"Smart Strategies, Giving Speed to your Growth Trajectory"

Asia Pacific Internet of Things (IoT) Market Size, Share & COVID-19 Impact Analysis, By Component (Platform, Solution & Services), By End-use Industry (BFSI, Retail, Government, Healthcare, Manufacturing, Agriculture, Sustainable Energy, Transportation, IT & Telecom, and Others), and Regional Forecast, 2023-2030

Last Updated: April 29, 2024 | Format: PDF | Report ID: FBI107395



Play Audio Listen to Audio Version

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,

  • In December 2022, Telkom and Cisco established a strategic alliance for the development of IoT control centers and software-defined networks in ASEAN countries. The collaboration included the growth of Platform Mobile IoT of Cisco and Telkom's Data Center with network infrastructure and SDN (Software Define Network). The alliance also accelerates digital transformation and 5G adoption in Indonesia and ASEAN.

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.

  • In September 2022, Bharati Airtel introduced several advanced products to its cloud portfolio after the launch of 5G services. The new cloud portfolio consists of CDN (Cloud Edge Content Delivery Network) that helps to bring 5G network and edge computing under one single platform for IoT devices to compute and process the data.

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,

  • According to the IDC report 2022, more than 95% of enterprises and organizations in India are planning to maximize their spending toward Digital Transformation in 2023. As the pandemic propelled the demand for digital transformation, it helped enterprises to survive the challenges and sustain in the market. 

  • In January 2023, Singtel announced the launch of Zoom's communication solutions for the digital transformation of organizations in Singapore. Various new services and solutions will be added to the 5G suite of Singtel and UC (Unified Communications) offerings. All these services will be accessible to organizations with the Zoom Phone Connector of Singtel.  

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.



  • December 2022 - Cisco announced it to give training to 6.7 billion people for digital and cybersecurity skills in the Asia Pacific region. The training would be provided for the coming ten years through the Networking Academy of Cisco.

  • September 2022 - Vodafone New Zealand partnered with Digital Matter to offer end-to-end solutions in IoT asset management in the New Zealand market. The partnership has bundled several IoT-powered asset-tracking devices and white-label asset management software with Vodafone's NB-IoT and LTE-M (Cat-M1) connectivity solutions.

  • October 2022 - TCS, in alliance with Microsoft, announced the development of autonomous solutions with the Bonsai project. The new collaboration enhances its domain understanding and builds advanced AI-driven autonomous solutions on Microsoft Azure Cloud.

  • February 2022 - TCS introduced a Digital Garage in Sydney for its business expansion in Australia. The Digital Garage is accessible to the global ecosystem of TCS of startups, academia, and technology vendors. It is the first digital garage in the Asia Pacific after such centers in New York, Amsterdam, and Pittsburg.

  • November 2021 - Xperanti IoT and HeiTech Padu formed a strategic partnership to boost digital transformation in Malaysia. The partnership helped to strengthen the adoption of Industry 4.0. Both firms are working toward the deployment of the Penang Smart Parking project.


To gain extensive insights into the market, Request for Customization

The market research study highlights leading regions worldwide to provide the consumer with better insights. Additionally, the research emphasizes the most recent market growth patterns and examines technologies being deployed quickly on a global scale. It also provides some driving and restraining factors, allowing the reader to understand the market thoroughly.




Study Period


Base Year


Forecast Period


Historical Period


Growth Rate

CAGR of 30.1% from 2023 to 2030


Value (USD Billion)


Component; End-use Industry; and Region

By Component

  • Platform

    • Device Management 

    • Cloud Platform

    • Network Management

  • Solution & Services

    • Real-Time Streaming Analytics

    • Security

    • Data Management

    • Remote Monitoring

    • Network Band Management

    • Solution

    • Services          

By End-use Industry

  • Banking, Financial Services and Insurance (BFSI)

  • Retail

  • Government

  • Healthcare

  • Manufacturing

  • Agriculture

  • Sustainable Energy

  • Transportation

  • IT & Telecom

  • Others

By Region

  • Asia Pacific (By Component; End-use Industry; and Country)

    • China (By End Use Industry)

    • Japan (By End Use Industry)

    • India (By End Use Industry)

    • South Korea (By End Use Industry)

    • ASEAN (By End Use Industry)

    • Oceania (By End Use Industry)

    • Rest of Asia Pacific

Frequently Asked Questions

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.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2030
  • 2022
  • 2019-2021
  • 100

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.