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IIoT is expected to generate economic opportunities

By Swati Deshpande,

Added 01 July 2016

The market to reach $123.89 billion by 2021

smartfactory-new

According to a report named "Industrial Internet of Things (IIoT) Market Analysis - By Components (Sensors, Memory, Processors, RFID); By End Use Industry (Manufacturing, Transportation, Energy, Retail, Healthcare, Agriculture) - Forecast (2016 - 2021)", published by IndustryARC, the Industrial IoT Market is estimated to reach $123.89 Billion by 2021 at a high CAGR.

The Industrial Internet of Things (IIoT) is a new phase for global industrial transformation powered by technological innovations to improve operational efficiencies. This technology is expected to generate economic opportunities and reshape several industries, as well as transform companies and countries with an era of renewed economic growth and competitiveness. With Industrial IoT, which works at the intersection of people, data and intelligent machines is expected to have a positive impact on productivity, efficiency and operations of industries. IIoT will enable companies to boost revenues by increasing production through creating new business models and will exploit intelligent technologies driving innovation. 

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