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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

 

KEY MARKET INSIGHTS

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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,



  • 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.


LATEST TRENDS


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.  


DRIVING FACTORS


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.


RESTRAINING FACTORS


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 INDUSTRY PLAYERS


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.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • 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.


REPORT COVERAGE


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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.


REPORT SCOPE & SEGMENTATION


















































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 30.1% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



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.

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