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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 MENA as well as regional IoT market. The study also highlights the impact of drivers, restraints, and macro indicators on the MENA 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 MENA IoT market. The MENA IoT market was valued at about USD 16 billion in 2022 and is expected to reach over USD 40 billion in 2028, with a CAGR of about 17% during the forecast period.
The Middle East and North Africa (MENA) region's IoT connections are expanding faster than those in Asia-Pacific. Governmental and mobile industry initiatives are anticipated to be crucial in advancing IoT, which is projected to be fuelled by a well-established smart city vision. The regional economy's GDP is anticipated to benefit from MENA's dedication to innovation in IoT. Mobile providers in the MENA region have a rapidly expanding opportunity due to the Internet of Things. According to the prediction of several technology firms, spending on Internet of Things (IoT) technologies in the Middle East and Africa (MEA) is expected to reach a record high in recent years.
Growth in IoT adoption in MENA is being propelled by government efforts to address resource scarcity and improve the well-being of citizens. A drive by enterprises to improve efficiencies and reduce costs by using IoT solutions is also helping to spur connections. Consumer IoT accounted for the majority of IoT connections in MENA, driven by the adoption of smart home and home security systems. Partnerships have been a crucial component of the market entry process and are actively promoting adoption. A wide variety of electronic devices are needed for real-time data solutions, but the demand for Internet of Things (IoT) devices is primarily expected to rise due to the need for real-time data. Analysis in business operations will help businesses quickly understand their data and make decisions about when to offer their customers products or services. Real-time solutions, which directly entail the use of IoT devices for industries, are therefore in great demand. As a result, it is anticipated to be a key factor in market expansion. Adopting IoT solutions for businesses requires careful visualization and a suitable approach to automation. It is not a quick or simple process. End users, therefore, need additional time and effort to embrace the solutions and teach the staff how to operate and maintain them. Moreover, the rise in smart city projects in the MENA region is expected to provide lucrative growth opportunities to the market players.
Geographically, the MENA IoT market is divided into Saudi Arabia, UAE, Qatar, Kuwait, Egypt, Algeria, and the Rest of the MENA countries. Among these, Saudi Arabia and UAE are expected to hold a significant market share in the MENA IoT market. Emerging Technologies are transforming businesses in Saudi Arabia and are creating unparalleled & profuse opportunities for the growth and development of the Kingdom’s economy. Saudi Arabia's IoT market is estimated to continue the growth trend during the forecasted period driven by strong urbanization and industrialization push in the kingdom. Massive national projects such as NEOM smart city benefit highly to the country from the data collection, data automation, and data operations enabled by IoT. The factors such as the rise in cloud platform adoption and the development of wireless networking technologies like 5G is likely to propel Saudi Arabia's IoT market. Furthermore, ICT spending in Kuwait is growing at a considerable growth rate which will propel IoT technology in the country in the future. In the United Arab Emirates, nearly two-thirds of companies executed IoT applications in 2019, benefiting from savings, new income streams, and increased production efficiency. The adoption of IoT technology is slower in North African countries as compared to GCC countries. However, increasing investment in digital infrastructure to improve access and quality, which includes investing in connectivity, is driving the demand for IoT technology in the North African region.
| Report Coverage | Details |
|---|---|
| Market Size in 2021 | About USD 16 Billion |
| Market Size by 2028 | Over USD 40 Billion |
| Growth Rate from 2022 to 2028 | CAGR of About 17% |
| Largest Market | UAE |
| No. of Pages | 80 |
| Market Drivers |
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| Market Segmentation | By Component, and By End User |
| Regional Scope | Saudi Arabia, UAE, Qatar, Kuwait, Egypt, Sudan, and Rest of MENA |
The report on MENA 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 transportation, healthcare, retail, energy and utilities, residential, government, insurance, and other.
The report provides profiles of the companies in the market such as Siemens, General Electric, IBM Corporation, Intel Corporation, SAP SE, Cisco Systems, Inc., Microsoft Corporation, Honeywell International Inc., NEC Corporation, and Rockwell Automation.
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.