Industrial Internet of Things market to drop by 10% – newspaper – TASS

Industrial Internet of Things market to drop by 10% – newspaper – TASS

MOSCOW, May 31. /TASS/. Industrial companies will reduce investments into the Industrial Internet of Things (IIoT) projects by 10% to 7.1 bln rubles ($101.1 mln) because of the coronavirus infection spread, the Izvestiya newspaper wrote on Sunday, citing analysts from iKS-Consulting and spokespersons of Rostec corporation.

Industrial companies are expected to cut digitalization budgets because of the novel coronavirus, which will lead to the decline in automated production volumes and subsequent reduction of investments into IIoT projects by 10%, iKS-Consulting experts say. Rostec confirmed forecasts of iKS-Consulting to the newspaper, noting that the economic situation caused by the pandemic highlighted the need to hedge corporate risks and diversify production facilities.

According to estimates of iKS-Consulting, the Russian IIoT market volume rose by 4% in 2019 to 7.92 bln rubles ($112.8 mln). Monitoring system, mining transport complex control and digital twin technology projects became popular solutions in the industry.

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