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)

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)

The Asia Pacific IoT market is expected to grow from US$ 116.82 billion in 2022 to US$ 597.58 billion by 2028. It is estimated to grow at a CAGR of 31.3% from 2022 to 2028.

Rise in Implementation of IoT in Automotive Sector is Driving the Asia Pacific IoT Market

Automotive is one of the largest sectors in terms of IoT implementation, with self-driving cars, security features, data analytics, in-vehicle infotainment, predictive maintenance, real-time monitoring, and dashboard reporting being the key applications. Moreover, the high level of competition in the global automotive sector is propelling companies to adopt advanced technologies such as IoT and AI. Audi, BMW, General Motors, and Mercedes-Benz are a few major automakers offering advanced infotainment systems integrated with various technologies into their cars. Moreover, the mounting demand for connected vehicles, coupled with rising investments in autonomous cars, is further boosting the adoption of IoT and efficient communication technologies, such as 4G and 5G. Automotive systems that can be enhanced with IoT include logistics management, fleet management, telematics, sensor sharing, advanced driver assistance systems, infotainment, and autonomous driving. Furthermore, due to increasing demand for dynamic messaging, parking sensors, real-time occupancy data of parking spots, and available parking spots to ensure smooth parking of the vehicle—several government agencies are promoting smart city programs and implementing smart parking to ensure smooth traffic in the city. Therefore, the rise in the implementation of IoT in the automotive sector is driving the Asia Pacific IoT market .

Asia Pacific IoT Market Overview

IoT solutions are widely adopted across several business verticals in Asia Pacific owing to faster connectivity and progressive government initiatives for smart city and manufacturing projects. In addition, governments of various countries in the region are launching various smart infrastructure projects to provide better transport facilities, health services, and mobility. Moreover, as consumers seek better solutions that promise safety, convenience, and efficiency, the disruptions in the transportation sector have compelled it to use IoT technology for tracking and optimizing supply chains. Furthermore, IoT has increased applications in smart city projects for different purposes such as better energy utilization, control of disease outbreaks, autonomous vehicles, fintech, and contactless payment innovations. Additionally, the application of IoT technology has increased across broader governance applications such as evidence-based decision-making, urban planning, and infrastructure development. The logistics industry in Asia Pacific continues to transform its supply chains due to the rising preference for online shopping, which accelerated the demand for better customer service and convenience in e-commerce delivery. Also, there is an increasing need for end-to-end supply chain visibility to overcome challenges such as on-demand trends, volume spikes, dynamic changes in route conditions, and flexible workforces that must be addressed. As a result, the providers are developing IoT solutions for real-time fleet tracking and management solutions, which are expected to boost the growth of the Asia Pacific IoT market in the coming years.

Asia Pacific IoT Market Revenue and Forecast to 2028 (US$ Billion)

Asia Pacific IoT Market Segmentation

The Asia Pacific IoT market is segmented into offering, end user, and country.

Based on offering, the Asia Pacific IoT market is segmented into hardware, software, and services. The hardware segment registered a largest market share in 2022 In 2022, the hardware segment registered the largest share in the Asia Pacific IoT market. 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. In 2022, the industrial segment registered a largest share in the Asia Pacific IoT market.

Based on country, the Asia Pacific IoT market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. In 2022, the China segment registered a largest share in the Asia Pacific IoT market.

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. are the leading companies operating in the Asia Pacific IoT market.

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