Global Revenue for Industrial IoT Devices, Software, and Services to Top $1 Trillion Between 2017 and 2027

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A new report from Navigant Research analyzes the industrial Internet of Things (IIoT) market, providing global forecasts, segmented by region and sector, through 2027.

IIoT, part of the overall IoT megatrend, provides businesses of all shapes and sizes the opportunity to leverage technology platforms that can drive growth, lower costs, improve margins, and develop new revenue streams. Through enhanced predictive and preventive maintenance capabilities, IIoT platforms enable more efficient use of energy as the software makes intelligent adjustments regarding energy consumption, while data from sensors yields enhanced insights on optimized equipment maintenance. According to a new report from @NavigantRSRCH, combined cumulative global revenue for IIoT devices, software, and services is expected to total more than $1 trillion between 2017 and 2027.

“We are starting to see more and more companies across the spectrum adopt IIoT strategies, deploying hardware and software platforms to help lower operational spend, and to serve as a competitive differentiator that can help them sell products and services at lower costs,” says Neil Strother, principal research analyst with Navigant Research. “IIoT technologies also support a broad digital transformation initiative within a business, enabling it to offer customers enhanced services and improved experiences.”

Initially, IIoT solutions can appear overwhelming to managers unsure how to harness the array of hardware, software, and service choices, according to the report. Though there are bumps along the way in these types of deployments at this relatively early market stage, companies are starting to see their investments translate into real benefits.