South Africa IoT Market to Garner US$ 31,558.9 by 2028 | 36.0% CAGR - Impact of COVID19 Pandemic and Regional Analysis by Business Market Insights

According to our latest market study on "South Africa IoT Market" Forecast to 2028 - COVID-19 Impact and Country Analysis - by Offering, and End-User," the South Africa IoT market size is expected to grow from US$ 4,977.8 million in 2022 to US$ 31,558.9 million by 2028; the South Africa IoT market size is expected to grow at a CAGR of 36.0% from 2022 to 2028.

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The Internet of Things (IoT) is transforming every corner of life, including city streets, homes, offices, etc. IoT products give greater control over door locks, lights, and appliances; offer insights into resource consumption habits; streamline business processes; and aid a better connection between people, systems, and environments that shape daily lives. The IoT is mostly the extension of internet connectivity to physical objects and devices. IoT devices can interact and communicate with each other over the internet or directly via a wireless protocol, and they can be remotely monitored and controlled. These devices typically include products that enable smart homes, e.g., lighting fixtures, thermostats, home appliances, cameras, and home security systems. Moreover, the new class of products can be controlled using other cloud-connected devices or a smartphone. The IoT helps connect various smart devices to ease data sharing and other operations. Different smart devices, such as sensors, smartphones, and wearables, collect necessary data from various IoT devices, which are further utilized to enhance customers' experience.

Leading South Africa IoT Market Players: Bosch Software Innovations GMBH, CISCO Systems, Inc, Google Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAS Institute Inc, SAP SE, Qualcomm Technologies, Inc., Axiz, Communica, Syntech, VMware, First Distribution, Pinnacle, Mustek, Corex (Pty) Ltd, Rectron, Drive Control Corporation, Frontosa

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South Africa is among the most advanced countries in the African region. Ongoing digitization in the territory of South Africa is triggering technological developments in the communications, automotive, and manufacturing industries. IoT presents a huge opportunity for the progress of these businesses. Being a developing economy, several emerging companies in South Africa are venturing into the market with the need for cost-efficient manufacturing units. Infrastructure, healthcare, and automotive are the major sectors in the country. The integration of IoT and other advanced technologies in these sectors is projected to grow with the rising demand for streamlining the respective businesses. The rapid pace of urbanization and digitalization, construction of smart cities, and increasing adoption of smartphones and other consumer electronic devices are among the major factors driving the need for 5G technology in the IoT market which will lead to South Africa IoT market growth during the forecast period.

The Internet of Things (IoT) enables the use of data to support smart decision-making, which can simplify everyday lives. According to the IoT Industry Council of South Africa, IoT is anticipated to reach an installed base of 21.5 billion active, connected devices by 2025, despite some false starts and a difficult global economic environment. Consumer electronics, smart cities, smart homes, intelligent industrial applications, and automation quickly adopt IoT. Developing the Industrial Internet of Things (IIoT) would help diversify South Africa's economy by expanding its manufacturing sector and capitalizing on a strong IT sector. Moreover, South Africa has also seen investments in the magnification of the scope of IoT.

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South Africa IoT market analysis by offering, the South Africa IoT market is segmented into hardware, software, and service. In 2021, the service segment accounted for the largest South Africa IoT market share. The South Africa IoT market for the hardware segment is sub-segmented into processors, sensors, connectivity modules, memory devices, and others. In 2021, the connectivity modules segment dominated the South Africa IoT market in 2021. South Africa IoT market analysis by end-user, the South Africa IoT market is segmented into manufacturing, energy and utilities, BFSI, IT and telecom, automotive and transportation, retail, residential, commercial, and others. In 2021, the others segment led the market with the largest South Africa IoT market share.

Reason to Buy
• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the regional South Africa IoT Market
• Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
• The key findings and recommendations highlight crucial progressive industry trends in the South Africa IoT Market, thereby allowing players to develop effective long term strategies in order to garner their market revenue.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth regional market trends and outlook coupled with the factors driving the market, as well as those restraining the growth at a certain extent.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

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