Report : South Africa IoT Market Forecast to 2028 – COVID-19 Impact and Country Analysis – by Offering [Hardware (Processors, Sensors, Connectivity Modules, Memory Devices, and Others), Software, and Service] and End-User (Manufacturing, Energy and Utilities, IT and Telecom, BFSI, Automotive and Transportation, Retail, Residential, Commercial, and Others).
Progressive Deployment of 5G Networks to Create Lucrative Opportunities for South Africa IoT Market Growth during 2022–2028
According to our latest market study on “South Africa IoT Market Forecast to 2028 – COVID-19 Impact and Country Analysis – by Offering, and End-User,” the South Africa IoT market size is expected to grow from US$ 4,977.8 million in 2022 to US$ 31,558.9 million by 2028; the South Africa IoT market size is expected to grow at a CAGR of 36.0% from 2022 to 2028.
The Internet of Things (IoT) is transforming every corner of life, including city streets, homes, offices, etc. IoT products give greater control over door locks, lights, and appliances; offer insights into resource consumption habits; streamline business processes; and aid a better connection between people, systems, and environments that shape daily lives. The IoT is mostly the extension of internet connectivity to physical objects and devices. IoT devices can interact and communicate with each other over the internet or directly via a wireless protocol, and they can be remotely monitored and controlled. These devices typically include products that enable smart homes, e.g., lighting fixtures, thermostats, home appliances, cameras, and home security systems. Moreover, the new class of products can be controlled using other cloud-connected devices or a smartphone. The IoT helps connect various smart devices to ease data sharing and other operations. Different smart devices, such as sensors, smartphones, and wearables, collect necessary data from various IoT devices, which are further utilized to enhance customers’ experience.
South Africa IoT market analysis by offering, the South Africa IoT market is segmented into hardware, software, and service. In 2021, the service segment accounted for the largest South Africa IoT market share. The South Africa IoT market for the hardware segment is sub-segmented into processors, sensors, connectivity modules, memory devices, and others. In 2021, the connectivity modules segment dominated the South Africa IoT market in 2021. South Africa IoT market analysis by end-user, the South Africa IoT market is segmented into manufacturing, energy and utilities, BFSI, IT and telecom, automotive and transportation, retail, residential, commercial, and others. In 2021, the others segment led the market with the largest South Africa IoT market share.
Impact of COVID-19 Pandemic on South Africa IoT market growth
The social restrictions imposed by governments to curb the spread of COVID-19 led to disruptions in supply chains and imports & exports in 2020. The IoT market in South Africa witnessed a negative impact in Q1 & Q2 of 2020. This was mostly due to the discontinuation of the ongoing projects. Many IoT projects were put on hold or slowed down. Several companies reduced their investments in new projects. However, the slowdown was for the short term as the demand for digitization began increasing from Q3 2020. Companies are strategically investing in connected technologies, such as remote asset management. Governing bodies in South Africa have recently uplifted travel restrictions from Q3 2020, allowing transportation operations with the implementation of safety and social distancing measures. In the medium to long run, the COVID-19 on IoT will be positive due to the increasing demand for smart and connected devices from verticals such as healthcare, manufacturing, and residential.
Further, companies are willing to build more resilience to be better prepared if another outbreak wave or SARS-CoV-2 variant rattles the world. Overall, the impact of COVID-19 on the South Africa IoT market was low to moderate. The economy of South Africa is anticipated to take longer than other countries to recover from a pandemic-induced shock, which will result in higher rates of poverty. The lack of funding and technical expertise, low levels of awareness, inadequate ecosystem of digital solution providers, and constraints of infrastructure are among the major obstacles to IoT adoption in South Africa. Additionally, the businesses had to transition to remote working, online operations and sales, and other business protocol modifications in response to the COVID-19 pandemic. As companies began to rely on cloud technologies, IoT, Big Data, AI, etc., the pandemic accelerated the implementation of IoT technology in 2020.
Communica South Africa; COREX (PTY) LTD; SAS Institute Inc.; SAP SE; QUALCOMM INCORPORATED; Bosch.IO GmbH; CISCO Systems, Inc; Google Inc.; Hewlett Packard Enterprise Development LP; IBM Corporation; Microsoft Corporation; Oracle Corporation; First Distribution; Pinnacle Solutions, Inc.; Axiz (Pty) Ltd; Syntech; Mustek Limited; Rectron; Drive Control Corporation; Frontosa Technologies; and VMware are a few key players operating in the South Africa IoT market. In addition to these, several other market players have been analyzed to understand the South Africa IoT market.
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