Juniper Research: Industrial IoT Connections to Reach 37 Billion Globally by 2025, as ‘Smart Factory’ Concept Is Realised
Summary
The research identified smart manufacturing as a key growth sector of the Industrial IoT market over the next five years; accounting for 22 billion connections by 2025. The new research, Industrial IoT: Future Market Outlook, Technology Analysis & Key Players 2020-2025, predicted that 5G and LPWA (Low Power Wide Area) networks will play pivotal roles in creating attractive service offerings to the manufacturing industry, and enabling the realisation of the ‘smart factory’ concept, in which real-time data transmission and high connection densities allow highly-autonomous operations for manufacturers. The research forecasts that over 80% of global Industrial IoT market value will be attributable to software spend by 2025; reaching $216 billion. Software tools leveraging machine learning for enhanced data analysis and the identification of network vulnerabilities are now essential to connected manufacturing operations. Research author Scarlett Woodford noted: ‘Manufacturers must exercise caution when implementing IoT technology; resisting the temptation to introduce connectivity to all aspects of operations.