iCrowd Newswire – Jul 15, 2020
South Africa Internet of Things (IoT) Market size was valued $2,079.63 million in 2019, estimated to grow at a CAGR of 20.96% during 2020-2025. The digital transformation in the manufacturing industry leading to the implementation of smart manufacturing are further fueling the South Africa IoT market industry. The rising use of software such as digital twin technology, smart home assistance software and so on are also enhancing the market growth. Furthermore, the rise of COVID-19 pandemic has enabled the vendors to provide technology-enabled solutions in the healthcare industry. This key factors are enhancing the growth of the South Africa IoT market during the forecast period 2020-2025.
Component- Segment Analysis
Software segment held the largest market share in the South Africa IoT market in 2019. The increasing use of software-as-a-solution has highly fueled the growth of the market. With the introduction of several software such as digital twin technology has further enhanced the IoT demand in several industries including power generation. Moreover, the adoption of connected vehicles in the automotive sector has also further enhanced the need for the IoT software component. Additionally, the IoT software has penetrated the adoption of advanced driver assistance systems (ADAS) in the vehicles which has provided with advanced driving features including eye graze tracking, gesture control and others. This key factors has further boostedthe South Africa IoT market.
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Application – Segment Analysis
Manufacturing segment held the largest market share in the South Africa IoT market in 2019, and is growing at a CAGR of 21.34% during 2020-2025. The digital transformation in the manufacturing industry and the rise of smart manufacturing is significantly driving the IoT market. The rise of most Industrial Internet of Things (IIoT) projects has raised the investments in the manufacturing industry which is accelerating the growth of the market. Moreover, the adoption of IoT in manufacturing has offers several benefits to the manufacturers such as efficiency, automation, customer-centricity, competitive benefits and so on. IoT also offers the advantages of using data across the manufacturing value chain and to tap into new revenue sources, thus enhancing the manufacturing industry.
Drivers – South Africa IoT Market
Rise of Artificial Intelligence and Big Data
With the humongous amount of data available today, it is important to analyze it in order to provide meaningful insights. The concept behind the use of these technologies is to extract and process required data from the ample amount of data which helps organizations in enhanced decision-making. In addition, the data provided by advanced AI and Big Data techniques are implemented which accesses the data in real-time. The assessment of data in the real-time improves the efficiency in the business processes, and offers enhanced decisive power to strategize a plan of action. Thus, the growing prominence of AI and Big data is further fueling the use of IoT which is leading surge the growth of the market
Rapid rise in the use of Smart Home Devices
The increasing customer preferences towards the smart home devices are also significantly driving the South Africa IoT market. Smart home automation is amongst the biggest trends which is fuelling the adoption of IoT. The growing investment by tech companies such as Apple, Google and Samsung for home automation has led to more improved technology that can be used indoors. Moreover, the smart home devices will become more innovative and offer enhanced assistance to the users which will dominate the IoT market.
Challenges – South Africa IoT Market
Security issues challenging the implementation of IoT
The usage of IoT devices is rising globally, but these devices lack in handling of device-related security risks. Most of the IoT devices which are used nowadays are not able to procure the required amount of updates which usually affects the security of the device. Majority of the IoT device providers also lack in offering sufficient testing to the device that leads to the occurrence of attacks affecting the customer’s data. In addition, many organizations are still lagging behind in providing efficient IT staff for handling latest IoT security updates. These significant challenges are hindering the implementation of the IoT.
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Technology launches, acquisitions and R&D activities are key strategies adopted by players in the South Africa IoT market. In 2019, the South Africa IoT major players such as – Google Inc., Hewlett Packard Enterprise, General Electric, Intel Corp., Cisco Systems Inc., Microsoft Corporation, Oracle Corporation, International Business Machine (IBM), and SAP SE.
In October 2019, Microsoft Corporation announced new capabilities for offering highly secured IoT solutions. These solutions helps customers and embraces the IoT technology which improves business processes, improves safety and also addresses social issues. This also includes the prevention of equipment failure, optimization of smart buildings improving patient outcomes and so on.
In April 2020, the World Wide Web Consortium (W3C) announced the launch of Web of Things (WoT) Architecture and Web of Things (WoT) Thing Description (TD). These new web technologies will enable easy integration across IoT platform and applications. These web of things are applied in various IoT domains such as mart Home, Industrial, Smart City, Retail, and Health applications for simplifying the development of IoT Systems.
In 2019, the South Africa IoT Market was dominated by the manufacturing industry owing to the increasing adoption of digital transformation leading to the introduction of smart manufacturing.
The increasing implementation of digital twin technology in power generation, and rising need for connected vehicles are also fueling the demand for IoT software solutions.
The rapid rise of smart home devices and home automation in the recent times has typically enforced the implementation of South Africa IoT Market.
The rising risk of security due to the rising number of connected devices leading to the rise of attacks are further hindering the adoption of South Africa IoT Market.
Related Report :
A. Internet of Things Artificial Intelligence (IoT AI) Market
B. Human Internet of Things (HIoT) Market
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