"Smart Strategies, Giving Speed to your Growth Trajectory"
The Middle East & Africa is the second largest region in the global Internet of Things (IoT) market. It is projected to grow at a CAGR of 27.5% during the forecast period. The global market size is projected to grow from USD 544.38 billion in 2022 to USD 3,352.97 billion by 2030.
In the Middle East, the number of public administration and major smart cities initiatives is increasing particularly in the Gulf Cooperation Council region and it is increasing the demand for this technology and related edge network, 5G, machine learning, and artificial intelligence. Therefore, this technology-based companies in the region are making sure that they are offering advance solutions to fulfill the demand.
The Middle East & Africa Internet of Things market report covers the following countries – Turkey, Israel, GCC, North Africa, South Africa, and the rest of Middle East & Africa.
5G-enabled IoT to Offer new Opportunities in the Middle East & Africa
At the enterprise level, there is already broad consensus among MENA operators on the key industries where 5G-enabled IoT can offer the greatest long-term value for industries such as smart cities, automotive, manufacturing, logistics, and utilities. Particularly, industrial IoT offers the greatest opportunity for the 5G-enabled solutions in the MENA.
Organizations initiating their own Industry 4.0 transformation are set to implement intelligent, data-driven manufacturing using autonomous robots, big data analytics, AI, virtual reality, drones, and other technologies. They will be looking for improved product quality, predictive maintenance to reduce machine downtime, and the ability to monitor processes throughout the product lifecycle. For successful implementation of these new technologies and for efficient results, companies will require to integrate IoT and 5G enabling technologies simultaneously.
For instance, The synergistic combination of IoT and 5G technologies is of great importance in the Gulf countries. The region is still heavily dependent on oil and gas deposits. More than 20 MENA countries between 20% and 40% of GDP8 are based on oil and gas or oil-dependent government activities such as construction, and rely heavily on oil-funded government contracts. While 5G IoT solutions are emerging, security vulnerabilities in the oil and gas industry have received a lot of attention recently. The performance and security of the oil industry, which is of great importance to the region, can be significantly improved through the effective use of these solutions.
Adoption of IoT in Enterprises to Drive Market Growth in the Middle East & Africa
The adoption of IoT across enterprises is driving the overall growth of IoT market in the region, resulting in industrial IoT connection overtaking consumer IoT connection. According to GSMA intelligence, industrial IoT connection will reach around USD 624 million in 2025. The government plays a major part in industrial IoT as it is both the customer and policy enabler. Utility companies in the region are installing smart meters for monitoring the customers’ use of energy in real-time and helping balance supply and demand. The region has been targeting the opportunities enabled by this technologies.
For instance, in Turkey 2013-2023 action plan, the Ministry of Transport & Infrastructure stated that the aim of this action plan is to introduce smart traffic system that change depending on the speed of the vehicle, traffic signals, and digital bus stop. Izmir, the third most populated city in Turkey has deployed a fully adaptable traffic management system that enables real-time integrated traffic management to improve traffic safety. Thus, driving the adoption of Internet of Things (IoT) market share in the region.
Privacy Issue to Limit the Internet of Things (IoT) Market Growth
Internet of Things market creates a unique challenge of privacy that goes beyond current data privacy issues. Majorly the privacy issue comes in consumer devices that include tracking devices for phones, smart appliance, and cars. Devices such as smart television have built-in visual features and voice recognition that can continuously watch activities or listen to conversation and selectively transmit data to cloud-based services for further processing. Such information can lead to legal consequences and put users at the risk of unwanted exposure. However, such privacy concerns are hindering the market growth in the region.
Key market players, such as IOTPlus, Scope Middle East, Avnet, iWire Global, Telit, iSAT Africa, Trinity, and others are investing significantly in advanced technologies such as cloud computing, AI, and others. Investments in high-tech technology have enabled these players to grow their business into various end-user industries and gain a competitive advantage.
To gain extensive insights into the market, Request for Customization
The market research study highlights leading regions worldwide to provide the consumer with better insight. Additionally, the research emphasizes the most recent market growth patterns and examines technologies being deployed quickly on a global scale. It also provides some driving and restraining factors, allowing the reader to understand the market thoroughly.
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 27.5% from 2023 to 2030 |
Unit | Value (USD Billion) |
Segmentation | Component; End-use Industry; and Region |
By Component |
|
By End-use Industry |
|
By Region |
|
Growing at a CAGR of 27.5%, the market will exhibit steady growth in the forecast period (2023-2030).
Increasing initiatives for digital transformation are expected to augment the market demand, propelling industry expansion.
IOTPlus, Avnet, iSAT Africa, and Telit are the major market players in the Middle East & Africa market.
GCC dominated the market in 2022.
US +1 833 909 2966 ( Toll Free )