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global SPENDING ON IOT CLOUD PLATFORMS for industrial and manufacturing IS EXPECTED TO reach $358 BILLION BY 2019

 

 

The Internet of Things (the IoT) for any enterprise requires integration of products and services of information (IT) and operational technology (OT) companies. IT covers the entire spectrum of technologies for information processing and includes embedded technologies that generate data for enterprise use. OT covers connected assets. Companies using IoT technology are going through an evolution, questioning the shift toward more "modern" Internet and big data technologies.

 

IoT technology creates the unique opportunity to collect real-time data from things (sensors, devices, and equipment) and combine that information with data and intelligence from business systems and people. Business processes become smart and connected and operational performance can be improved within individual functional organizations – including engineering, manufacturing, supply chain, quality, support and service – or across the enterprise as a whole. Such comprehensive visibility introduces real-time optimization capabilities for orders, materials, equipment status, costs and product quality. A personalized view of this information can be delivered via role-based applications to anyone, anywhere, at any time, allowing employees, customers and suppliers to make educated, split-second decisions with confidence.

 

According to a recently published iRAP report Internet of Things (IoT) - Cloud Platform for Industrial and Manufacturing Sector, global spending on IoT cloud platforms specific to these targeted areas of industry was valued at $80 billion in 2014, and is projected to increase to $358 billion by 2019 with a CAGR of 35%. The iRAP report focuses on usage and spending on implementation of IoT cloud platforms in three specific identified core areas – digital manufacturing as per industry 4.0 standard; asset efficiency and optimum utilization; and optimization of the supply chain of components. The report examines dollar spending in 2014 on five core technology components of IoT cloud architecture – hardware, software, telecommunication, services and analytic solutions.

 

Cloud-based IoT architecture for manufacturing gives executives, line managers and business analysts access to analytics that transform sensor and other machine-generated data into real-time operational intelligence. IoT brings the visibility, flexibility, interoperability and intelligence required to unlock the full potential of manufacturing investments, leading to significant operational performance improvements.

 

Cloud-based IoT architecture leverages three of the most compelling current technology trends to unlock the potential of the IoT – big data analytics and cloud computing, as well as the Internet of Things.

 

With millions of electronic devices deployed around manufacturing and industries like oil and gas and mining, the capacity of organizations to conduct more efficient operations by gathering and analyzing data is critical. The willingness of organizations to deploy networking products and applications to capture and analyze that data will depend on how efficiently these networking solutions can be deployed and maintained and the expected benefits to be derived in doing so. IoT on a cloud platform aims to develop and market machine-to-machine (M2M) networking solutions at price points that can provide customers with a demonstrable return on investment.

 

The report includes forecasts of individual market segments for 2019 and analyses growth patterns in targeted core areas. The study also provides extensive quantification of the many important facets of market developments in the emerging markets of IoT cloud platform complied sensors, actuators, application hardware, communication providers, semiconductor components, microcontrollers, data centers, data analyst software and application software.

 

 

 summary TABLE

 

global market size/percentage share of internet of things cloud platform, 2014 and 2019

($, BILLION)

 

 

2014

2019

CAGR (%)  2014-’19

Total

$80

$358

35.0

 

Source: iRAP, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

summary TABLE

 

global market size/percentage share of internet of things cloud platform, 2014 and 2019

($, BILLION)

 

 

Source: iRAP, Inc.

 

More details of the report are available from Innovative Research and Products (iRAP), Inc., visit http://www.innoresearch.net/reportlist.aspx?cid=2 or contact at Tel: 203-569-7909, E-mail: marketing@innoresearch.net

 

       Published Date: December 2015                                               Price (Hard Copy): $3,750

                                                           

Data and analysis extracted from this press release must be accompanied by a statement identifying  iRAP, Inc., P.O. Box 16760, Stamford, CT 06905,  USA, Telephone: (203) 569-7909, Email: marketing@innoresearch.net as the source and publisher. Thank you.

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