Navigant Research Report Shows Global Revenue for Industrial Internet of Things Devices, Software, and Services is Expected to Exceed $1 Trillion between 2017 and 2027

Industrial Internet of Things strategies can help lower
operational costs and drive new revenue streams, report finds

BOULDER, Colo.–(BUSINESS WIRE)–#Devices–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. Click
to tweet: 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.

The report, Industrial
Internet of Things, examines the emerging global IIoT market and
provides practical guidelines regarding how companies can implement IIoT
hardware, software, and services. The study analyzes the key market
drivers and inhibitors, technologies, and regulatory frameworks related
to IIoT. Global market forecasts, segmented by region and sector, extend
through 2027. The report also examines regional IIoT trends, select
vendor solutions, and IIoT case studies in eight industry sectors. An
Executive Summary of the report is available for free download on the Navigant
Research website.

About Navigant Research

Navigant Research, the dedicated research arm of Navigant, provides
market research and benchmarking services for rapidly changing and often
highly regulated industries. In the energy sector, Navigant Research
focuses on in-depth analysis and reporting about global clean technology
markets. The team’s research methodology combines supply-side industry
analysis, end-user primary research and demand assessment, and deep
examination of technology trends to provide a comprehensive view of the
Energy Technologies, Utility Transformations, Transportation
Efficiencies, and Buildings Innovations sectors. Additional information
about Navigant Research can be found at www.navigantresearch.com.

About Navigant

Navigant Consulting, Inc. is a specialized, global professional services
firm that helps clients take control of their future. Navigant’s
professionals apply deep industry knowledge, substantive technical
expertise, and an enterprising approach to help clients build, manage
and/or protect their business interests. With a focus on markets and
clients facing transformational change and significant regulatory or
legal pressures, the Firm primarily serves clients in the healthcare,
energy and financial services industries. Across a range of advisory,
consulting, outsourcing, and technology/analytics services, Navigant’s
practitioners bring sharp insight that pinpoints opportunities and
delivers powerful results. More information about Navigant can be found
at navigant.com.

* The information contained in this press release concerning the
report, Industrial Internet of Things, is a summary and reflects
Navigant Research’s current expectations based on market data and trend
analysis. Market predictions and expectations are inherently uncertain
and actual results may differ materially from those contained in this
press release or the report. Please refer to the full report for a
complete understanding of the assumptions underlying the report’s
conclusions and the methodologies used to create the report. Neither
Navigant Research nor Navigant undertakes any obligation to update any
of the information contained in this press release or the report.

Contacts

Navigant Research
Lindsay Funicello-Paul, +1-781-270-8456
[email protected]