Middle East & Africa IoT Market Forecast to 2030 – COVID-19 Impact and Regional Analysis – by Component [Hardware, Software (Device Management, Application Management, Data Management, and Network Management), and Services], Enterprise Size (Large Enterpr

Middle East & Africa IoT Market Forecast to 2030 – COVID-19 Impact and Regional Analysis – by Component [Hardware, Software (Device Management, Application Management, Data Management, and Network Management), and Services], Enterprise Size (Large Enterprises and SMEs), and Application (Building & Automation, Smart Energy & Utilities, Smart Manufacturing, Connected Logistics, Banking & Financial Services, Aerospace & Defense, and Others)

The Middle East & Africa IoT market is expected to grow from US$ 43.99 billion in 2023 to US$ 241.65 billion by 2030; it is estimated to grow at a CAGR of 27.6% from 2023 to 2030.

Rise in Implementation of IoT in Automotive Sector

Automotive is one of the largest sectors in terms of IoT implementation that supports various applications such as self-driving cars, security features, data analytics, in-vehicle infotainment, predictive maintenance, real-time monitoring, and dashboard. Moreover, the high level of competition in the automotive sector is propelling companies to adopt IoT, AI, and other advanced technologies. Audi, BMW, General Motors, and Mercedes-Benz are a few major automakers offering advanced infotainment systems for cars integrated with various technologies. Moreover, the growing demand for connected vehicles and rising investments in autonomous cars boost the adoption of IoT and efficient communication technologies, such as 4G and 5G. For instance, in April 2021, Vodafone Idea announced the launch of its integrated IoT solution for the automotive sector. With this product launch, the company further strengthened its IoT portfolio. 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 the increasing demand for dynamic messaging, parking sensors, real-time occupancy data of parking spots, and vehicle parking spots, 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 IoT software market.

Middle East & Africa IoT Market Overview

The IoT market in the MEA is segmented into Saudi Arabia, the UAE, South Africa, and the Rest of MEA. The Middle East is a dynamic and rapidly developing region that offers massive opportunities for investors and businesses. IoT adoption is already an integral part of the digital transformation of businesses in the region. IoT helps them achieve various objectives by improving asset utilization, managing risks, and creating entirely new business models. The increasing use of smartphones, the growing population of young adults in Gulf Cooperation Council (GCC) countries, and government initiatives for digital transformation to drive economic growth are a few major factors propelling the IoT market growth in the region. Retail, manufacturing, and automotive industries use IoT technologies to differentiate their existing products or services from the competition and provide enhanced customer experiences.

Middle East & Africa IoT Market Revenue and Forecast to 2030 (US$ Billion)

Middle East & Africa IoT Market Segmentation

The Middle East & Africa IoT market is segmented based on component, enterprise size, application, and country. Based on component, the Middle East & Africa IoT market is segmented into hardware, software, and services. The hardware segment held the largest market share in 2023. Furthermore, software is segmented 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 a larger market share in 2023.

Based on application, the Middle East & Africa IoT market is segmented into building & automation, smart energy & utilities, smart manufacturing, connected logistics, banking & financial services, aerospace & defense, and others. The smart manufacturing segment held the largest market share in 2023.

Based on country, the Middle East & Africa IoT market is segmented into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa IoT market share in 2023.

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 are the leading companies operating in the Middle East & Africa IoT market.

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