Report : Asia Pacific IoT Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – Offering [Hardware (Processors, Connectivity Modules, Sensors, Memory Devices, and Others), Software, and Services) and End User (Industrial, Commercial, and Residential)

At 31.3% CAGR, the Asia Pacific IoT Market is speculated to be worth US$ 597.58 billion by 2028, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific IoT market was valued at US$ 116.82 billion in 2022 and is expected to reach US$ 597.58 billion by 2028, registering a CAGR of 31.3% from 2022 to 2028. Reduction in cost of connected devices and increase in investments in and rise in implementation of IoT in automotive sector are the critical factors attributed to the Asia Pacific IoT market expansion.

The number of connected devices or IoT devices that send data by connecting wirelessly to a network is increasing tremendously. Also, sensor technology embedded in IoT devices continues to become cheaper, more advanced, and widely available. In addition, devices' availability and cost-effectiveness create possibilities for new sensor applications, including large-scale monitoring and detection. Moreover, there is improved mobile connectivity with the advent of 5G, further accelerating new investments in IoT. Large enterprises continue to invest their sizable resources in IoT. In addition, companies are increasingly utilizing IoT as part of their business plans, rapidly revamping their IoT plans, and executing long-term IoT deals. Also, businesses are investing in connected device sensors, from tools and equipment to vehicles and buildings, and leveraging each use case’s layers of analytics to create actionable data sources that derive higher-level business insights. A growing shift toward long-term IoT adoption is becoming extremely important to professionals in the IoT industry. Several businesses are adding sensors to people, places, products, and processes to collect and analyze information for better decision-making and increased transparency. Therefore, IoT provides a compelling reason for all the investments in the cloud, data centers, global networks, and big data analytics by enabling innovations and revenue streams, enhancing better customer experiences and asset utilization, improving employee productivity, and increasing efficiency in supply chain and logistics operations. These factors, as a result, collectively boost the Asia Pacific IoT market growth.

On the contrary, data security and interoperability issues hurdles the growth of Asia Pacific IoT market.

Based on offering, the Asia Pacific IoT market is segmented into hardware, software, and services. The hardware segment held 46.4% share of the Asia Pacific IoT market in 2022, amassing US$ 54.26 billion. It is projected to garner US$ 263.33 billion by 2028 to expand at 30.1% CAGR during 2022–2028. The hardware segment is further subsegmented into processors, connectivity modules, sensors, memory devices, and others.

Based on end user, the Asia Pacific IoT market is segmented into industrial, commercial, and residential. The industrial segment held 46.3% share of the Asia Pacific IoT market in 2022, amassing US$ 54.10 billion. It is projected to garner US$ 273.97 billion by 2028 to expand at 31.0% CAGR during 2022–2028.

Based on country, the Asia Pacific IoT market has been categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific.  Our regional analysis states that China captured 29.4% share of the Asia Pacific IoT market in 2022. It was assessed at US$ 34.29 million in 2022 and is likely to hit US$ 194.09 million by 2028, exhibiting a CAGR of 33.5% during the forecast period.

Key players profiles in the Asia Pacific IoT market report are Cisco Systems, Inc.; Google LLC; Hewlett Packard Enterprise Development LP (HPE); IBM Corporation; Microsoft Corporation; Oracle Corporation; QUALCOMM INCORPORATED; SAP SE; SAS Institute Inc.; and VMware, Inc.,  among others.

  • May-2019, SAS, the global leader in analytics, and Octo Telematics, the global leader in insurance IoT, have entered into a worldwide partnership agreement to enable property and casualty insurance carriers to gain deeper business insights through the power of IoT.

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