Qatar’s IoT sector earning poised to hit QR4.72bn: Study

Doha: Qatar is making significant progress in capitalising on growth within the Internet of Things (IoT) sector, with projections indicating a revenue...

Doha: Qatar is making significant progress in capitalising on growth within the Internet of Things (IoT) sector, with projections indicating a revenue generation of QR4.72bn ($1.3bn) for this year. This growth is attributed to a range of diversified enhancements propelled by smart city technologies, as reported by Statista.

Among the various sectors, the automotive IoT segment is anticipated to dominate the market, with a projected volume of QR1.2bn ($353.3m) in 2024. The report further indicates that the IoT market is expected to experience a steady increase, with a compound annual growth rate (CAGR) of 6.77% from 2024 to 2029, ultimately reaching a market volume of QR6.54bn ($1.8bn) during the forecast period.

The report highlights that Qatar is recognised as one of the “fastest-growing” economies in the Gulf Cooperation Council (GCC) and the broader Middle East, undergoing a significant digital transformation.

On a global scale, Statista notes that the United States is projected to lead the IoT market in revenue generation, with an estimated $342.5bn expected in 2024, while China maintains its position as the leading manufacturer of IoT devices.

Qatar has been actively pursuing the adoption and implementation of IoT technology, driven by several critical factors, including government initiatives and investments such as the Tasmu Smart Qatar program, which aims to establish Qatar as a smart nation, heavily leveraging IoT for various applications.