INDUSTRIAL INTERNET OF THINGS MARKET IN RUSSIA TO SLUMP 10%

Industrial companies will reduce investments into the Industrial Internet of Things (IIoT) projects by 10% to 7.1 bln rubles ($101.1 mIllion) because of the coronavirus infection spread, the Izvestiya newspaper wrote on Sunday, May 31, 2020, citing analysts from iKS-Consulting and spokespersons of Rostec Corp.

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 told Tass news agency.

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 billion rubles ($112.8 million.) Monitoring system, mining transport complex control and digital twin technology projects became popular solutions in the industry. #COVID19