iRAP PRESS RELEASE

 

INNOVATIVE RESEARCH AND PRODUCTS, INC.

P.O. Box 16760, Stamford, CT 06905-8760, USA

(203) 569-7909; marketing@innoresearch.net, www.innoresearch.net

 

 

 

 

GLOBAL SPENDING ON IOT CLOUD PLATFORMS IS EXPECTED TO INCREASE TO $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.

 

The use of the cloud to connect assets brings many advantages, such as on-demand computing resources and storage. But the cloud also brings connectivity and security issues. Big data data stores such as Hadoop® and Cassandra can save time series machine data at much lower cost per terabyte (TB) than traditional data historians. Real-time analytics and messaging protocols used in very high speed financial algorithmic trading (for example, 25,000 transactions per second) can be leveraged in real-time industrial situations. Thus, information based on new low-cost sensors, along with improved ways of accessing and using data, provide increased context and value from industrial data that can enable productivity and revenue gains.

 

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 iRAP report titled ‘Internet of Things (IoT) – Cloud Platform for Industrial and Manufacturing Sector’ 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. The report includes forecasts 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.

 

According to the report, 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%.

 

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%

 

Source: iRAP, Inc.

 

SUMMARY FIGURE

GLOBAL MARKET SIZE/PERCENTAGE SHARE OF INTERNET OF THINGS CLOUD PLATFORM, 2014 AND 2019

($, BILLION)

 

Untitled1

 

Source: iRAP, Inc.

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