Market Insights Technology Internet of Things

Industrial IoT - South Korea

South Korea

South Korea is expected to contribute significantly to the revenue in the Industrial IoT market.
By 2024, the projected revenue in South Korea alone is estimated to reach US$4.06bn.
This shows the potential growth and importance of the Industrial IoT market in the country.
The market is expected to continue its growth trajectory, with an annual growth rate of 10.98% between 2024 and 2028.
This would result in a market volume of US$6.16bn by 2028, showcasing the expanding opportunities in the Industrial IoT market sector.
When compared globally, it is interesting to note that in China is projected to generate the highest revenue in the Industrial IoT market.
In 2024 alone, in China is expected to generate a substantial revenue of US$135.50bn.
This highlights the dominance of the United States in the global Industrial IoT market.
Considering the potential revenue and growth in the Industrial IoT market, in South Korea has a great opportunity to position itself as a leading player in this sector.
The country can leverage its technological advancements and industrial capabilities to tap into this market segment and drive further economic growth.
South Korea is at the forefront of Industrial IoT adoption, with its robust manufacturing sector and strong government support for technology innovation.

Key regions: Japan, Canada, India, United States, South Korea

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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.