The Industrial Internet of Things (IIoT) is gaining traction with U.S. companies, according to a new B2B technology survey from ABI Research.
ABI’s report finds that while 67 percent of the 455 U.S.-based companies across nine vertical markets surveyed do not yet have an IIoT solution in place, 74 percent of these respondents are currently assessing or planning to deploy IIoT solutions in the next 12 months.
“Companies with industrial and manufacturing operations are looking to connect their HMI, SCADA and control networks to higher level enterprise systems, as well as the cloud,” said Ryan Martin, principal analyst at ABI Research. “Exposing data to enterprise-level systems provides better support for analytics and the management of people, processes and systems.”
As the IIoT continues to gain acceptance among manufacturers, the technology continues to advance. The ABI Research report cites 35 percent of respondents in manufacturing are currently assessing artificial intelligence (AI) and that 47 percent have either deployed or plan to deploy robotics solutions in the next 12 months.
“The value of leaner systems, processes and procedures are greater than the sum of its parts for players in industrial end markets,” Martin added. “These are generally large organizations with a set of well-understood needs and slim margins, though the ability of IIoT technologies to serve as an infrastructure amplification engine is unbounded.”
Artificial Intelligence Market Growth
As manufacturers investigate the potential of AI, the market continues to grow.
A new report from Grand View Research Inc., projects the global AI market to reach USD$35.87 million from direct revenue sources by 2025, growing at a CAGR of 57.2 percent from 2017 to 2025.
The North American region is expected to lead the market due to high government funding and the presence of leading companies in the technology, spurring advances in image and voice recognition, self-driving car technology, drones and robotics.
Despite this, the Asia-Pacific region is expected to be the fastest-growing market, due to “rapid improvements in information storage capacity, high computing power and parallel processing,” Grand View Research said in a statement.
AI is likely to play a significant role in advanced IIoT solutions, with possible applications including performance analysis, data organization and aggregation and more.
To learn more about the IIoT, how manufacturers can use it and what industry trends and technologies are influencing it, continue reading with us about The IIoT in a Nutshell.