Title: Industrial IoT and Remote Operations and Maintenance Will Generate Revenues In Excess Of $1.4 Trillion

Industrial IoT combined with remote operations and support will be worth $1.4 trillion in 2030. This is the conclusion of the McIlvaine Company in N031 Industrial IoT and Remote O&M. Industrial IoT or IIoT is growing faster than IIoT generally and will eventually be a much larger market. It will also be a catalyst for major industry changes which Accenture predicts will add $14 trillion to the global economy in 2030.  One near-term achievement is asset management but longer term IIoT will transform the process industries and allow individuals to focus on problem solving and collaboration as machines replace some of their prior duties.  It will result in better products produced at lower cost. It will be a catalyst for more rapid development of new products.  This includes products made by the process industries and products used in the process industries. One of the most important opportunities is remote monitoring along with remote operation and maintenance support.  Remote monitoring centers have been set up by suppliers and end users such as power plants. Initially they were used primarily to warn the operator of problems such as vibration of rotating parts or temperature increases due to lube oil problems. However, the development of inexpensive sensors and sophisticated software, remote operations and maintenance management will not only be possible but will result in better outcomes.

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   Person Information
   Application Sequencing
Company  Product  Process  Other  Subjects  Event  Event  Date  Location  Publication  Publication  Date Text  Descriptor
  • McIlvaine

  •  

  • Information Technology

  • Remote Monitoring

 

 

 

 

 

  • 1/30/2017

 

  • News Release