A Garner study in early 2017 predicted there would be approximately 8.4 billion Internet of Things devices in use by the end of the year. Not only does this represent an increase of 31% over 2016, but Garner forecast that almost $2 trillion would be spent on connected assets and other services in 2017.
A huge part of this growth will take place in the industrial sector – something General Electric predicts will grow in value to $60 trillion over the next 15 years. These numbers represent two key things. First, the IoT is seen as a way to both deliver value and solve complex challenges of logistics, supply chain management, manufacturing services, and more. Second, people are starting to realize that using sensor-based data to create rich data sets is a perfect opportunity to cut costs and create new, competitive advantages for themselves moving forward.
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In most industries, the major benefit of connected assets has to do with how they enable both predictive and preventative maintenance. If you can see a complete overview of a piece of equipment’s usage and service history with the click of a mouse, you can identify trends and patterns that would have otherwise gone undiscovered.