Internet of Things

Malta

The IoT market is anticipated to witness a significant boost in revenue, with projections indicating that by 2024 it will reach a staggering US$175.60m.
This thriving market segment, which encompasses the integration of various devices and technologies, is set to transform industries and economies worldwide.
Within the IoT landscape, the automotive sector stands out as a dominant force, expected to command a substantial market volume of US$62.55m by 2024.
This surge in automotive IoT reflects the increasing adoption of connected technologies in vehicles, revolutionizing transportation and enhancing safety and efficiency.
Furthermore, it is worth noting that the IoT market is poised for continuous growth, with a projected annual growth rate (CAGR 2024-2028) of 12.64%.
This impressive figure suggests that by 2028, the market volume is estimated to reach a remarkable US$282.70m.
This growth can be attributed to the ongoing advancements in IoT technologies and the ever-expanding range of applications across various sectors.
In terms of geographical distribution, in China is set to generate the highest revenue in the IoT market.
In 2024 alone, it is projected to contribute a substantial sum of US$576.80bn.
This highlights the strong presence and investment in IoT initiatives within China, positioning it as a global leader in this transformative market.
In light of these figures, it is evident that the IoT market presents immense opportunities for countries worldwide, including in Malta.
As the country embraces the potential of IoT technologies, it can tap into this lucrative market segment, driving economic growth and innovation.
By leveraging IoT solutions in various sectors such as manufacturing, healthcare, and smart cities, in Malta can position itself as a key player in the global IoT landscape.
Malta is emerging as a leading hub for IoT innovation, attracting startups and established companies alike.

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

Definition:

The term Internet of Things (IoT) describes a network of physical and virtual devices that are able to communicate autonomously with each other using the Internet Protocol (IP). The physical devices are embedded with sensors, software and connectivity capabilities that enable them to collect and exchange data over the internet. Its scope encompasses a wide range of use cases from household objects to more complex industrial applications.

Structure:

The IoT market consists of 7 different segments. Consumer IoT includes connected devices used by end users for personal purposes such as smart security cameras or smart home hubs. Smart Finance covers IoT applications used in financial sectors such as insurance telematics/usage-based insurance, real estate, ATMs. IoT in Healthcare covers all IoT applications in a healthcare setting such as the ones used for patient care, remote patient monitoring and surgeries. The Industrial IoT covers IoT applications in Industrial settings such as the factory & agriculture automation, supply chain optimization and predictive maintenance. Automotive IoT covers IoT use cases in mobility and transportation settings, such as the V2X connections, advanced driver assistance systems (ADAS) & telematics solutions. Other IoT covers use cases such as the ones used in professional sports such as player or equipment tracking.

Additional information:

The Internet of Things market compromises of revenue, revenue growth, IoT Investment, and a list of top companies and their consolidated revenues. The market consists of pure IoT revenues generated through the sale of hardware (such as sensors, chips, and other hardware), platforms (IoT platforms, security software and other software), connectivity (cellular, LoRa, SigFox and other connectivity) and services (integration &maintenance of equipment & systems). As an example, the pure IoT revenue for a smart security camera is only the component that makes the camera "smart" and connected, not the full product price. Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

The market is fragmented, but the key players in the market include Cisco (Cisco IoT platforms and software), Qualcomm, Dell EMC, and IBM.

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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.

Methodology

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.

Forecasts:

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.