Egypt Internet of Things Market to Reach USD1381.56 Million By 2026
The increasing
importance of capturing real-time data, decreasing costs of
connectivity, sensors and increasing smartphone penetration is driving focus on growth of the Egypt IoT
Market through 2026.
According to TechSci Research report, “Egypt IoT
Market By Component (Software, Hardware & Service), By Type (B2B, B2G,
B2C), By Connectivity (LPWAN, Radio frequency Identification (RFID), Near Field
Communication, Zigbee, Others), By End Use (Manufacturing, IT & Telecom, Automotive
&Transportation, Consumer Electronics, Healthcare, Environmental Monitoring,
& Others), By Region, Competition, Forecast & Opportunities, 2026”, the
Egypt IoT market was valued at USD471.11 million in 2020 and is expected to
grow at a CAGR of 19.32% during the forecast period owing to the increasing
importance of capturing real-time data, decreasing costs of connectivity,
sensors and increasing smartphone penetration. Moreover, the technological advancement across all
sectors has led to increase in the application of IoT. It also allows companies
to automate conditions and reduce labor costs. It reduces waste and improves
service delivery, reduces the cost of producing and delivering goods, and
provides customer insights and purchasing as well as purchasing pattern. The
Egypt IoT market is also driven by government initiatives like the Egyptian
authority ITIDA5, which is responsible for ICT sector’s development and
investment in Egypt have founded “The IoT Egypt Forum” which helps in boosting
high interest in the developing of IoT solutions and attracting foreign
investments. However, concerns
related to the skilled workforce, availability of proper infrastructure and
resources are expected to hamper the market growth during the forecast period.
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The
Egypt IoT market can be segmented based on component, type, connectivity,
end
use, and region. Based on component, the market can be segmented into software,
hardware and service. The software segment held 45.98% share in 2020 and is expected
to grow at a CAGR of 18.69% in the future. The software segment is growing on
the accounts of increasing number of application software providing real time
data analytics which helps organizations by reducing ambiguity to a greater extent
and minimize the risk of late decision making through monitoring the real time
data. In terms of type, the market can be bifurcated into B2B, B2G, B2C. In
2020, the B2C segment is estimated to grow at a rapid pace with a CAGR of 19.57%
in the forecast period primarily because of the rapid adoption of IoT services
by the customers and increasing smart phones and high-end smart home automation
devices, connected devices like smart TV, streaming devices, and health
tracking devices. Based on connectivity, the market is segmented into LPWAN, radio
frequency identification (RFID), near field communication, Zigbee and others
including cellular, Wifi, Bluetooth, etc. RFID is expected to grow with the highest
CAGR of 21.16% due to increase in transportation and retail sector also automated
inventory and asset-tracking in healthcare, manufacturing, and other business sectors.
Based on end use industry, the market can be segmented automotive & transportation,
manufacturing, IT & telecom, environmental monitoring, healthcare, consumer
electronics & others including energy management, infrastructure management,
security, smart cities, smart building, etc. The manufacturing industry segment
captures the majority of the market with a share of 21.89% in 2020 and is
expected to grow the market in the forecast period as well with a share of 19.63%
in 2026 due to increase in automation, centralized monitoring, and predictive
maintenance in the industry.
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Siemens AG, Amazon.com, Inc., International Business Machines
Corporation, Cisco System INC., Microsoft Corporation, Oracle Systems
Corporation are among the
leading players operating in the Egypt IoT market. Companies operating in the
market are using strategies such as technological advancements through the addition
of new features, mergers, and collaborations to boost their share.
“IoT technology is increasingly being used due to its ability to access
information from anywhere at any point of time on any device which saves time
and reduces cost in each industry. IoT is the most promising and
profitable among the IT sub-sectors. From a broader perspective, IoT can be
seen as a sight for the future as technologies. The rise in Egypt IoT market
with increasing digital penetration and most importantly due to government
initiatives like associations between the market players to enhance the
internet of things market demand by building cloud infrastructure to ensure
easy flow of operations are expected to influence the market growth, Moreover
high-end investments for escalating the capacity and providing technical
training to the workforce.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Egypt Internet of Things (IoT) Market By Component
(Software, Hardware & Service), By Type (B2B, B2G, B2C), By Connectivity (LPWAN,
Radio frequency Identification (RFID), Near Field Communication, Zigbee,
Others), By End Use (Manufacturing, IT & Telecom, Automotive
&Transportation, Consumer Electronics, Healthcare, Environmental Monitoring,
& Others), By Region, Competition, Forecast & Opportunities, 2026” has
evaluated the future growth potential of the Egypt IoT market and provides
statistics and information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Egypt IoT Market.
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