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According to data provided by Grand View Research, Inc. projects the global industrial Internet of Things (IoT) market is expected to reach $933.62 billion by 2025. The report indicates that the growing demand and adoption of cloud computing, coupled with the Scalability of IPv6-3.4X 10^38 IP address, are presumed to drive the market over the forecast period. The technology's ability to decrease costs has been the main factor for its adoption in the industrial sector. In addition, several significant investment incentives, such as increased productivity, process automation, and time-to-market, have also been boosting this adoption. The falling prices of sensors have reduced the overall cost associated with data collection and analytics. GTX Corp. (OTC: GTXO), MoneyOnMobile, Inc. (OTC: MOMT), Giga-tronics Incorporated, Infrax Systems Inc., Quest Solution, Inc.
A research report by BCC Research points out that despite the strong projections for the market, there are some obstacles the industry must overcome. "It is important to note that IoT access revenue might be smaller than many expect, in part because many of the connected sensors are going to use existing connections," said Francesco Muratori, BCC Research analyst and report author. "That means network operators should move beyond only providing IoT access if IoT is to become a significant revenue contributor. They could consider some value-added services such as IoT application enablement, systems integration, hosting or security," he added.
