Experts at the consulting company ABI Research have attempted to look into the future of the industrial Internet of Things (IIoT) data analytics market. According to them, in 2026, the corresponding costs will be close to $ 20 billion. The basis for such a forecast is the need to accelerate digital transformation.
Manufacturers are committed to ensuring the success of current and future projects amid ongoing challenges, including travel restrictions and the need to employ distributed teams of employees trying to collaborate remotely in real time. As a result, many digital transformation initiatives have gained significant momentum. These include the use of cloud technologies for collaboration and synchronization between teams and departments, the use of digital twins for monitoring and maintenance, and analytics and artificial intelligence for system-wide automation, software-driven. ABI Research predicts that manufacturers will spend $ 19.8 billion on IIoT data analytics in their quest for digital transformation. By comparison, in 2020, the corresponding expenditures were $ 4.92 billion.
The implementation of IIoT and data analysis will allow for flexible and adaptable production lines that will operate with greater autonomy and integrated quality control with feedback to better respond to changes in supply and demand. If before the pandemic, most manufacturers did not have such technologies, today more and more companies are betting on them.
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