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The Asia Pacific is the fastest growing region in the global IoT market. It is projected to grow at a CAGR of 30.1% during the forecast period. The global Internet of Things market size is projected to grow from USD 544.38 billion in 2022 to USD 3,352.97 billion by 2030.
Rising digital transformation and emerging technological advancements have led the region's key players to enhance their capabilities. The key players are increasing their research and development investments for new market upgrades, innovations, and strategic collaborations. For instance,
The Asia Pacific internet of things Internet of Things market growth can be attributed to several factors, such as the growing adoption of 5G technology, AR/VR, and other such factors across enterprises.
Rising Adoption of 5G technology to Offer New Growth Opportunities
5G networks are faster and effectively support the data processing required for IoT networks and devices. The latency will be ten times less than 4G, providing more reliable and hassle-free operations. Hence, the implementation of 5G acts as a catalyst for autonomous and automated devices in the market.
With such 5G-powered features, the demand for 5G-enabled IoT devices is increasing in the Asia Pacific. Also, the region's communication providers, such as Reliance in India, Samsung Electronics Co., Ltd., and Taiwan Mobile, are expanding their product portfolios to capitalize on smart devices. Thus, providing opportunities for developing information collection systems and combining advanced analytics capabilities into existing systems. Several regional network providers and vendors are enhancing their services with new advancements.
Such initiatives and advancements are enhancing growth opportunities in the Internet of Things market.
Increasing Initiatives for Digital Transformation to Augment the Market Demand
Digital transformation technologies enhance enterprises and organizations to innovate and upgrade their functionalities with digital solutions. Several countries in the Asia Pacific region are developing nations that are taking initiatives toward digital transformation. Hence, various organizations in these regions gravitate toward automation, cloud, artificial intelligence (AI), Internet of Things, network infrastructure, and other high-tech solutions to evolve digitally. Investment in IT modernization and digital transformation (DX) are at the top of the mind of these enterprises. For instance,
These advancements toward digital transformation are raising Internet of Things (IoT) market share in the industry.
Increasing Cyberattacks to Impede the Demand for IoT devices in the Region
A considerable number of IoT devices are hacked for misused or by access to different areas of the network. Such devices are particularly susceptible to various kinds of cyberattacks. Thus, consumers are willing to use these devices but do not trust over the security of these devices. According to the World Economic Forum report, data fraud and cyber-attacks are among the world's top five economic threats after the pandemic.
The rise in digital transformation in ASEAN countries has led to the unintentional consequence of cyber-attacks in the region, which generates more opportunities for cybercriminals. Moreover, organizations are increasingly directing their efforts to strengthen regional cybersecurity, but more steps must be taken to address the frequently evolving threats.
Hence, such limitations hinder the market demand in the region.
Key market players, such as Intel Corporation, Cisco Systems, Inc., Amazon Web Services, Inc., Tata Consultancy Services, and Global Enterprise Mobility, are investing significantly in advanced technologies such as cloud computing, AI, and others. Investments in high-tech technology have enabled these players to grow their business into various end-user industries and gain a competitive advantage.
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CAGR of 30.1% from 2023 to 2030
Value (USD Billion)
Component; End-use Industry; and Region
By End-use Industry
Growing at a CAGR of 30.1%, the market will exhibit steady growth in the forecast period (2023-2030).
Increasing initiatives for digital transformation to augment the market demand are the significant factors driving the market growth.
TCS, Xperanti IoT, and Amazon Web Services are the major market players in the Asia Pacific market.
China dominated the market in 2022.
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