Industrial IoT - LATAM
LATAM- Revenue in the Industrial IoT market is projected to reach US$10.46bn in 2024.
- Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.38%, resulting in a market volume of US$19.60bn by 2029.
- In global comparison, most revenue will be generated United States (US$86.70bn in 2024).
- 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
