Market Insights Technology Internet of Things

Industrial IoT - Montenegro

Montenegro

The projected revenue for the Industrial IoT market in Montenegro is expected to reach US$11.74m in 2024.
This represents a significant growth opportunity for the country's industrial sector.
Furthermore, the market is expected to witness an annual growth rate of 11.18% from 2024 to 2029, resulting in a market volume of US$19.94m by the end of the forecast period.
This indicates a positive trend in the adoption of IoT technologies in various industries withMontenegro.
In a global context, it is worth noting that in the United States will continue to dominate the Industrial IoT market, generating a substantial revenue of US$86.70bn in 2024.
This highlights in the United States' strong position in terms of market share and reflects its advanced technological infrastructure and industrial capabilities.
Nonetheless, in Montenegro has the potential to tap into this lucrative market and leverage its own industrial strengths to drive growth and development in the Industrial IoT market sector.
Montenegro is experiencing a growing trend in the Industrial IoT market, with companies adopting smart manufacturing technologies to enhance productivity and efficiency.

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

Market

Region

Region comparison

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.