Southeast Asia (SEA) IoT Market Size, Growth, Analysis, Opportunities & Forecast 2021-2028

 


Southeast Asia (SEA) IoT Market

The Southeast Asia IoT market is anticipated to expand at a CAGR of 20-23% during the forecast period (2021-2028). The significant surge in the CAGR is attributed to the advent of fourth industrial revolution, which involves connecting machines in production facility through IoT to mechanize the process and collect data which helps to optimize operations.

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Southeast Asia (SEA) IoT Market Dynamics

The IoT market in the Southeast Asian region is attributed to the intensified initiatives by the government to encourage smart city projects. Government across several nations, such as Thailand, Malaysia, Indonesia, and Singapore are emphasising on investing in smart city projects covering five major domains such as smart building and environment, smart industry, smart mobility, and smart health and smart governance. These smart cities make use of Internet of Thing devices such as lights, meters, and connected sensors to interpret and collect data.

As per the Smart City Index, Singapore ranked the number one smart city across the world for 2 consecutive years (2019 and 2020).  Also, after the outburst of Covid-19, Malaysia intends to have five smart cities by 2025 in embracing digitalisation for the enhancement of the welfare of urban Malaysians with altering quality lifestyle. Similarly the Indonesian government, in 2017, declared “Movement toward 100 Smart Cities” initiative. This initiative is related to the government’s perception of transforming Indonesia into a smart nation. A total of 39 cities of Thailand submitted proposals for estimation and approval to the National Steering Committee on Smart City Development to connect with the scheme.

However, growing concerns towards privacy and data safety are the major market restraints. Data privacy is an issue, especially because IoT devices are used in more private sectors such as healthcare and finance. Singapore, in 2021, experienced spikes in ransomware and botnet attacks.

Category Segment Drivers

Based on category, the systems integration segment is projected to seize the highest share in the overall market during the forecast period. The presence of various system incorporation companies to offer safe connectivity management, embedded design and engineering, data science, cloud and IT architecture, and application development which assists companied develop and scale IoT projects will propel the Southeast Asia IoT market size.

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