Industrial IoT Market with COVID-19 Impact - Global Forecast to 2026 Industrial IoT Market by share, size, Trend and Forecast Industrial IoT Market Size Global Forecast to 2026
Industrial IoT Market Report provides an in-depth summary of IoT Market Status as well as Product Specification, Technology Development, and Key Manufacturers. The IIoT market is expected to grow from USD 76.7 billion in 2021 to USD 106.1 billion by 2026, at a CAGR of 6.7% during the forecast period. The growth of the IIoT industry is driven by factors such as technological advancements in semiconductor and electronic devices, increased use of cloud computing platforms, standardization of IPv6, and support from governments of different countries for R&D activities related to IIoT.
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The COVID-19 pandemic has significantly impacted the industrial IoT market. With the pandemic persisting in North America and developing Asian countries, the manufacturing sector is facing tremendous challenges. The US automotive industry, one of the biggest in the world, has stagnated since the third quarter of 2020. Various automotive companies have downsized their manufacturing activities across the region, rendering technologies such as IoT, AI, and Blockchain employed in their manufacturing units useless. Mexico is a big beneficiary of the automotive industry in North America. However, the significantly reduced production of automobiles has resulted in tremendous losses for the Mexican automotive sector. Market Dynamics of IIOT Market Drivers : Rapid adoption of artificial intelligence (AI) and Internet of Things (IoT) in the manufacturing sector Since the inception of Industry 4.0, the penetration of AI and IoT technologies in the manufacturing sector has been increasing rapidly. AI- and IoT-integrated systems allow optimization of manufacturing processes, send early alerts, contribute to quality control, and forecast equipment failure in machinery. By gathering precise data, manufacturers can develop innovative AI applications to differentiate themselves from their competitors. The outbreak of the COVID-19 pandemic in 2020 resulted in a testing time for the manufacturing sector. Restrictions on movement, stringent lockdowns, and unavailability of workforce forced manufacturers to improvise their production processes. This resulted in an accelerated use of AI and IoT in manufacturing processes. Activities such as condition monitoring and equipment maintenance were carried out with the help of AI and machine learning (ML) algorithms in the absence of a regular workforce in manufacturing units.