When we hear or read about the term industrial revolution, we are invariably teleported back in time to our high school days, when we learned about it for the first time.
Going a step further from the third industrial revolution, the fourth industrial revolution, or the Industrial Internet of Things (IIoT), or simply Industry 4.0, is going to be an amalgamation of all the latest technologies and manufacturing, where the machines, particularly at the shop floor, will be equipped with the ability to communicate so as to achieve visibility over every aspect of the operations, including goods, assets, and processes.
Facilitated by the rapid developments that have happened on the information technology and hardware front, Industry 4.0 is nothing but a blend of advanced analytics, Big Data, Robotics (machine learning), Artificial Intelligence (AI), Internet of Things (IoT), Blockchain, Radio-Frequency Identification (RFID) systems, Real-time Locationing Systems (RTLS), 3D printing, and Process Digitization across the business value chain, thus leading to a convergence of real and the virtual world.
Also being referred to as ‘smart factory’ or smart manufacturing, the concept of Industry 4.0 is going to change the way manufacturing happens across the globe by completely digitizing the manufacturing sector.
The concept of a ‘smart factory’ with connected manufacturing units is fast becoming a reality everywhere – including India.
Diverse businesses in the country, be it the startups, SMEs or big corporations, are opening up to the idea of Industry 4.0.
The聽global market for industrial Internet of Things聽is fragmented in nature with a high level of competition among the prominent players over the next few years, states a research study by TMR.
The development of new products and technological advancements in the field are predicted to offer growth opportunities for the market players in the next few years.
Some of the prominent players engaged in the industrial Internet of Things market across the globe are Softweb Solutions Inc., General Electric Company, Robert Bosch GmbH, Siemens AG, IBM Corporation, Schneider Electric SE, Accenture PLC, ABB Ltd., Sasken Technologies Ltd., Tech Mahindra Ltd., Emerson Electric, ZIH Corp., Intel Corporation, and NEC Corporation.
The market is expected to register a massive 24.30% CAGR between 2018 and 2026.
Geographically, North America is expected to hold a huge share of the industrial Internet of Things market, thanks to the growing adoption of advanced automation solutions.
In addition to this, the emerging economies in this region is projected to offer growth opportunities in the coming years.Rising Support from Government to Drive Industrial Internet of Things MarketThe Internet of Things has been gaining traction in diverse industries across the globe, thanks to which the market is estimated to witness high growth in the coming years.
When we hear or read about the term industrial revolution, we are invariably teleported back in time to our high school days, when we learned about it for the first time.
Going a step further from the third industrial revolution, the fourth industrial revolution, or the Industrial Internet of Things (IIoT), or simply Industry 4.0, is going to be an amalgamation of all the latest technologies and manufacturing, where the machines, particularly at the shop floor, will be equipped with the ability to communicate so as to achieve visibility over every aspect of the operations, including goods, assets, and processes.
Facilitated by the rapid developments that have happened on the information technology and hardware front, Industry 4.0 is nothing but a blend of advanced analytics, Big Data, Robotics (machine learning), Artificial Intelligence (AI), Internet of Things (IoT), Blockchain, Radio-Frequency Identification (RFID) systems, Real-time Locationing Systems (RTLS), 3D printing, and Process Digitization across the business value chain, thus leading to a convergence of real and the virtual world.
Also being referred to as ‘smart factory’ or smart manufacturing, the concept of Industry 4.0 is going to change the way manufacturing happens across the globe by completely digitizing the manufacturing sector.
The concept of a ‘smart factory’ with connected manufacturing units is fast becoming a reality everywhere – including India.
Diverse businesses in the country, be it the startups, SMEs or big corporations, are opening up to the idea of Industry 4.0.
The聽global market for industrial Internet of Things聽is fragmented in nature with a high level of competition among the prominent players over the next few years, states a research study by TMR.
The development of new products and technological advancements in the field are predicted to offer growth opportunities for the market players in the next few years.
Some of the prominent players engaged in the industrial Internet of Things market across the globe are Softweb Solutions Inc., General Electric Company, Robert Bosch GmbH, Siemens AG, IBM Corporation, Schneider Electric SE, Accenture PLC, ABB Ltd., Sasken Technologies Ltd., Tech Mahindra Ltd., Emerson Electric, ZIH Corp., Intel Corporation, and NEC Corporation.
The market is expected to register a massive 24.30% CAGR between 2018 and 2026.
Geographically, North America is expected to hold a huge share of the industrial Internet of Things market, thanks to the growing adoption of advanced automation solutions.
In addition to this, the emerging economies in this region is projected to offer growth opportunities in the coming years.Rising Support from Government to Drive Industrial Internet of Things MarketThe Internet of Things has been gaining traction in diverse industries across the globe, thanks to which the market is estimated to witness high growth in the coming years.