Businesses worldwide expect to see their revenues rise by as much as 10% in the next five years thanks to the Industrial Internet of Things (IIoT), according to a study carried out by Inmarsat.
Inmarsat’s ‘IIoT on Land and Sea’ study surveyed 750 businesses with a combined turnover $1.6 trillion from a range of industries, including agriculture, energy, maritime, mining and transport sectors.
Its findings suggest that IIoT could contribute $154 million to the global economy by 2023 and significantly increase automation and operational efficiency through the use of real-time data and machine-to-machine communication.
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Commenting on the findings, Paul Gudonis, President of Inmarsat Enterprise, said: “IIoT is emerging as a major force in the modern enterprise and it’s clear that businesses are prioritising satellite technology to transform their operations and achieve competitive advantage.
“Data generated by IIoT infrastructure is expected particularly to bring greater transparency to the global supply chain, allowing businesses to automate processes, reduce operational waste and speed up rate of production, leading to higher revenues and lower costs.
“For global businesses that require a global communications network, satellite connectivity will play a key role, guaranteeing constant secure data transmission wherever their IIoT infrastructure is located.”