At 27.6% CAGR, the Middle East & Africa IoT Market is projected to be worth US$ 241.65 billion by 2030, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa IoT market is expected to grow from US$ 43.99 billion in 2023 to US$ 241.65 billion by 2030, registering a CAGR of 27.6% 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 Middle East & Africa IoT market expansion.         

The number of IoT-based devices that share data by connecting wirelessly to a network is growing tremendously. Also, sensor technology embedded in IoT devices is budget-friendly, advanced, and widely available in the market. The easy availability and cost-effectiveness of devices create possibilities for new sensor applications, including large-scale monitoring and detection. Moreover, mobile connectivity has improved with the advent of 5G, further accelerating investments in IoT-based solutions. Large enterprises continue to invest their resources in IoT, as they are increasingly utilizing the technology as part of their business plans by rapidly revamping their IoT plans and executing long-term IoT deals. For instance, in January 2023, Godrej & Boyce announced its plan to invest in IoT-based systems to improve customer experience and increase their global footprint as well as market share. The company's material handling business division planned to double its investment in technology to support various operations, including sales, manufacturing, and sustainability across its value chain. Also, businesses are investing in connected device sensors, from tools and equipment to vehicles and buildings, and leveraging various layers of analytics to create actionable data sources that derive enhanced business insights. The shift toward IoT adoption is increasing in the IoT industry as several businesses collect and analyze information for better decision-making and increased transparency. The implementation of IoT enables innovation and revenue streams, provides better customer experiences and asset utilization, improves employee productivity, and increases efficiency in supply chain and logistics operations. Therefore, the benefits of employing IoT are a key factor boosting the investment in the cloud, data centers, global networks, and big data analytics, which is driving the IoT software market growth. This is expected to drive the Middle East & Africa IoT market during the forecast period.

On the contrary, data security and interoperability Issues hurdles the growth of Middle East & Africa IoT market. 

Based on component, the Middle East & Africa IoT market is categorized into hardware, software, and services. The hardware segment held 45.6% market share in 2023, amassing US$ 20.06 billion. It is projected to garner US$ 113.99 billion by 2030 to expand at 28.2% CAGR during 2023–2030. Further, software segment is divided into device management, application management, data management, and network management.

Based on enterprise size, the Middle East & Africa IoT market is bifurcated into large enterprises and SMEs. The large enterprises segment held 74.6% market share in 2023, amassing US$ 32.80 billion. It is projected to garner US$ 171.71 billion by 2030 to expand at 26.7% CAGR during 2023–2030.

Based on application, the Middle East & Africa 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 19.8% share of Middle East & Africa IoT market in 2023, amassing US$ 8.72 billion. It is projected to garner US$ 60.18 billion by 2030 to expand at 31.8% CAGR during 2023–2030.

Based on country, the Middle East & Africa IoT market has been categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa.  Our regional analysis states that Saudi Arabia captured 35.2% share of Middle East & Africa IoT market in 2023. It was assessed at US$ 15.49 billion in 2023 and is likely to hit US$ 84.24 billion by 2030, exhibiting a CAGR of 27.4% during the forecast period.  

Key players dominating the Middle East & Africa 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.

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