Industrial IoT market to reach $195.4 billion by 2022

The Industrial Internet of Things (IIoT) market is expected to hit $195.47 billion by 2022, according to a new report from research firm Markets and Markets, and is expected to grow at a compound annual growth rate (CAGR) of 7.89% during the forecast period. The factors driving growth of the market include technological advancements in the semiconductor, electronics industries and the evolution of cloud computing technologies.

The Internet of Things is the interconnection via the Internet of computing devices embedded in everyday objects, which enable them to send and receive data. IoT is the next-generation technology, which offers traffic-less transportation by allowing real-time data analysis. IIOT is the use of IoT technologies in manufacturing. Some of the major players in this space, the report notes, are TrackX Holdings Inc. (OTC: TKXHF), Globalstar, Inc. (NYSE: GSAT), Aerohive Networks (NYSE: HIVE), Black Box Corp. (NASDAQ: BBOX), and Inseego Corp. (NASDAQ: INSG).

With business leaders researching how IoT can help their companies in areas of customer satisfaction, quality assurance, cost reductions, and support for new business models (such as data-driven services), BCG completed an extensive analysis and found “the ten most valuable use cases include the ability to use sensors to predict when machinery will need to be repaired, self-optimizing production, automated inventory management, remote patient monitoring, smart meters, track and trace, connected cards, distributed generation and storage, fleet management and demand response.”

Link here for financial highlights on each of the global players in IIoT.