Internet of Things - Uruguay

  • Uruguay
  • In 2024, the projected revenue in the Internet of Things market (IoT) market is estimated to reach US$474.00m.
  • Within this market, the automotive IoT sector is expected to dominate with a projected market volume of US$128.60m in the same year.
  • Looking ahead, the revenue is anticipated to exhibit an annual growth rate, also known as the compound annual growth rate (CAGR), of 4.75% from 2024 to 2029.
  • This growth is projected to result in a market volume of US$597.70m by 2029.
  • In terms of global comparison, in the United States is expected to generate the highest revenue, amounting to US$342.50bn in 2024.
  • It is worth noting that these figures pertain to the global IoT market, and not specific to any particular country.
  • It is interesting to observe the significant growth and dominance of the automotive IoT sector within the IoT market.
  • This sector's prominence underscores the increasing integration of IoT technologies in the automotive industry, enabling various applications such as connected vehicles, smart transportation systems, and autonomous driving.
  • In the context of Uruguay, it is important to consider its position within the global IoT market.
  • While specific data on Uruguay's revenue or market volume in the IoT market is not mentioned, it is reasonable to assume that the country, like many others, plays a role in this growing market segment.
  • The adoption of IoT technologies in various sectors, including agriculture, manufacturing, and smart cities, presents opportunities for Uruguay to leverage the potential benefits offered by the IoT ecosystem.
  • By embracing IoT solutions, in Uruguay can enhance its competitiveness, improve efficiency, and drive innovation in key industries.
  • Uruguay is rapidly embracing the Internet of Things, with smart agriculture and renewable energy sectors leading the way.

Key regions: United States, Australia, Canada, China, India

 
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Analyst Opinion

The Internet of Things is one of the technologies driving Industry 4.0 and it’s not a surprise that the market is seeing a CAGR of over 16% over a 10-year-period (2018-2028). Even as the global semiconductor shortage has slowed down the market supply and growth from the pre-pandemic levels, the demand for smart solutions ranging from industrial to security use cases is still on the rise. With revenues of more than US$141 billion in 2022, the U.S. is the market leader, followed by China, which is the leading manufacturer of IoT devices.

The Internet of Things market growth coincides with the development of other important technologies, such as 5G and cloud computing. The deployment of 5G communication standards paves the way for a faster and smoother connection among smart devices.

Moreover, cybersecurity remains a big challenge, which can have significant effects both on personal and professional levels. As more data is collected and transmitted from one device to another and stored in the cloud, the challenge of securing the data and assuring privacy is more present than ever.

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.

Overview

  • Revenue
  • Investment
  • Volume
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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