Internet-of-Things (IoT) is driving digitalization through the networking of physical and virtual objects. Providers of IoT solutions are confronted with a dynamic market that offers strong growth potential. Quantifying this market size and their own competitive position was the task of a project for a telecommunications company from North America.
Internet-of-Things (IoT) is driving digitalization through the networking of physical and virtual objects. Providers of IoT solutions are confronted with a dynamic market that offers strong growth potential. Quantifying this market size and their own competitive position was the task of a project for a telecommunications company from North America.
What is the market for Internet of Things applications in North America?
Together with the client, Statista developed a B2B IoT market model. The model was based on previously defined use cases for IoT (e.g. smart cities, smart buildings, agriculture, fleet management). For each use case, secondary data was researched to determine the market potential. For example, the number of public lanterns and garbage containers, corporate vehicle fleets, and private surveillance cameras were identified. Based on the secondary data obtained, the potential per use case was calculated using bottom-up modeling. The calculation of the market potential per use case allowed the analysis by end customers, competitors, and B2B revenues in the next step. In the last step, the results were validated by expert interviews.
Thanks to the project results, the customer was able to determine their position within the North American IoT market. The forecast model was made available to the customer in full in the form of an MS Excel file. In addition to the model, the file contained full documentation of the sources used and assumptions made, as well as a detailed explanation of the model setup. Furthermore, the customer received regular updates on its own market position and the competitive situation.
Thanks to the project results, the customer was able to determine their position within the North American IoT market. The forecast model was made available to the customer in full in the form of an MS Excel file. In addition to the model, the file contained full documentation of the sources used and assumptions made, as well as a detailed explanation of the model setup. Furthermore, the customer received regular updates on its own market position and the competitive situation.