Australia’s $8 billion IoT market

By Stuart Corner

US based TechSci Research has published an assessment of the Australian IoT market, broken down by platform, component, application and competition and with an assessment of the outlook and opportunities to 2024.

TechSci Research says the Australian IoT market was worth $7.9b in 2018 and it projects the market to grow at a CAGR of 21 percent to reach $25b by 2024, driven by rising demand for smart devices, growing government initiatives, increasing demand for analytics, surging cloud platform adoption and growth of wireless networking technologies.

The report segments the market into platforms, components, applications and regions. “In terms of platform, the market can be categorised into device management, application management and network management,” TechSci Research says.

“Of all, device management is expected to grow at the highest CAGR during the forecast period, on account of increasing emphasis on improving the operational efficiency and managing connected devices.”

It expects smart mobility and transportation to experience the fastest growth “due to the high demand for making the transportation efficient and cost-effective, by using communications and digital technologies.”

The 70 page report can be ordered from TechSci Research for $US3450 [$A4,800].

Stuart Corner is editor of IoT Australia which tracks the internet of things for the Australian IoT community.

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