Industrial IoT's global market to reach $934B by 2025

By Alison DeNisco, for TechRepublic

May 09, 2017

Get Plant Services delivered to your inbox Monday through Friday! Sign up for  Plant Services' complimentary Smart Minute (Monday-Thursday) and Smart Digest  (Friday) e-newsletters to get maintenance and reliability know-how you can put  to use today, plus the latest manufacturing news from around the Web, white  papers, and more. Learn more and subscribe for free today.

The global industrial Internet of Things (IoT) market is predicted to reach $933.62 billion by 2025—up from $109 billion in 2016, according to a report from Grand View Research, released Monday.

Adoption of industrial IoT models has grown worldwide, stemming from the technology's ability to reduce costs and increase productivity, process automation, and time-to-market, the report noted.

The affordability and availability of processors, sensors, and other technologies that can facilitate access to real-time information is also key for IoT adoption. Manufacturers are now leveraging the benefits of industrial IoT solutions to consolidate their control rooms, to track assets, and to improve their analytics functionalities through predictive maintenance, according to the report.

General Electric, IBM, Cisco, Siemens, and Intel dominated the global market share in 2016, the report found.

Read the full story.