"Smart Strategies, Giving Speed to your Growth Trajectory"

Middle East & Africa 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: September 16, 2024 | Format: PDF | Report ID: FBI107394

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The Middle East & Africa is the second largest region in the global Internet of Things (IoT) market. It is projected to grow at a CAGR of 27.5% during the forecast period. The global market size is projected to grow from USD 544.38 billion in 2022 to USD 3,352.97 billion by 2030.


In the Middle East, the number of public administration and major smart cities initiatives is increasing particularly in the Gulf Cooperation Council region and it is increasing the demand for this technology and related edge network, 5G, machine learning, and artificial intelligence. Therefore, this technology-based companies in the region are making sure that they are offering advance solutions to fulfill the demand. 


The Middle East & Africa Internet of Things market report covers the following countries – Turkey, Israel, GCC, North Africa, South Africa, and the rest of Middle East & Africa.


LATEST TRENDS


5G-enabled IoT to Offer new Opportunities in the Middle East & Africa 


At the enterprise level, there is already broad consensus among MENA operators on the key industries where 5G-enabled IoT can offer the greatest long-term value for industries such as smart cities, automotive, manufacturing, logistics, and utilities. Particularly, industrial IoT offers the greatest opportunity for the 5G-enabled solutions in the MENA.


Organizations initiating their own Industry 4.0 transformation are set to implement intelligent, data-driven manufacturing using autonomous robots, big data analytics, AI, virtual reality, drones, and other technologies. They will be looking for improved product quality, predictive maintenance to reduce machine downtime, and the ability to monitor processes throughout the product lifecycle. For successful implementation of these new technologies and for efficient results, companies will require to integrate IoT and 5G enabling technologies simultaneously.


For instance, The synergistic combination of IoT and 5G technologies is of great importance in the Gulf countries. The region is still heavily dependent on oil and gas deposits. More than 20 MENA countries between 20% and 40% of GDP8 are based on oil and gas or oil-dependent government activities such as construction, and rely heavily on oil-funded government contracts. While 5G IoT solutions are emerging, security vulnerabilities in the oil and gas industry have received a lot of attention recently. The performance and security of the oil industry, which is of great importance to the region, can be significantly improved through the effective use of these solutions.  


DRIVING FACTORS


Adoption of IoT in Enterprises to Drive Market Growth in the Middle East & Africa


The adoption of IoT across enterprises is driving the overall growth of IoT market in the region, resulting in industrial IoT connection overtaking consumer IoT connection. According to GSMA intelligence, industrial IoT connection will reach around USD 624 million in 2025. The government plays a major part in industrial IoT as it is both the customer and policy enabler. Utility companies in the region are installing smart meters for monitoring the customers’ use of energy in real-time and helping balance supply and demand. The region has been targeting the opportunities enabled by this technologies.


For instance, in Turkey 2013-2023 action plan, the Ministry of Transport & Infrastructure stated that the aim of this action plan is to introduce smart traffic system that change depending on the speed of the vehicle, traffic signals, and digital bus stop. Izmir, the third most populated city in Turkey has deployed a fully adaptable traffic management system that enables real-time integrated traffic management to improve traffic safety. Thus, driving the adoption of Internet of Things (IoT) market share in the region.


RESTRAINING FACTORS


Privacy Issue to Limit the Internet of Things (IoT) Market Growth 


Internet of Things market creates a unique challenge of privacy that goes beyond current data privacy issues. Majorly the privacy issue comes in consumer devices that include tracking devices for phones, smart appliance, and cars. Devices such as smart television have built-in visual features and voice recognition that can continuously watch activities or listen to conversation and selectively transmit data to cloud-based services for further processing. Such information can lead to legal consequences and put users at the risk of unwanted exposure. However, such privacy concerns are hindering the market growth in the region. 


KEY INDUSTRY PLAYERS


Key market players, such as IOTPlus, Scope Middle East, Avnet, iWire Global, Telit, iSAT Africa, Trinity, and others 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:



  • February 2023: iWire Global, a provider of IoT Solutions and Services, and UnaBiz, an IoT integrator and service provider, entered into partnership to surge the adoption of this technologies in the Middle East & Africa region.

  • June 2021: iWire Global had raised a USD 34 million Series A funding round that was led by Noor Capital. The funds enabled iWire to accelerate the development of the company and helped the company to enter new markets and enhance their presence around 12 countries by developing the digital communication infrastructure to power massive IoT.

  • February 2022: Nokia and Zain KSA entered into partnership agreement during the LEAP global technology event held in Riyadh. The aim behind the agreement was to expand the digital infrastructure of the operator and enhance the network capabilities that cover all regions of the kingdom.

  • February 2022: Honeywell collaborated with Etisalat Misr for building IoT platform to help the advancement of brownfield and greenfield projects across Egypt. The collaboration supports Egypt vision 2030 by enabling digital transformation across key industry sectors in the country and making environment more sustainable through the deployment of smart solutions.

  • July 2022: Telit announced partnership with Sternum, Israeli IoT security solution company, for offering real-time embedded security and cyber visibility for such devices.


REPORT COVERAGE


To gain extensive insights into the market, Request for Customization


The market research study highlights leading regions worldwide to provide the consumer with better insight. 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



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 27.5% 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




  • Middle East & Africa (By Component; End-use Industry; and Country)


    • Turkey (By End Use Industry)

    • Israel (By End Use Industry)

    • GCC (By End Use Industry)

    • North Africa (By End Use Industry)

    • South Africa (By End Use Industry)

    • Rest of Middle East & Africa







Frequently Asked Questions

Growing at a CAGR of 27.5%, the market will exhibit steady growth in the forecast period (2023-2030).

Increasing initiatives for digital transformation are expected to augment the market demand, propelling industry expansion.

IOTPlus, Avnet, iSAT Africa, and Telit are the major market players in the Middle East & Africa market.

GCC 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
Multi-report Purchase Plan
    A Customized Plan Will be Created Based on the number of reports you wish to purchase
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.
X