Internet of Things - Africa

  • Africa
  • The IoT market in Africa is set to experience significant growth in the coming years.
  • By 2024, revenue in this market is projected to reach a staggering US$25.76bn.
  • Among the various segments within the IoT market, the automotive IoT sector is expected to dominate with a projected market volume of US$9.17bn in 2024.
  • This indicates the increasing integration of IoT technology within the automotive industry.
  • Looking ahead, the revenue in the IoT market is expected to maintain a steady growth rate.
  • With an annual growth rate (CAGR 2024-2028) of 16.28%, the market volume is estimated to reach US$47.09bn by 2028.
  • This demonstrates the sustained demand and adoption of IoT solutions across various industries in Africa.
  • When comparing the global IoT market, it is evident that in China will generate the highest revenue.
  • In 2024 alone, in China is projected to generate US$576.80bn in revenue.
  • This highlights the country's strong position in the IoT market and its significant contribution to the global industry.
  • As the IoT market continues to expand and evolve, in Africa holds immense potential for growth and innovation.
  • With its unique challenges and opportunities, the continent is poised to play a vital role in shaping the future of the IoT industry.
  • In Africa, the Internet of Things market is rapidly growing, with a strong focus on agriculture and smart farming solutions.

Key regions: United States, Australia, Canada, China, India

Region comparison

Analyst Opinion

The Internet of Things is one of the technologies driving Industry 4.0 and it’s not a surprise that the market is seeing a CAGR of over 16% over a 10-year-period (2018-2028). Even as the global semiconductor shortage has slowed down the market supply and growth from the pre-pandemic levels, the demand for smart solutions ranging from industrial to security use cases is still on the rise. With revenues of more than US$141 billion in 2022, the U.S. is the market leader, followed by China, which is the leading manufacturer of IoT devices.

The Internet of Things market growth coincides with the development of other important technologies, such as 5G and cloud computing. The deployment of 5G communication standards paves the way for a faster and smoother connection among smart devices.

Moreover, cybersecurity remains a big challenge, which can have significant effects both on personal and professional levels. As more data is collected and transmitted from one device to another and stored in the cloud, the challenge of securing the data and assuring privacy is more present than ever.


Data coverage

The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.

Modeling approach/ Market size:

The market size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.


In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.


  • Revenue
  • Investment
  • Volume
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  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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