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 10.55% 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, United States takes the lead in terms of revenue generation.
- It is estimated that 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
Definition:
The Industrial IoT (IIoT) refers to use of internet to control and optimize the industrial machinery environment such as the one found in factories, warehouses, and transportation systems. IIoT involves connecting machines, equipment, and other devices to the internet and each other, allowing them to gather and exchange data in real-time, and help in management of various aspects of industrial operations, including production lines, inventory management, equipment maintenance, and energy use.
Additional information:
The Internet of Things market compromise of revenue and revenue growth as the key performance indicators. 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 key market players include General Electric (GE), Siemens, Schneider Electric and Bosch.
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In-Scope
- Remote monitoring Industrial devices
- Industrial sensors for temperature, humidity or chemical levels
- Supply chain optimization devices
Out-Of-Scope
- Telematics devices
- Fleet management system devices
