Report : Middle East & Africa 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 27.0% CAGR, the Middle East & Africa IoT Market is speculated to be worth US$ 138.27 billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa IoT market was valued at US$ 33.01 billion in 2022 and is expected to reach US$ 138.27 billion by 2028, registering a CAGR of 27.0% from 2022 to 2028. Massive expansion of e-commerce industry and increase in digitalization across industries and rise in importance of service providers are the critical factors attributed to the Middle East & Africa IoT market expansion.
The e-commerce industry is growing rapidly, and retailers are utilizing IoT solutions to improve their operational efficiency, enhance the 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 jamming 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 the implementation of 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 will continue to rise, becoming a major trend in the Middle East & Africa IoT market.
On the contrary, data security and interoperability issues hurdles the growth of Middle East & Africa IoT market.
Based on offering, the Middle East & Africa IoT market is segmented into hardware, software, and services. The hardware segment held 44.1% share of the Middle East & Africa IoT market in 2022, amassing US$ 14.56 billion. It is projected to garner US$ 58.20 billion by 2028 to expand at 26.0% CAGR during 2022–2028. The hardware segment is further subsegmented into processors, connectivity modules, sensors, memory devices, and others.
Based on end user, the Middle East & Africa IoT market is segmented into industrial, commercial, and residential. The industrial segment held 44.1% share of the Middle East & Africa IoT market in 2022, amassing US$ 14.56 billion. It is projected to garner US$ 60.49 billion by 2028 to expand at 26.8% CAGR during 2022–2028.
Based on country, the Middle East & Africa IoT market has been categorized into Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 35.1% share of the Middle East & Africa IoT market in 2022. It was assessed at US$ 11.58 billion in 2022 and is likely to hit US$ 48.20 billion by 2028, exhibiting a CAGR of 26.8% during the forecast period.
Key players profiles in the Middle East & Africa 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.
Jun-2022, Oracle Corporation announced that it had acquired a majority of Cerner Corporation's outstanding shares and that all of the tender offer's additional criteria had been met or waived.
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