GCC IoT Market - Growing Popularity and Emerging Trends in the Market 2028

 Infinium Global Research's recent report on the GCC IoT Market (By Component (Hardware, Software/Platform, Connectivity, and Services); By End User (Transportation, Healthcare, Retail, Energy and Utilities, Residential, Government, Insurance, and Other)): Industry Analysis, Trends, Size, Share and Forecasts up to 2028 provides a comprehensive outline of the features responsible for the growth of the market. The GCC IoT Market was valued at about USD 10 Billion in 2022 and is expected to reach nearly USD 25 Billion in 2028, with a CAGR of over 17% during the forecast period.

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IoT is a network of internet-connected objects. These objects collect and exchange data using sensors embedded within them. IoT has combined hardware and software with the internet to create a more technically driven environment. The Internet of Things technology helps in connecting various smart devices together to ease the operation and sharing of data amongst themselves. There are various smart devices, such as sensors, smartphones, and wearables, which collect necessary data from the devices which are further utilized to enhance customers experience. The increasing need for data analysis and integration of analytics is expected to propel the utilization of the Internet of Things market over the forecast period.

The Retail Segment Holds the Highest Market Share in the IoT Market

Based on End Users, the IoT Market is segmented into transportation, Healthcare, Retail, Energy and Utilities, Residential, Government, Insurance, and Others. Among these, the retail segment holds the highest market share in the IoT Market. The retail industry is witnessing substantial growth in the last few years, especially with the enormous expansion of the e-commerce industry, across the region. Therefore, retailers are not only utilizing IoT solutions to increase their operational efficiency but also augment the customer experience to gain competitive advantages. Consequently, the reduced cost of IoT-based sensors and connectivity, customer demand for a better shopping experience, and the growing adoption of smart payment solutions are some of the major factors pouring into the adoption of IoT solutions in the studied segment.

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UAE is the Largest Region in the IoT Market

Geographically, UAE generated the largest revenue in the IoT market and is expected to continue its dominance. Furthermore, technological advancement, increasing penetration of cloud-platform along with growing demand for machine intelligence, and surging adoption of various wearable technology applications are accelerating the IoT market growth in UAE. Moreover, the factors responsible for driving the growth of the Internet of Things market in Saudi Arabia include the increased focus of the government to build metropolitan areas, especially in the cities of Riyadh, Jeddah, Mecca, and Medina, and the rise in the number of projects such as NEOM, Saudi Vision 2030, Qiddiyah entertainment city and growing LPWAN and 5G deployments to control traffic in the holy cities of Mecca and Medina are leading to an increase in demand for the IoT in the market during the forecast period.

Companies Operating in IoT Market are Focusing on Product Launches and Expansion Strategies

The IoT Market is partially consolidated due to the presence of a few key players like AT&T, Inc., ZTE Corporation, Intel Corporation, IBM Corporation, Huawei Technologies Co., Ltd., Oracle Corporation, Google LLC, GSM Association, and Emirates Integrated Telecommunications. These market players are focusing on product launches and expansion strategies. For instance, in August 2021, according to TechSci research, The Internet of Things (IoT) market of Saudi Arabia has made promising growth in the historical years until 2019 and is projected to continue its performance in the next five years, driven by the increasing urbanization and industrialization in Saudi Arabia.

For instance, in November 2022, Customers can select from OPPO's brand-new line-up of IoT products, including the OPPO Pad Air, OPPO Enco Buds2, and OPPO Band 2, to support their interests, whether they're music fanatics, gym bunny, book worm, or all three. This technology brand strives to ensure ease and convenience in customers' daily lives. For instance, in September 2022, The Guangzhou-based firm teamed up with the Saudi Company for Artificial Intelligence (SCAI) to conduct test rides of its self-driving Robobus at the 2022 Global Artificial Intelligence Summit in the Saudi capital, Riyadh. WeRide inaugurated its Robobus earlier this year on International Bio Island in its home city, a location that is home to hundreds of tech businesses. WeRide has become one of China's top autonomous tech startups over the past few years.

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Reasons to Buy this Report:

=> Comprehensive analysis of regional markets of the GCC iot.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and market size forecast up to 2028.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company. 

 => Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.