Market Insights Technology Internet of Things

Other IoT - Lithuania

Lithuania

The revenue in Lithuania's Other IoT market is projected to reach US$5.54m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 9.42%, resulting in a market volume of US$8.69m by 2029.
In global comparison, United States will generate the most revenue with US$3,731.00m in 2024.
Lithuania is emerging as a leading player in the Other IoT market, leveraging its strong tech infrastructure and skilled workforce.

Key regions: Japan, United States, United Kingdom, Germany, France

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Analyst Opinion

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.

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 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.