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Key regions: United Kingdom, India, South Korea, China, France
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Jun 2024
Source: Statista Market Insights
in trillion USD (US$)
Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.
Most recent update: Jun 2024
Most recent update: Mar 2024
Source: Statista Market Insights
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.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Jun 2024
Source: Statista Market Insights
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.
The following Key Market Indicators give an overview of the social and economic outlook of the selected region and provide additional insights into relevant market-specific developments. These indicators, together with data from statistical offices, trade associations and companies serve as the foundation for the Statista market models.
Source:
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