Internet of Things - Belgium
Belgium- Belgium's IoT market is expected to witness significant growth in the coming years.
- By 2024, the projected revenue for the IoT market is estimated to reach US$4.23bn.
- This indicates a promising future for the country's IoT industry.
- Within the IoT market, Automotive IoT holds a dominant position, with a projected market volume of US$1.12bn by 2024.
- This sector is poised to contribute significantly to the overall growth of the IoT market in Belgium.
- Looking ahead, the IoT market is anticipated to exhibit a steady annual growth rate (CAGR 2024-2029) of 8.96%.
- This growth trajectory is expected to result in a market volume of US$6.50bn by 2029.
- These numbers highlight the potential for Belgium to become a key player in the global IoT market.
- In terms of global comparison, United States is projected to generate the highest revenue in the IoT market, amounting to US$342.50bn in 2024.
- This emphasizes the fierce competition within the global IoT landscape, with United States leading the way in terms of market revenue.
- With these promising figures, in Belgium is positioned to capitalize on the opportunities presented by the IoT market.
- The country's strong technological infrastructure and innovative ecosystem provide a solid foundation for growth in this sector.
- As in Belgium continues to invest in IoT technologies and foster collaboration between industry stakeholders, it has the potential to become a significant player in the global IoT market.
- Belgium's Internet of Things market is thriving, with a strong focus on smart cities and innovative solutions for energy management.
- Key regions:
- United States,
- Australia,
- Canada,
- China,
- India
Definition:
The term Internet of Things (IoT) describes a network of physical and virtual devices that are able to communicate autonomously with each other using the Internet Protocol (IP). The physical devices are embedded with sensors, software and connectivity capabilities that enable them to collect and exchange data over the internet. Its scope encompasses a wide range of use cases from household objects to more complex industrial applications.
Structure:
The IoT market consists of 7 different segments. Consumer IoT includes connected devices used by end users for personal purposes such as smart security cameras or smart home hubs. Smart Finance covers IoT applications used in financial sectors such as insurance telematics/usage-based insurance, real estate, ATMs. IoT in Healthcare covers all IoT applications in a healthcare setting such as the ones used for patient care, remote patient monitoring and surgeries. The Industrial IoT covers IoT applications in Industrial settings such as the factory & agriculture automation, supply chain optimization and predictive maintenance. Automotive IoT covers IoT use cases in mobility and transportation settings, such as the V2X connections, advanced driver assistance systems (ADAS) & telematics solutions. Other IoT covers use cases such as the ones used in professional sports such as player or equipment tracking.
Additional information:
The Internet of Things market compromises of revenue, revenue growth, IoT Investment, and a list of top companies and their consolidated revenues. The market consists of pure IoT revenues generated through the sale of hardware (such as sensors, chips, and other hardware), platforms (IoT platforms, security software and other software), connectivity (cellular, LoRa, SigFox and other connectivity) and services (integration &maintenance of equipment & systems). As an example, the pure IoT revenue for a smart security camera is only the component that makes the camera "smart" and connected, not the full product price. Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.
The market is fragmented, but the key players in the market include Cisco (Cisco IoT platforms and software), Qualcomm, Dell EMC, and IBM.
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In-Scope
- Devices embedded with IoT sensors
- IoT technology software
- IoT connectivity revenues
- IoT equipment services
Out-Of-Scope
- Smartphones
- Laptops
- Tablets
- PCs
- Other devices whose sole purpose is internet access
