Adoption of new technologies, increased demand for real-time data collection through sensors, and analysis through cognitive computing, are aiding industries to drive the growth of Saudi Arabia Internet of Things (IoT) Market through 2027.
According to TechSci Research report, “Saudi Arabia Internet of Things (IoT) Market – By Region, Competition Forecast and Opportunities, 2017-2027”, The Saudi Arabia Internet of Things (IoT) Market was valued at USD2016.86 million in 2021 and is expected to grow at a CAGR of 17.67% during the forecast period owing to the increasing adoption of artificial intelligence and machine learning technology, increased usage of connectivity technologies of different ranges, uplifting sensors and blockchain applications in different end use industries across the country.
Technological advancement across the manufacturing and transport and logistics sectors are further propelling the market. However, concerns related to data security, privacy and encryption, high cost of Internet of Things (IoT) technology are expected to hamper the market growth during the forecast period.
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The Saudi Arabia Internet of Things (IoT) market can be segmented based on Component, Connectivity, End Use, By Region, By Top 5 cities. Based on Component, the market can be segmented into Software, Hardware and Service. The software segment held a major share of 40.67% in 2021 and is expected to grow in the forecast period as well. The Software Component is further segmented into Real Time Streaming Analytics Security and Data Management, Remote Monitoring, Network Bandwidth Management, Others. The real time streaming analysis holds the largest of 26.74% in 2021 owing to increased use of smart CCTV supervision throughout the country specially in the Makkah and Madinah region. The hardware component is further segmented into Device, Gateways. The hardware segment held the largest share of 34.03% in 2021. The service segment is further segmented into Professional, and Managed. The managed services are expected to grow with a CAGR of 21.83% in the forecast period. Based on connectivity, the market is segmented into Low Power Area Network (LPWAN), Radio Frequency Identification (RFID), Near Field Communication (NFC), Zigbee, Others. The LPWAN held the largest share of 31.61% in 2021 as the technology addresses low-cost Internet of Things (IoT) applications that are often less expensive and characterized by unusual data transfer volumes, large number of devices, frequently spread over wide areas, and the need for devices to run automatically for many years. Based on the End Use, the market is segmented into Oil and Gas, Manufacturing, Automotive & Transportation, Healthcare, Retail and E-Commerce, Infrastructure Management, Others. Oil and Gas segment held the largest in the 2021 as the country’s major GDP accounts to this segment and so the use of Internet of Things (IoT) is also very large.
Key players in the Saudi Arabia Internet of Things (IoT) Market include:
- Siemens Limited
- Amazon.com, Inc.
- Saudi Business Machines Ltd
- Intel Corporation
- Cisco Saudi Arabia Limited
- Oracle Systems Limited
- Hewlett Packard Enterprise Development LP
- Microsoft Arabia
- Honeywell Turki Arabia LTD.
- Telefonaktiebolaget LM Ericsson
- General Electric
- LTC Connecting Things
- Alfabet Saudi Arabia LLC
- Robert Bosch Saudi Arabia Company Ltd.
Siemens AG is headquartered in Munich. Germany and operates on a global scale. Siemens AG is a technology company focused on industry, infrastructure, transportation, and health care. From resource-efficient factories, supply chains, and smart buildings and grids, to clean and comfortable transportation and improved health care. Recently Siemens AG has developed a distributed behavior testing application that brings direct interaction between Internet of Things (IoT) devices and cloud services.
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“The internet of things (Internet of Things (IoT)) is a computing concept that represents the concept of ubiquitous physical objects connecting to the internet and distinguishing themselves from other devices. The Internet of Things (Internet of Things (IoT)) is an important technology that will only improve with time. Internet of Things (IoT) is being used in industries for a variety of reasons, including increasing efficiency by saving money and resources and its ability to track and monitor things. It lightens the workload with automation, and more data means more accurate decisions, a better quality of life, and so on. There are changes in the Internet of Things (IoT) environment, with new trends emerging that may facilitate competition because adopting these new technologies allows for increased productivity and profits. Internet of Things (IoT) strongly influences digital transformation in Saudi Arabia and has become a key factor in business operations, processes, costs, and profitability. Saudi public and private organizations are embracing Internet of Things (IoT) and other new technologies to meet the digital goals of Saudi Vision 2030 and the 2021 national transformation plan. On the other hand, an Internet of Things (IoT) solution’s profitability depends on the solution’s scale and the service’s duration. Concerns about whether a solution is conducive to generating revenue may result in fewer discoveries. Integration with older systems and infrastructure plans is another major obstacle to Internet of Things (IoT) adoption in Saudi Arabia. Asset systems, devices, and infrastructure must be modified or upgraded to integrate seamlessly with clouds, peripheral gates, sensors, and other Internet of Things (IoT)-related devices.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Internet of Things (IoT) Market, By Component (Software (Real Time Streaming Analytics Security, Data Management, Remote Monitoring, Network Bandwidth Management, Others) Hardware (Device, Gateways), Service (Professional, Managed), By Connectivity (Zigbee, Radio Frequency Identification (RFID), Near Field Communication (NFC), Low Power Wide Area Network (LPWAN), Others), By End Use (Oil and Gas, Manufacturing, Automotive & Transportation, Healthcare, Retail and E-Commerce, Infrastructure Management, Others), By Region, By Top 5 Cities, Competition, Opportunity, and Forecast, 2017-2027” has evaluated the future growth potential of the Saudi Arabia Internet of Things (IoT) Market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Saudi Arabia Internet of Things (IoT) Market.
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