Market Insights Technology Internet of Things

Industrial IoT - Western Asia

Western Asia

The Industrial IoT market in Western Asia is anticipated to witness significant growth in the coming years.
According to projections, the region is expected to generate a revenue of US$4.79bn by 2024.
This is a substantial figure that highlights the immense potential of the Industrial IoT market sector in Western Asia.
Furthermore, the market is expected to exhibit a promising compound annual growth rate (CAGR) of 13.17% from 2024 to 2029.
This steady growth trajectory is projected to result in a market volume of US$8.89bn by 2029.
These numbers reflect the increasing adoption and integration of Industrial IoT market technologies across various industries in Western Asia.
In a global context, it is worth noting that in the United States is anticipated to lead the way in terms of revenue generation.
With an estimated revenue of US$86.70bn in 2024, in the United States is expected to dominate the Industrial IoT market.
This underscores the country's strong position and significant investments in Industrial IoT market infrastructure.
Overall, these numbers showcase the potential and importance of the Industrial IoT market in Western Asia.
With substantial revenue projections and a positive growth outlook, the region is poised to become a key player in the global Industrial IoT market landscape.
In Western Asia, the Industrial IoT market is experiencing rapid growth due to the region's strong focus on technological advancements and digital transformation.

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.