Internet of Things - Southeast Asia

  • Southeast Asia
  • The IoT market in Southeast Asia is expected to witness significant growth in the coming years.
  • According to projections, the revenue in this market is estimated to reach a staggering US$22.85bn by 2024.
  • Among the various segments within the IoT market, Automotive IoT is set to dominate with a projected market volume of US$6.00bn in the same year.
  • Furthermore, the revenue in the IoT market is anticipated to exhibit a steady annual growth rate of 14.78% from 2024 to 2029.
  • This growth is expected to result in a substantial market volume of US$45.53bn by the end of 2029.
  • In terms of global comparison, it is noteworthy that in the United States is projected to generate the highest revenue in the IoT market.
  • In 2024 alone, the revenue from this market segment in the United States is estimated to reach an impressive US$342.50bn.
  • This highlights the dominant position of the United States in the global IoT market landscape.
  • It is important to acknowledge that the Internet of Things market has emerged as a significant market segment, not only in Southeast Asia but also globally.
  • The integration of IoT technologies across various industries has led to increased efficiency, improved connectivity, and enhanced automation.
  • As the adoption of IoT continues to grow, it is expected to reshape industries and drive economic growth in Southeast Asia and beyond.
  • In Singapore, the Internet of Things market is rapidly expanding, with government initiatives driving innovation and adoption across sectors.

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

 
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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.

Overview

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