Industrial IoT - Hungary | Statista Market Forecast

In Hungary, the Industrial IoT market is expected to experience substantial growth in the coming years.
It is projected that by 2024, the revenue in this market will reach a staggering US$330.40m.
This growth is expected to continue with an annual growth rate (CAGR 2024-2029) of 9.39%, resulting in a market volume of US$517.40m by 2029.
When compared globally, it is important to note that United States will dominate in terms of revenue generation.
In 2024 alone, United States is projected to generate an impressive US$86.70bn.
This indicates the significant market potential and opportunities that exist within the Industrial IoT market sector.
As we delve deeper into the Industrial IoT market in Hungary, it becomes evident that there is a promising future ahead.
The projected revenue and growth rates showcase the potential for economic development and technological advancements in the country.
With the right strategies and investments, in Hungary can position itself as a key player in the global Industrial IoT market.
Hungary's industrial IoT market is experiencing significant growth due to its strong manufacturing sector and government support for digital transformation initiatives.

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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Remote monitoring Industrial devices
Industrial sensors for temperature, humidity or chemical levels
Supply chain optimization devices

Telematics devices
Fleet management system devices

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.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

In the realm of technology, few concepts have captured imaginations quite like the Internet of Things (IoT). Coined in 1999 by British technologist Kevin Ashton, IoT envisioned a future where a vast network of interconnected objects would collect and analyze data, enabling them to perform tasks autonomously. While the idea seemed more like science fiction at the time, today, IoT is no longer a hypothetical concept but a rapidly unfolding reality. Thanks to the development of communication technologies such as 5G and data analytics using artificial intelligence (AI) and machine learning, IoT has applications varying from smartwatches to city infrastructure (smart cities).