The EMEA IoT Market projected to grow from USD 53.88 billion in 2016 to USD 211.92 billion by 2021, at a CAGR of 31.5% from 2016 to 2021. All industries across the EMEA (Europe, Middle East & Africa) region are undergoing a huge digital transformation to provide affordable, accessible, and quality services to their customers. New applications and use cases, a result of cutting-edge technology innovations, are developed to address the changing industry needs. IoT, in combination with cloud computing and big data, is creating lucrative opportunities for large organizations. The increasing number of connected devices and the proliferation of smartphones have contributed significantly to the rise of IoT. Rising adoption of cloud platforms, development of cheaper and smarter sensors, and evolution of high speed networking technologies are expected to drive the growth of the EMEA IoT Market.
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The EMEA IoT Market has been segmented based on component, application, and region. The component segment is further segmented into platform, software solution, and service. Among these, the platform segment is projected to grow at the highest CAGR during the forecast period. One of the major reasons for growth of the platform segment is the increasing inclination of customers toward highly customized IoT solutions. Based on application, the connected health segment is projected to grow at the highest CAGR during the forecast period. The expected high growth of this segment is due to the increasing need for efficient healthcare. Some of the IoT solutions for the healthcare industry are telehealth & remote patient monitoring, organization of healthcare workflow, management of medication, and medical asset tracking.
The EMEA IoT Market, segmented on the basis of region, includes Europe and MEA (Middle East & Africa). Qatar is projected to grow at the highest CAGR in the MEA IoT market during the forecast period. Increasing internet penetration, rising investment in IoT, and collaborative efforts between government and telecom players for deployment of IoT projects are factors fueling the growth of the IoT market in Qatar. In the European region, the IoT market in France is estimated to grow at the highest CAGR during the forecast period. This expected high growth is attributed to the increasing use of mobile phones and social media, and the exponential growth in deployment of high speed networks.
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