Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report ongoing study by Infinium Global Research on the IoT market provides an in-depth analysis of segments and sub-segments in the GCC as well as regional IoT market. The study also highlights the impact of drivers, restraints, and macro indicators on the GCC and regional IoT market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the GCC IoT market. The GCC IoT market was valued at about USD 10 billion in 2022 and is expected to reach nearly USD 25 billion in 2028, with a CAGR of over 17% during the forecast period.
The Internet of Things (IoT) is an operating system that captures information from a device or object with the aid of sensors, software, and other technologies to connect and provide data with other devices or objects with the aid of the internet. IoT systems have applications across numerous industries through their exclusive flexibility and ability to be applicable in any environment. Furthermore, they augment data collection, automation, operations, and much more through smart devices and powerful empowering technology. The IoT fundamental features are used in Artificial Intelligence, active engagement, connectivity, and small devices. The core benefits offered are enhanced security, flexibility, and compliance. In addition, the innovations in IoT are Amazon Echo, Google Home, Ecobee, Neurio, and Ring.
The GCC IoT market is expected to grow at an impressive rate during the forecast period. The GCC IoT market is driven by the widespread adoption of IoT solutions across numerous enterprises, especially SMEs. IoT solutions help enterprises increase their efficacy, improve their productivity, and efficiently manage their resources while plummeting their overall operational costs. These factors are projected to positively impact the growth of the market. Additionally, the growing adoption of big data and cloud-based solutions is further estimated to propel the market over the next few years. Furthermore, the booming IT & Telecommunication industry is anticipated to fuel the market growth during the forecast period. On the other hand, adhering to data security standards and norms can hinder the market growth during the projection period. Also, the migration of data from legacy systems poses the main challenge to market growth.
Among the geographies, the UAE is expected to hold the largest share in the GCC IoT markets owing to a rise in strategic trials to launch IoT technologies and equipment in the GCC region. The major factors that are pouring the growth of the IoT market are the increasing adoption of IoT technology in numerous application areas, comprising smart cities, smart manufacturing, logistics, transportation, etc. In addition, owing to increasing government initiative and investment to build smart cities is further stimulating market growth. For example, the pilot phase of the five-year plan for Smart Cities and Artificial Intelligence has been introduced by the Department of Urban Planning and Municipalities in Abu Dhabi. Nevertheless, smart parking, lighting, signage, and cleaning systems are gaining traction and enlightening urban life.
| Report Coverage | Details |
|---|---|
| Market Size in 2021 | About USD 10 Billion |
| Market Size by 2028 | Nearly USD 25 Billion |
| Growth Rate from 2022 to 2028 | CAGR of Over 17% |
| Largest Market | UAE |
| No. of Pages | 80 |
| Market Drivers |
|
| Market Segmentation | By Component, and By End-user |
| Regional Scope | Saudi Arabia, UAE, Kuwait, and Rest of GCC |
The report on GCC IoT market covers segments such as component, and end-user. On the basis of component, the sub-markets include hardware, software/ platform, connectivity, and services. On the basis of end-user, the sub-markets include bfsi, healthcare, retail, manufacturing, transportation, it & telecom, energy and utilities, and others.
The report provides profiles of the companies in the market such as AT&T, Inc., ZTE Corporation, Intel Corporation, IBM Corporation, Huawei Technologies Co., Ltd., Oracle Corporation, Google LLC, GSM Association, Cisco Systems, Inc., and Amazon Web Services, Inc..
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the IoT market. Moreover, the study highlights current market trends and provides forecasts from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
