There are a few questions imperative in concluding the current status of the global industrial internet of things market, all answered by industry experts from Transparency Market Research.
Big Data and IIoT: Will they Grow Together?
Big data analytics is a major part of the industrial internet of things. Many industry verticals are now highly dependent on big data analytics to save them time and to organize the incoming massive tangle of data. IIoT and big data analytics are considered to be two of the topmost results of the current digital revolution, and it makes sense to pair them together for better results.
It is almost certain that once IIoT becomes a definitive and integral part of manufacturing globally, the number of connected devices will explode exponentially. Applying data mining strategies and big data analytics to this field could end up yielding immensely useful results.
How is Big Data and IIoT Integration Expected to Pan Out?
The way the global industrial internet of things market is progressing in terms of technologies and implementation rates, big data analytics is set to be an integral part of manufacturing. IIoT by itself already adds a large number of advantages to the way manufacturing happens. Adding big data analytics to the mix will allow companies to extract vital process data that can help them define the areas where they are strong or are falling behind. Leading players such as Accenture and General Electric have expressed high optimism over the way IIoT will complement big data in the near future.
Should Cloud Computing be Made a Core Part of IIoT?
The utilities of cloud computing in the Internet of Things realm has already been established as a major one, if not an irreplaceable one. Somewhat similar boundaries apply to the same with the global industrial internet of things market. While it is not an absolute requirement to use cloud systems to manage an IIoT structure, it will definitely make things a lot easier. The key concepts of cloud computing, such as PaaS and SaaS can be welded seamlessly into an IIoT manufacturing infrastructure. Additional assistance can be gained for issues such as predictive maintenance, customer engagement, fraud detection, and supply chain optimization.
The global industrial internet of things market can benefit from PaaS or even Equipment-as-a-Service (EaaS) in deriving novel business models or optimizing predictive maintenance solutions. Industries do need to be highly concerned with the advantages that the global industrial internet of things market can bring to the table. The way the industrial race is being played out is changing rapidly, and companies need to make use of these advantages to improve their standing and market shares.