At 33.1% CAGR, the Asia Pacific IoT Market is projected to be worth US$ 1,044.38 billion by 2030, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific IoT market is expected to grow from US$ 141.14 billion in 2023 to US$ 1,044.38 billion by 2030, registering a CAGR of 33.1% from 2023 to 2030. Increase in number of smart city projects, low cost of connected devices and increase in investments in IoT and rise in implementation of IoT in automotive sector are the critical factors attributed to the Asia Pacific IoT market expansion.         

The e-commerce industry is growing rapidly, and retailers are utilizing IoT solutions to improve their operational efficiency, enhance customer experience, and gain a competitive advantage. Also, an increase in customer demand for a better shopping experience, a reduction in the cost of IoT-based sensors and connectivity, and a surge in the adoption of smart payment solutions are among the major factors driving the adoption of IoT solutions in the e-commerce industry. Moreover, retailers in this industry utilize IoT to avoid security pitfalls and are deploying IoT-enabled systems that can combat the jamming of network services in their warehouses and stores. As IoT plays a significant role in process automation and enhancement of operational efficiency of retail stores, there is an increasing demand for IoT in surveillance and security, supply chain optimization, energy optimization, inventory optimization, and workforce management. Therefore, with the growing e-commerce industry, the demand for IoT solutions is expected to rise, which is likely to fuel the IoT software market during the forecast period. This is expected to drive the Asia Pacific IoT market during the forecast period.

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

Based on component, the Asia Pacific IoT market is categorized into hardware, software, and services. The hardware segment held 46.8% market share in 2023, amassing US$ 66.03 billion. It is projected to garner US$ 510.65 billion by 2030 to expand at 33.9% CAGR during 2023–2030. Further, software segment is divided into device management, application management, data management, and network management.

Based on enterprise size, the Asia Pacific IoT market is bifurcated into large enterprises and SMEs. The large enterprises segment held 73.5% market share in 2023, amassing US$ 103.78 billion. It is projected to garner US$ 721.95 billion by 2030 to expand at 31.9% CAGR during 2023–2030.

Based on application, the Asia Pacific IoT market is categorized into building & automation, smart energy & utilities, smart manufacturing, connected logistics, banking & financial services, aerospace & defense, and others. The smart manufacturing segment held 19.5% share of Asia Pacific IoT market in 2023, amassing US$ 27.48 billion. It is projected to garner US$ 252.02 billion by 2030 to expand at 37.2% CAGR during 2023–2030.

Based on country, the Asia Pacific IoT market has been categorized into Australia, China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Thailand, and the Rest of Asia Pacific.  Our regional analysis states that China captured 20.1% share of Asia Pacific IoT market in 2023. It was assessed at US$ 28.37 billion in 2023 and is likely to hit US$ 252.32 billion by 2030, exhibiting a CAGR of 36.6% during the forecast period.            

Key players dominating the Asia Pacific IoT market are Amazon Web Services Inc.; Cisco Systems Inc.; Google LLC; Software AG; International Business Machines Corp; Intel Corp; Microsoft Corp; Oracle Corp; Siemens AG; and SAP SE among others.

• In Sep 2022, Advancing Real-Time IoT Analytics: SingleStore and IBM Collaborate for Enhanced Insights.
• In Sep 2023, Intel Unveils Enhanced IoT-Enabled Processors to Boost Performance, AI, and Security.

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