Spain Industrial IoT Market Overview, 2029

Spain Industrial IoT Market Overview, 2029

The Spain Industrial IoT market is on a huge growth path due to increasing demand for industrial automation and smart manufacturing solutions. The rollout of 5G networks in the country is expected to further boost IIoT capabilities. With increased data speed and lower latency, 5G enables reliable and real-time communication between IIoT devices, thus helping in supporting advanced applications such as autonomous vehicles and remote surgery. Digital twin technology—.create and elementing a virtual replica of some physical asset—is quite on the rise in the Spanish IIoT market today. Digital twins provide real-time monitoring, simulation, and optimization of industrial processes, pulling efficiency up and reducing downtime. The feasibility of using Blockchain technology in helping develop more secure and transparent IIoT applications has already been subjected to research. Since it is a decentralized and immutable ledger, blockchain can secure its integrity from tampering and fraudulent activities in data provided by devices of IIoT devices. IIoT solutions must be integrated with legacy industrial systems. Legacy systems are mostly incompatible with modern technologies that IIoT enforces; therefore, huge investments will be needed to upgrade them and integrate them appropriately. Regulatory standards, compliance requirements demanding; IIoT implementations, especially in healthcare and financial industries, go with high levels of regulations. Navigating all these regulations can get very difficult and might need additional resources and expertise to function. The upfront cost of implementing IIoT solutions can be huge; therefore, the demonstration of a clear ROI is required for general adoption. Enterprises have to make out a careful case of the financial benefits, such as improved efficiency and reduced downtime with IIoT, in order to justify these investments. The Spanish market has huge potential for the adoption of industrial IoT by SMEs. IIoT, through its customized solutions that are cost-effective and scalable, will bring about miracles to SMEs looking to enhance operational efficiency and competitiveness The expertise gained in IIoT in Spain will be very helpful in testing the export opportunities for providing IIoT solutions and technologies. This will drive better economic development within the country and make Spain one of the global leaders in innovation related to IIoT. The Spanish government is implementing initiatives aimed at supporting industries in their digital transformation. Therefore, such programs as ""Industria Conectada 4.0"" stimulate the adoption of advanced manufacturing technologies, among which is IIoT, with respect to increased industrial competitiveness. Additionally, available are subsidies and grants from the government, which encourages financial input into IIoT solutions by companies. For instance, FOSSA, a startup that deals with IoT and Space Technologies, has closed €6.3 million in a Series A round to scale the IoT satellite constellation for remote asset management in industrial cases. The money will be invested in the realization of an 80-satellite direct-to-device communications network capable of tracking remote assets securely. FOSSA itself launched 17 nanosatellites in 2022 alone.

According to the research report ""Spain Industrial IOT Market Overview, 2029,"" published by Bonafide Research, the Spain Industrial IOT market is anticipated to add to more than USD 6 Billion by 2024–29.Edge computing has a particular value in scenarios of IIoT where the real-time analysis of data and fast responses are important. Adoption of edge computing is on the rise in Spain, enabling data processing closer to the source, reducing latency and bandwidth usage, which allows for faster decision-making and higher performance in industrial applications. As the adoption of IIoT increases within Spain, so is the associated robustness of applied cybersecurity solutions. In this scenario, sophisticated cybersecurity is considered the bet by Spanish companies in protecting IIoT networks from any cyber threat and ensuring the integrity of the data to be transmitted. Inherent in IIoT systems as a creation of connected devices opens them up to possible cyber attacks, hence demanding end-to-end strategies for security. An increasing trend in using IIoT to attain sustainability goals has been observed in Spain. IIoT solutions are implemented for the optimization of energy use, waste reduction, and environmental impact reduction in industries. Adoption of IIoT technologies is enabling companies to track and control their ecological footprint, thereby making a contribution to broader sustainability and environmental stewardship goals. The Spanish-based startup opened an R&D centre in Portugal late last year and is beginning its international expansion to provide both dedicated satellite networks and asset management services through its constellation.

The hardware category includes sensors, actuators, connectivity devices, and edge computing solutions. Siemens and Schneider Electric are among the leaders in Spain with respect to IIoT hardware Sensors and actuators help collect and transmit the information in industrial operation. The Software includes platforms to analyze tools, cybersecurity software, and analytics tools. Some include ways to analyze the tools of Spanish companies, while others incorporate comprehensive software solutions from international firms, such as IBM or SAP, in terms of the analysis and visualization of data. These have integrated safe data management facilities. Such use of AI and ML in IIoT software is propelling vast deflections of changes in such a sector. IIoT platforms provide the infrastructure for connecting, managing, and building applications to the end devices. Similar platform solutions massively in use in Spain include IBM Watson IoT, Siemens MindSphere, and ThingWorx by PTC among a million others. These underpin various industrial applications for different things, from predictive maintenance to supply chain optimization. The Industrial IoT Edge 2.0 offerings focus more on turnkey solutions that respond to specific, outcome-oriented use cases. As a result, while early industrial IoT edge solutions like preventive maintenance tend to be somewhat more horizontal in application, the focus on use cases that are directed at outcomes means an increasing vertical tilt as solutions gain traction in areas as diverse as industrial machinery, automotive, transportation, and other early-adopter use cases. In that direction, the activities clearly signal a paradigm shift from that of operating the business to real-time data analytics in a rethink of competitive fundamentals. Hardware and software suppliers alike are looking for combined solutions packages to differentiate themselves and add incremental value, particularly to increasingly commoditized network infrastructure hard-ware. Some of those courses are ADLINK's Digital Experiments as a Service (DXS), Advantech's Solution Ready Packages (SRPs), Cisco's Validated Designs, Dell's IoT Connected Bundles, and the Siemens MindSphere application development centers and marketplace offerings which epitomize this migration toward outcome-based solutions offerings.

IIoT is disrupting the manufacturing sector in Spain by enabling smart factories, improving operational efficiency, and reducing downtime. Real-time monitoring and predictive maintenance are also raising productivity to the minimum production costs. Spanish manufacturers are increasingly using IIoT technologies away from the manual system in the quest to optimally produce goods and maintain quality control. The energy sector in Spain is adopting IIoT to optimize the management of grids, track energy consumption, and integrate renewable sources of energy. Companies like Iberdrola and Endesa utilize IIoT in smart grid solutions and energy efficiency projects. IIoT technologies monitor the energy infrastructure in real-time, predict maintenance of equipment, and manage energy resources efficiently. AMPERE Energy is a Spain-based solar energy equipment supplier. Their range of smart batteries stores extra energy generated by solar panels during the day so that it can be drawn upon whenever required. Their software is supplemented with artificial intelligence so that their devices can operate in self-managing supply, prediscovery of solar production, and analysis of electricity market prices matched with the user's consumption pattern in order to maximize savings and energy independence. IIoT is digitizing the transport and logistic sector in Spain. It offers better supply chain visibility, fleet management, and real-time tracking. IIoT allows Spanish logistics companies to smoothen processes, develop the best routes, and make delivery more effective. Real-time data from the IIoT solution on location and condition of goods permit better inventory management and faster reaction times. IIoT is applied in the health sector in Spain in remote monitoring, asset tracking, and predictive maintenance of medical equipment. This technology is expected to enhance patient care and improve operational efficiency in Spanish healthcare centers. IIoT solutions enable real-time monitoring of patient vitals, which allows timely interventions and better chronic condition management. Pain is on the way to becoming a world reference for the use of technology in agriculture. As confirmed by the Spanish Association for the Digitalisation of Agriculture, Livestock, Fisheries and Rural Areas study, already more than 750 agrotech companies are settled in the country, placing it third worldwide in data collection relating to the farming sector.

The Spanish IIoT market has been boosting lately due to the rapidly growing connected devices and advanced analytics applied across industries. In addition, as elsewhere, connectivity technologies are acting as strong enablers for IIoT applications.

The Spanish IIoT market is currently dominated by wireless connectivity solutions since it comprises flexibility, easily deployed, and scalable. BLE, Wi-Fi, Zigbee, and other short-range wireless technologies are at the heart of many IIoT applications. Long-range solutions include LoRaWAN and Sigfox, along with cellular connectivity such as 4G, 5G, and NB-IoT. Wireless connectivity enables data exchange in real-time, hence providing the means for remote monitoring and control. This makes the technology very useful in applications like asset tracking, smart agriculture, and connected health devices. Deployment of 5G, with the aid and support of the Spanish government, along with an increasing number of IoT initiatives across the country, is expected to further fuel the demand for wireless connectivity solutions. Wired connectivity technologies are less popular than the wireless solutions, but they also command a sizeable share in the Spanish IIoT market. The wired connectivity options—Ethernet, PROFINET, and Modbus—allow for high-speed data transfer rates with reliability and security, making them suitable for mission-critical applications that require high-bandwidth and low-latency communication. Wired connectivity is common in factory automation, machine-to-machine communication, and industrial control systems.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Industrial IoT market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Offering
• Hardware
• Software
• Platforms

By Vertical
• Manufacturing
• Healthcare
• Energy
• Oil & Gas
• Transportation
• Others (Retail, Metals & Mining and Agriculture)

By Connectivity Technology
• Wireless
• Wired

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Industrial IoT industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.