Internet of Things - Oman

Oman

The Internet of Things market (IoT) market is expected to experience significant growth in the coming years.
By 2024, it is projected that the revenue in this market will reach a staggering US$579.30m.
This growth can be attributed to various factors, including the increasing adoption of IoT technology across industries.
Among the different sectors in the IoT market, the automotive industry is expected to dominate.
It is estimated that by 2024, the automotive IoT sector will have a market volume of US$152.40m.
This indicates the strong demand for IoT solutions in the automotive sector, which includes connected cars, smart transportation systems, and vehicle monitoring.
Looking ahead, the IoT market is anticipated to maintain a steady growth rate.
The compound annual growth rate (CAGR) between 2024 and 2029 is expected to be around 8.53%.
This means that the revenue in the IoT market will continue to increase, reaching a market volume of US$872.20m by 2029.
This growth can be attributed to advancements in IoT technology, as well as the expanding applications of IoT across various industries.
When considering the global landscape of the IoT market, it is worth noting that in the United States is expected to generate the highest revenue.
In 2024 alone, it is projected that in the United States will generate approximately US$342.50bn in revenue.
This highlights the strong presence and adoption of IoT technology in the United States, which contributes significantly to the overall market revenue.
In conclusion, the IoT market is poised for substantial growth in the coming years, with revenue projected to reach billions of dollars.
The automotive sector is expected to lead the way, and in the United States will continue to be a key player in this market.
in Oman, as a country, will undoubtedly be impacted by this global trend in IoT adoption and can benefit from exploring opportunities in this market segment.
Oman's Internet of Things market is rapidly expanding, with a focus on smart city initiatives and the integration of IoT in the oil and gas sector.

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.