Market Insights Technology Internet of Things

Industrial IoT - Germany

Germany

in Germany, as a major player in the Industrial IoT market, is expected to experience significant revenue growth in the coming years.
According to projections, the country's revenue in this market is set to reach US$7.73bn by 2024.
This growth is attributed to the increasing adoption of IoT technologies across various industries in Germany.
Furthermore, it is anticipated that the revenue in the Industrial IoT market will continue to grow steadily, showcasing an impressive compound annual growth rate (CAGR) of 10.54% from 2024 to 2029.
As a result, the market volume is projected to reach US$12.76bn by the end of 2029.
This growth signifies the expanding role of Industrial IoT market in Germany's economy and its potential to drive innovation and efficiency across various sectors.
In terms of global comparison, while in Germany is a prominent player in the Industrial IoT market, in the United States takes the lead in terms of revenue generation.
It is estimated that in the United States will generate a substantial revenue of US$86.70bn in 2024.
This highlights the strong presence and dominance of the United States in the global Industrial IoT market landscape.
Overall, Germany's Industrial IoT market is poised for significant growth, driven by advancements in technology and the country's commitment to digital transformation.
With its strong industrial base and focus on innovation, in Germany is well-positioned to capitalize on the opportunities presented by the Industrial IoT market sector.
Germany's strong manufacturing sector and technological expertise make it a leader in Industrial IoT innovation and adoption.

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

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Region

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Currency

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.