“As artificial intelligence, automation, Internet of Things, blockchain, and 5G become pervasive, their combined impact will reshape standard business architectures. The “outside-in” digital transformation of the past decade is giving way to the “inside-out” potential of data exploited with these exponential technologies.”
The global predictive maintenance market, valued at $28.24 billion by 2025, will grow at a CAGR of 37.9%. Demand for IoT and big data, along with rising concerns regarding asset maintenance and operational costs, is expected to drive the growth.
via Grand View
“The proportion of connected assets is projected to continue to rise and will be a key growth driver of the 5% CAGR that the $38.2 billion industrial connectivity market is projected to have between now and 2024.”
via IoT Analytics
Applications for the Internet of Things (IoT) are helping to transform the global cargo sector. According to Berg Insight, the number of active tracking devices deployed for cargo loading units — including trailers, intermodal containers, rail freight wagons, air cargo containers, cargo boxes and pallets — reached 6.1 million worldwide in 2018.
Worldwide shipments of connected vehicles will reach 51.1 million units in 2019 — that’s an increase of 45.4% over 2018. By 2023, worldwide shipments are forecast to reach 76.3 million units with a five-year CAGR of 16.8%.
The Industrial IoT Platforms for Manufacturing report forecasts a compound annual growth rate (CAGR) of 40% over the time frame of 2019-2024, with annual spending surpassing $12.4 Billion by 2024.
via IoT Analytics
The need for trust starts when a product or component leaves the factory or farm. A manufacturer that has implemented automated trust creates a digital “birth certificate” with specifications, provenance, cost, and other relevant data.