Other IoT - Albania | Statista Market Forecast

In Albania, the revenue in the Other IoT market is estimated to reach US$1.79m by the year 2024.
It is expected that this revenue will experience an annual growth rate of 8.85% from 2024 to 2029, ultimately leading to a market volume of US$2.73m by 2029.
When compared globally, United States is projected to generate the highest revenue in this market, with a value of US$3.73bn in 2024.
Albania is experiencing a growing trend in the Other IoT market, with a focus on smart agriculture solutions to boost productivity and sustainability in the country's agricultural sector.

Definition:

Other Internet of Things (IoT) market covers use cases that are not specifically mentioned in the other markets. Example of use cases range from government, tourism, professional sports, education, or military use cases. This list is non exhaustive, as the new IoT use cases are being introduced.

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.

Some of the key players include Samsung, Microsoft and Quectel.

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Government use cases
Tourism use cases
Professional sports use cases
Military use cases
Use cases not mentioned in other segments

Consumer IoT devices
Automotive IoT devices
IoT in Healthcare devices
Industrial IoT (IIoT) devices
Smart Cities‘ devices
Smart Finance devices

The list of Internet of Things (IoT) application is constantly developing, and new use cases are emerging. The benefits seen in other industries and sectors such as automotive or finance is inspiring others to find and develop other use cases.

One of the examples that’s becoming a norm in professional sports industry is embedding the sports equipment with IoT sensors in order to provide real-time performance data, including speed, acceleration and other metrics, helping athletes optimize their training and performance, and judges to keep a track of the competition results.

In education sector, IoT is being used to provide personalized learning by collecting data on student behavior and learning preferences, while making the students more engaged. Example of such are the interactive whiteboards which provide more collaborative and interactive learning environment.

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 market 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 segment 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).