According to a research report on the global IIoT market in the automotive industry by Technavio titled, “Global IIoT Market in the Automotive Industry 2017-2021”, the market is expected to accelerate at a CAGR of over 33% until 2021. The decreasing cost of sensors is one of the key drivers for the IIoT market.
The report categorizes the market by two solutions:
- Hardware and software
- Services
The report finds that in 2016, the hardware and software segment accounted for over 89% of the IIoT market share and is projected to dominate the market throughout the forecast period.
Highlights & Trends
The adoption of virtual reality in the automotive industry is an emerging trend in the IIoT market. Virtual reality has witnessed rapid development in the last decade. The automotive industry has widely adopted VR owing to the prospect of cost and time reductions resulting from the execution of this technology. The benefits of VR in manufacturing range from the improvement of decision-making process to cost reduction and augmentation of risk measures and control of manufacturing processes. VR allows the assembly and disassembly of virtual objects in assembly training. The visual stimulation provided by VR has more chances of retention among the trainees than that of traditional training approaches.
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