Cloud Computing In Industrial IoT Market: Growing Popularity Of Cloud Technologies To Augment Growth

11-Aug-2018 | Zion Market Research

The inception of connected technologies such as IoT and growing penetration of cloud computing in Industrial IoT are expected to promote the business trends. The rising popularity of SaaS (Software as a Service) sector is projected to augment the application of cloud computing in industrial IoT market. Today, cloud computing has become a buzzword for many large as well as small enterprises, owing to its ability to digitally connect the globe.

Mounting acceptance of advanced wireless networking technologies will further stimulate the demand for cloud computing in industrial IoT industry. Reportedly, cloud computing in industrial IoT offers plethora of computing solutions, including software, storage, databases, servers, networking, and analytics. 

However, rising costs along with escalating concerns pertaining to data security & privacy is forecast to inhibit the growth of cloud computing in industrial IoT market. Nevertheless, flexibility, security, economies of scale, effective disaster recovery, and automated software update offered by cloud computing is likely to encourage the use of cloud computing in industrial IoT industry. 

Today, firms are demanding security as a service, owing to rise in the incidences of data breaching. For instance, in July last year, Equifax’s consumer data, encompassing personal information of nearly over hundred million customers was hacked. Earlier in 2013-2014, yahoo had to face similar kind of data breaching issue. Thus, various enterprises are implementing SaaS security to protect their data from hackers. The strategic move is likely to elevate the use of cloud computing in industrial IoT market.

IoT applications in industries need both low-cost processing as well as cost effective data storage. Analysts have claimed that cloud computing provides data storage at reduced costs. This is projected to push the demand for cloud computing in industrial IoT business over the next few years. 

Large IoT platform providers are likely to provide their own cloud hardware infrastructure to myriad giant firms. It includes data storage facilities, data centers, and networking. This, in turn, will further boost the market trends over the coming years.

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