The Latin America, Middle East and Africa IoT Technology Market would witness market growth of 13.9% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA IoT Technology Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of$40.00 billion by 2031. The Argentina market is capturing a CAGR of 14.8% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 13.6% during (2024 - 2031).
IoT devices require continuous connectivity to transmit data, receive commands, and interact with other devices or applications. This demand for connectivity drives the need for telecom services, including mobile networks, broadband internet, and communication infrastructure. Likewise, as consumers become more digitally savvy and accustomed to connected technologies, there is a growing demand for IoT-enabled products and services that enhance convenience, efficiency, and quality of life. IoT offerings, from smart home devices and wearables to connected cars and appliances, cater to diverse consumer needs and preferences, driving adoption and market.
IoT technologies are revolutionizing patient care, clinical operations, and medical research. IoT empowers healthcare providers to deliver more efficient, effective, and patient-centric care, from wearable health monitoring devices enabling remote patient monitoring and personalized treatment plans to smart medical devices embedded with sensors for real-time data collection and analysis. Similarly, IoT solutions optimize crop management, livestock monitoring, and precision farming practices in agriculture, helping farmers increase productivity, reduce resource consumption, and mitigate environmental impact. Through the deployment of IoT-enabled sensors, drones, and autonomous machinery, farmers can monitor soil conditions, track weather patterns, and manage irrigation systems with unprecedented precision and efficiency.
Digital transformation initiatives within the startup ecosystem contribute to the growth of an interconnected innovation ecosystem comprising startups, incubators, accelerators, investors, and corporate partners. This ecosystem provides a supportive environment for IoT startups to collaborate, access funding, and scale their operations. Ecosystem development accelerates IoT innovation and market expansion by fostering collaboration and knowledge exchange.
According to International Trade Administration (ITA), in 2022, 60 percent of all unicorns in Latin America reside in Brazil, and in the past ten years, the State of São Paulo alone has invested over $1.22 billion in research and development. Over the medium- and long-term, Brazil's digital economy shows promise for growth. Thus, digital transformation is playing a significant role in increasing the IoT technology market in the LAMEA.
Based on End Use, the market is segmented into Industrial, and Consumer. Based on Component, the market is segmented into Software Solution (Data Management, Real-Time Streaming Analytics, Remote Monitoring, Network Bandwidth Management, and Security Solution), Platform (Device Management, Application Management, and Network Management), and Services (Professional Services, and Managed Services). Based on Node Component, the market is segmented into Processor, Logic Device, Memory Device, Sensor, and Connectivity IC. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The Brazil market dominated the LAMEA IoT Technology Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of$40.00 billion by 2031. The Argentina market is capturing a CAGR of 14.8% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 13.6% during (2024 - 2031).
IoT devices require continuous connectivity to transmit data, receive commands, and interact with other devices or applications. This demand for connectivity drives the need for telecom services, including mobile networks, broadband internet, and communication infrastructure. Likewise, as consumers become more digitally savvy and accustomed to connected technologies, there is a growing demand for IoT-enabled products and services that enhance convenience, efficiency, and quality of life. IoT offerings, from smart home devices and wearables to connected cars and appliances, cater to diverse consumer needs and preferences, driving adoption and market.
IoT technologies are revolutionizing patient care, clinical operations, and medical research. IoT empowers healthcare providers to deliver more efficient, effective, and patient-centric care, from wearable health monitoring devices enabling remote patient monitoring and personalized treatment plans to smart medical devices embedded with sensors for real-time data collection and analysis. Similarly, IoT solutions optimize crop management, livestock monitoring, and precision farming practices in agriculture, helping farmers increase productivity, reduce resource consumption, and mitigate environmental impact. Through the deployment of IoT-enabled sensors, drones, and autonomous machinery, farmers can monitor soil conditions, track weather patterns, and manage irrigation systems with unprecedented precision and efficiency.
Digital transformation initiatives within the startup ecosystem contribute to the growth of an interconnected innovation ecosystem comprising startups, incubators, accelerators, investors, and corporate partners. This ecosystem provides a supportive environment for IoT startups to collaborate, access funding, and scale their operations. Ecosystem development accelerates IoT innovation and market expansion by fostering collaboration and knowledge exchange.
According to International Trade Administration (ITA), in 2022, 60 percent of all unicorns in Latin America reside in Brazil, and in the past ten years, the State of São Paulo alone has invested over $1.22 billion in research and development. Over the medium- and long-term, Brazil's digital economy shows promise for growth. Thus, digital transformation is playing a significant role in increasing the IoT technology market in the LAMEA.
Based on End Use, the market is segmented into Industrial, and Consumer. Based on Component, the market is segmented into Software Solution (Data Management, Real-Time Streaming Analytics, Remote Monitoring, Network Bandwidth Management, and Security Solution), Platform (Device Management, Application Management, and Network Management), and Services (Professional Services, and Managed Services). Based on Node Component, the market is segmented into Processor, Logic Device, Memory Device, Sensor, and Connectivity IC. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
List of Key Companies Profiled
- Intel Corporation
- Qualcomm Incorporated (Qualcomm Technologies, Inc.)
- Texas Instruments, Inc.
- STMicroelectronics N.V.
- Cisco Systems, Inc.
- IBM Corporation
- Microsoft Corporation
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- PTC, Inc.
- TE Connectivity Ltd.
Market Report Segmentation
By End Use- Industrial
- Consumer
- Software Solution
- Data Management
- Real-Time Streaming Analytics
- Remote Monitoring
- Network Bandwidth Management
- Security Solution
- Platform
- Device Management
- Application Management
- Network Management
- Services
- Professional Services
- Managed Services
- Processor
- Logic Device
- Memory Device
- Sensor
- Connectivity IC
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. LAMEA IoT Technology Market by End Use
Chapter 6. LAMEA IoT Technology Market by Component
Chapter 7. LAMEA IoT Technology Market by Node Component
Chapter 8. LAMEA IoT Technology Market by Country
Chapter 9. Company Profiles
Companies Mentioned
- Intel Corporation
- Qualcomm Incorporated (Qualcomm Technologies, Inc.)
- Texas Instruments, Inc.
- STMicroelectronics N.V.
- Cisco Systems, Inc.
- IBM Corporation
- Microsoft Corporation
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- PTC, Inc.
- TE Connectivity Ltd.
Methodology
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