockwell, Roima, SAP, Siemens, TCS, Tech Mahindra, Texas Instruments, Tieto, Trelab, Unisys, Verizon, Zebra Technologies, and ZTE

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