There will be massive growth in the IoT industry: Bain & Company

by | Mar 14, 2019 | IoT Companies

In the past couple of months, there has been a lot of fascinating insights that the Beyond PoC that Bain & Company has come up with. The Proofs of Concept or PoC will play a vital role in scaling the Industrial Internet of Things. The company Bain found that their manufacturing customers all around the world have been struggling for implementing the Industrial Internet of Things in the Industrial level. Nevertheless, the company is showing sheer optimism when it comes to long-term contributions.

The majority of the key employees of the company are saying that IIoT Scaling is going to take a lot of time that it is expected. IIoT’s crucial use cases are the predictive maintenance, by the looks of it, even with the predictive maintenance the scaling has not been as fast as the manufacturers wanted. The recent survey by Bain revealed that over 600 of the high-tech executive has found out that the industrial customers are quite less effervesce regarding the potential of the most reliable predictive maintenance back in the year 2018 when contrasted to the past couple of years.

By the looks of it, the reports of the past couple of years have proved that implementing the solutions based on predictive maintenance is proving out to be extremely difficult that the key people of IIoT had anticipated. Over time they have learned that it is extremely difficult for them when it comes to extracting the valuable insights from the collected data.

The latest survey of Bain says that Industrial Internet of Things is going to overcome the barriers related to adoption. And by the time the industry reaches 2021, the net worth of the entire industry will be around $200 billion.

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Neelam Dimri

A post graduate and gold medalist in English literature with a great passion for writing. I am an avid blogger and love to write technical and nontechnical Articles, Blogs, e-books, the latest platform of global interest. I firmly believe in the healing power of writing and how it works fantastically to improve one’s creativity as well as personality. Life is too short to express yourself so, keep writing and enjoying.