Egypt IoT Market to be dominated by the Smart Manufacturing segment through 2026
Rise in the disposable
income and the improvement in the economic conditions is expected to drive the demand
for Egypt IoT market in the forecast period.
According to TechSci Research report, “Egypt
IoT Market By Component (Hardware, Service, Software), By Type (B2B, B2C,
B2G), By Application (Smart Manufacturing, Consumer Electronics, Building &
Home Automation, Smart Mobility & Transportation, Connected Logistics,
Others), By Region, Competition Forecast & Opportunities, 2026”, the
Egypt IoT market is expected to witness significant CAGR for the forecast
period, 2022-2026. IoT or the internet of things technology aids in connecting
various smart devices to ease the operation and data sharing among devices. The
presence of various smart devices such as smartphones, wearables, and other devices by collecting the necessary
information to enhance the consumer experience is expected to fuel the market
growth in the next five years. The high demand for data integration and
analytics facility to make smart decisions for personal and commercial usage is
contributing to the surge in the IoT market growth. The growing use of advanced
technologies such as deep learning, artificial intelligence, data analysis for
efficiently managing and processing the data is expected to boost the market
demand. The use of the internet of things technology in the transportation
industry for real-time vehicle tracking which aids the public transport
agencies to communicate in an improved way is contributing to the Egypt IoT
market growth. The high demand from the healthcare industry to provide quality
treatment to patients by constant monitoring and analysis is expected to create
huge potential for market growth. The increasing sales of the wearables to
monitor the vital health signs at home and take appropriate steps along with
the rise in the awareness of the consumer regarding the benefits of preventive
healthcare is boosting the IoT market growth. The financial institutions are
actively adopting the internet of things technology to maintain the supply of
liquid cash into the ATMs and provide maximum security to the consumers from
the occurrence of fraudulent activities is influencing the demand of the IoT
services.
However, rise in the privacy and data security
concerns may restrain the growth of the IoT market in the forecast period.
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Egypt
IoT Market is segmented into component, type, application, regional
distribution, and company. Based on the application, the market can be divided
into smart manufacturing, consumer electronics, building & home automation,
smart mobility & transportation, connected logistics, and others. The smart
manufacturing segment is expected to hold a major market share for the forecast
period, 2022-2026. The growing population and the rise in the per capita income
of the consumers are fueling the demand to produce quality products. Smart
manufacturing is a technology-driven approach that utilizes internet-connected
machinery to monitor the production process and increase the overall production
volume. The adoption of industry 4.0 for efficient management of the
development and production process and manage the logistics chain which is
expected to reduce the occurrence of accidents and other operational and labor
costs is expected to accelerate the IoT market growth.
SaM
Solutions, BrancoSoft Private Limited, MobiDev, E-Vision, Nilecode, SmartTech,
Kenrys, Giza Systems, TrianglZ, Fujitsu Global are the leading players
operating in Egypt IoT market. Service providers are increasingly focusing on research
and development process to fuel higher growth in the market. To meet evolving
customer demand with respect to better efficiency and durability, several IoT service
providers are coming up with their technologically advanced offerings.
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“Market
players are making high-end investments for the development and adoption of
wireless technologies such as Wi-Fi, Bluetooth, ZigBee, Z-Wave are expected to
reduce the time required in the communication process and provide instant
direct device-to-device communication. The wireless technology provides the
high-speed network connectivity facility and a surge in the demand for
connected devices by the consumers is expected to influence the IoT market
growth. Additionally, the development of the smart city in Egypt which is also
referred to as Hope city is expected to be equipped with advanced technologies
and sensors that require the integration of internet of things technology for
instant communication is expected to create lucrative opportunities for the IoT
market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Egypt IoT Market By
Component (Hardware, Service, Software), By Type (B2B, B2C, B2G), By
Application (Smart Manufacturing, Consumer Electronics, Building & Home
Automation, Smart Mobility & Transportation, Connected Logistics, Others),
By Region, Competition Forecast & Opportunities, 2026” has
evaluated the future growth potential of Egypt IoT market and provided
statistics & information on market size, shares, 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 of Egypt IoT market.
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