Industrial IoT - Turkey | Statista Market Forecast

in Turkey, a country located at the crossroads of Europe and Asia, is set to witness significant growth in the Industrial IoT market.
According to projections, the revenue in this market is expected to reach a staggering US$1.75bn Turkish Lira by 2024.
This is just the beginning, as experts estimate an impressive annual growth rate of 10.68% from 2024 to 2029.
By the end of this period, the market volume is projected to reach a substantial US$2.91bn Turkish Lira.
When compared globally, it is worth noting that United States will lead the way in terms of revenue generation in the Industrial IoT market.
In 2024 alone, United States is expected to generate an impressive US$86.70bn Turkish Lira.
This demonstrates the dominance of the United States in this market segment.
Turkey's industrial IoT market is experiencing significant growth, driven by the country's strategic location as a gateway between Europe and Asia, and a strong focus on digital transformation in key industries.

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.

For more information on data displayed, use the info button right next to the boxes.

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).