Internet of things set to double in the Middle East and Africa by 2023

The IoT market is forecasted to reach over $20 billion by 2023

Internet of Things

Internet of Things set to double in the Middle East and Africa by 2023. Source:

According to GlobalData, Internet of things (IoT) is gaining momentum in Africa and the Middle East (AME) region. Despite IoT still being in the early stages of uptake, stakeholders are exploring and identifying key areas of growth.

The research says that the AME will be the second-fastest-growing region for IoT revenue after the Asia-Pacific. The utilities, government and manufacturing verticals will be driving the revenue, having accounted for more than 50% of the total IoT opportunity in the region 2 years ago.

IoT expenditure in the region reflects the Gulf Cooperation Council’s (GCC’s) primary investment areas. With some of the most high-profile smart city programs, government and transportation, spend is high. There is a commonality across leading vertical industries such as government, utilities, and manufacturing in many regions. These verticals account for significant spend, which is expected to continue throughout the forecast period
Houda Bostanji, EMEA Telecoms Director at GlobalData

Telecom operators aim to find ways to increase their role within the IoT ecosystem. They also try capturing a larger proportion of the revenue potential associated with IoT deployments.


Pay Space

6798 Posts 0 Comments

Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.