GCC Internet of Things (IoT) Market Opportunities & Forecast, 2023-2030
GCC Internet of Things (IoT) Market Overview
The Internet of Things (IoT) is a system of interrelated computing devices, mechanical and digital machines, and objects that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data over a network without requiring human-to-human or human-to-computer interaction.
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Major GCC Internet of Things (IoT) Market Drivers
Growing digitization of industries, proliferation of smartphones, laptops, smart wearable electronics, rise in the adoption of Software as a Service (SaaS), and the growing need for wireless networking technologies, are some of the prominent factors expected to drive the growth of the GCC IoT market size. In addition, the growing adoption of digital technologies, including Machine Learning (ML), Artificial Intelligence (AI), cloud computing, big data, Wi-Fi, Bluetooth, ZigBee, Z-Wave, and robotics among business enterprises is further propelling the growth of the market during the forecast period.
Moreover, rising adopting M2M technology for increasing production, resource optimization, operating costs and energy efficiency among industries including manufacturing, telecommunication, energy, and others is anticipated to contribute to the growth of the market during the forecast period. Furthermore, increasing development of smart cities and smart homes in the region is further augmenting the demand for IoT devices. Various constructional projects including the NEOM city, Orchid Villas Project, Al Faisaliah City, New Jeddah Downtown, Al Noor City, Government Housing Plans, Oman’s Duqm Port, and Kuwait’s Silk City, Gasoline and Aromatics Project (GAP), InterContinental Hotel Project, and DoubleTree Hilton Hotel Project is expected to contribute to the demand of connected devices over the forecast period, which thereby contribute to the growth of the IoT market in GCC.
Restraint in the GCC IoT Market
However, high initial operational cost, lack of standardization in connectivity protocols, and the lack of skilled security professionals are some of the factors expected to restrain the growth of the GCC IoT market share over the forecast period. Moreover, the high cost of network and application security solution and services may hamper the adoption of IoT solutions among small and medium sized enterprises in GCC.
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Saudi Arabia is projected to hold a significant share in the GCC IoT market. This can be attributed to the increasing technological integration, rising incidences of cyber-attacks, and adoption of cloud computing environment in businesses. According to the Saudi Arabian Business Council, the cloud security spending is expected to grow by a CAGR of 55.2 percent by 2023 in the private sector, which is further expected to propel the market growth. Moreover, the cybersecurity market in Saudi Arabia is expected to grow at a CAGR of 16.6% through 2023 from 2019. These factors are expected to contribute to the growth of the IoT solution and services market in Saudi Arabia.
According to the Saudi Arabian Business Council, 43% of data breaches target SMEs in Saudi Arabia. Growing number of small and medium-sized enterprises (SMEs), their rising investments in IoT devices and IT security is further escalating the demand for the market. In addition, the rising decentralization of the energy system and increasing adoption of connected devices in oil, gas, and power sectors, is further expected to contribute to the growth and development of IoT market in the energy sector.
The increasing implementing hardware and software mechanisms for preventing the network, infrastructure, organizational assets from unauthorized access; improved productivity via better inventory tracking, enhanced production rates with minimized downtime in industries including mining and extraction, healthcare, transportation and logistics, housing and construction is expected to propel the growth of IoT solutions GCC. Furthermore, increasing adoption of smart home devices and rising awareness about digital home safety and security solution and services including smart surveillance cameras, smart alarm system, and others among the individuals is one of the significant factors responsible for the IoT market growth.
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Key Developments:
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- In 2019, Du, the Emirates Integrated Telecommunications Company (EITC), partnered with Wipro Limited one of the leading global information technology, consulting and business process services company, for enabling the purpose-built IoT Identity and Access Management platform for the United Arab Emirates.
The GCC IoT market has been segmented on the basis of category and end-use. Based on category, the market is segmented into device hardware, systems integration, software solutions and network connectivity. Based on end-use, the market is segmented into manufacturing, automotive, agriculture, retail, healthcare, transportation and logistics and others.
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Report Coverage |
Details |
Market Revenues (2022) |
USD Million |
Market Base Year |
2022 |
Market Forecast Period |
2023-2030 |
Base Year & Forecast Units |
Revenues (USD Million) |
Market Segment | By Category and By End-Use |
Regional Coverage | GCC |
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Market Segmentation
GCC IoT Market by Category
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- Device Hardware
- Systems Integration
- Software Solutions
- Network Connectivity
GCC IoT Market by End-Use
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- Manufacturing
- Automotive
- Agriculture
- Retail
- Healthcare
- Transportation and Logistics
- Others
- Published Date: Jun-2023
- Report Format: Excel/PPT
- Report Code: UP2313-001001
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The report is used by the purchaser (One Individual) only
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Report is shared with unlimited user (employees) of the purchasing corporation only
GCC Internet of Things (IoT) Market Opportunities & Forecast, 2023-2030
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