Market Insights Technology Internet of Things

Industrial IoT - Worldwide

Worldwide

The Industrial IoT market worldwide is forecasted to witness a significant growth in revenue, with projections indicating a staggering figure of US$238.40bn by 2024.
This market segment is expected to exhibit a strong annual growth rate (CAGR 2024-2029) of 13.79%, culminating in a market volume of US$454.90bn by 2029.
When compared globally, it is noteworthy that in the United States will be the primary driver of revenue in this market, with an estimated revenue of US$86.70bn by 2024.
Worldwide, the Industrial IoT market is witnessing a rapid adoption of smart manufacturing technologies, revolutionizing the way industries operate and boosting productivity.

Key regions: United Kingdom, India, South Korea, China, France

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Analyst Opinion

One of the key drivers of Industrial Internet of Things (IIoT) growth is the increasing focus on Industry 4.0, which aims to create smart factories that are highly automated and connected. IIoT technologies can help to enable this vision by providing real-time data on machine performance, production output, and other key metrics, enabling manufacturers to optimize their operations and reduce downtime.

The companies’ investment in the “smart factories” has been on the rise especially as the labor costs are rising and the percentage of manual workers has been decreasing. The business strategy of offshoring its production facilities has been shown as not the ideal solution in the times of supply chain issues. A lot of manufacturers are considering returning to “nearshoring” or bringing the factories closer to the home bases and mitigating the higher production costs and supply management risks by improving the efficiency of their machinery and operations.

Methodology

Data coverage

The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.

Modeling approach/ Market size:

The segment size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.