As IoT technology develops, factories are becoming automated environments, logistics operations and supply chains are being revolutionized, and industries such as healthcare are benefiting from always-on connectivity. The number of connected devices serving a range of vertical markets will increase. surge in the coming years. As the number of connected devices increases, so does the amount of data, and in some cases, there is a trend toward edge computing to better handle the influx of enterprise data.
Internet of Things research company ON World said that the industrial Internet of Things is driven by low-cost and low-power wireless components, battery-powered wireless sensors with several kilometers of network coverage, mature wireless mesh network protocols and ubiquitous cloud platforms. The company recently released its latest adoption numbers in the space, indicating that by 2027, 650 million industrial wireless sensor devices will be used in industrial automation, agriculture, logistics, construction and related industrial markets. ON World further noted that three-quarters of respondents believe wireless sensor networks and IoT platforms are important strategic investment areas. According to this data set, some of the fastest-growing applications will be asset tracking and location, machine health monitoring, and factory automation.
In another recent study highlighting industrial IoT solutions (this time in the military sector), PMR (PersistenceMarketResearch) suggests that the adoption of IoT solutions in military operations will help drive revenue growth in this important segment . For example, in PMR’s 10-year forecast for the global military antenna market, survey results show that the global military antenna market will grow at a stable compound annual growth rate of 4.9% between 2018 and 2028. The growth is a result of increased demand for military antennas, which are used in areas such as electronic warfare, surveillance and telemetry.
As more industries accelerate IoT deployments, the amount of data available will grow exponentially. TMR (Transparency Market Research) said that with the rise of cellular connectivity and the rise of cellular data in the enterprise space, the mobile edge computing market will simultaneously reach new heights and may exceed $4.2 billion by 2025. The company said that the global mobile edge computing market was valued at US$73.8 million in 2016, meaning that if the market reaches its target of US$4.2 billion in 2025, its compound annual growth rate will increase over the 10-year forecast period. The growth rate will be an incredible 51%.
Mobile edge computing is becoming increasingly important in industries such as healthcare, banking and defense, as well as in applications such as media and entertainment and autonomous vehicles. Overall, the influx of data due to the adoption and deployment of Industrial IoT is a good thing, meaning businesses are better able to make data-based decisions. However, the key to getting the most value from your IoT deployment is to analyze the data and use it to improve business operations, products, or services. Only then can data from industrial sensors and other devices or machines enhance decision-making and deliver the value that industry expects from IoT.