Russia Internet of Things (IoT) Market Is Expected To Expand At A CAGR of 19.62% Till 2023
There are currently over 10 Russian startups developing technologies for IoT data exchange. Moreover, technology startups in Russia are one of the major trends which are raising the popularity of connected devices. The Russia IOT market is expected to expand at a CAGR of 19.62% during the forecast period of 2016-2023. Further, the Russia Internet of Things (IoT) market is expected to reach USD 74.0 Billion by 2023. The market growth is anticipated to be driven by the advancement in communication technology and rise in digitalization of businesses and systems in Russia.
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Further, the large scale adoption of smartphones and increasing number of smartphone users in the country is expected to expand the market growth. Moreover, the private and government corporate agencies are adopting innovative digital technologies which are expected to increase the demand of the Russia Internet of Things (IoT) market. The growth of the market is primarily driven by the rise in the adoption of smart devices and gadgets. The digitalization of businesses and systems in Russia further encouraging the population to adopt smart devices and gadgets to remain connected. These factors are expected to propel the growth of internet of things (IoT) market. Further, growth in IT sector is expected to spur the demand for internet of things (IoT) devices and software.
Advancement in communication technology and advanced connectivity services are expected to propel the demand for internet of things (IoT) devices. The low cost data services are encouraging people to adopt advanced communication services. The Russian telecom market is the largest in Europe, supported by a population of about 147 million. Telco's continue to deploy and modernize fixed-line network infrastructure to offer improved broadband services as well as a range of IP-delivered content.
Additionally, the government is investing billions of dollars in a 200,000 km telecom network which will provide a 10Mb/s broadband service to thousands of undeveloped villages. These advancements and government policies further boost the demand for IoT device and software.
Positive growth in manufacturing industry in Russia on the back of expansion of business along with government support is expected to fuel the demand for internet of things (IoT) in order to operate efficiently. Moreover, the support from Russian Government such as innovations support, subsidies, health and safety policy and others further provide ease to the manufacturing companies to adopt advanced technology and shift towards industrial automation. These factors are likely to propel the growth of Internet of Things (IoT) market in the country.
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However, the market growth is hindered by the lack of regulations for the manufacturing of IoT components such as sensors and others. Absence of stringent regulations for the manufacturing of IoT devices further increases the share of low quality products. Further, the privacy concerns among the population are rising due to increasing cybercrimes and hacking incidents. These factors are hindering the growth of IoT industry.
Additionally, high cost of internet of things (IoT) devices and cost associated with the maintenance of IoT ecosystem are the two major risk factors for the Russia internet of things (IoT) market. Cost associated with the manufacturing of connectivity devices is the major reason behind the expensiveness of these products.
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