IIoT market size will be US$ 270 billion by 2024.
On July 16, 2019, 5G America’s, the industry trade association and voice of 5G and LTE for the Americas, new white paper, “The 5G: The Future of IoT” estimates that the IIoT market size will be US$ 270 billion by 2024. According to the report, IIoT is a potential area where 5G IoT can help improve both production efficiency and safety. It involves connecting industrial automation sensors, devices and equipment with cloud-based systems so as to gain business value.
AI in support of IIoT smart objects will reach US$ 4.6 billion globally by 2024
A new report by Research and Market, “Artificial Intelligence, Industrial IoT, and Smart Machines in Global Enterprise and Industrial Automation 2019 – 2024”, projects that embedded AI in support of IIoT smart objects will reach US$ 4.6 billion globally by 2024 and AI in industrial machines will reach US$ 415 million globally by 2024. While IIoT will initially improve existing processes and augmented current infrastructure, the report highlights that the ultimate goal will be to realize entirely new, dramatically improved products and services.
Israel’s Ministry of Economy and Industry published a strategic plan
In 2018, Israel’s Ministry of Economy and Industry published a strategic plan, which emphasizes the need for connecting the manufacturing industry with tech start-ups to develop solutions for them. The Israel Innovation Authority also emphasized advanced manufacturing as a theme in its five-year strategic plan. The Industry 4.0 sector in Israel is growing impressively, and today, there are 230 Industry 4.0-related companies – a 60% increase from 2014 – in Israel, according to Start-Up Nation Central (SNC), an Israeli independent non-profit that builds bridges for Israeli innovation. SNC also reports that there are 23 R&D centers, 11 hubs and eight accelerators and incubators dealing with Industry 4.0 technologies operating in Israel.
The size of the global smart factory market is expected to reach US$ 391.29 billion by 2024
The size of the global smart factory market was at US$ 230.99 billion in 2018 and is expected to reach US$ 391.29 billion by 2024, according to Industry Research’s new report, “Smart Factory Market 2019 – Growth, Trends and Forecast (2019-2024)”. The application of industrial robots is growing rapidly with the auto industry being the largest adopter of robots. Moreover as car manufacturing has recently become increasingly complex, a sizable proportion of the production processes now require an automation solution using robots.