Internet of Things - Australia

  • Australia
  • The Internet of Things market (IoT) market in Australia is expected to generate a projected revenue of AUD €8.53bn by 2024.
  • Among the various segments within the IoT market, Industrial IoT is set to dominate with a projected market volume of AUD €2.23bn in 2024.
  • This indicates the significant impact of the automotive industry in driving the growth of IoT in Australia.
  • Furthermore, the revenue in the IoT market is anticipated to showcase a commendable annual growth rate, with a compound annual growth rate (CAGR) of 6.40% between 2024 and 2029.
  • As a result, the market volume is expected to reach AUD €11.63bn by 2029.
  • This projection highlights the potential for continued expansion and adoption of IoT technologies across various sectors in Australia.
  • In terms of global comparison, in the United States is expected to generate the highest revenue in the IoT market, reaching €314.40bn in 2024.
  • This demonstrates the leading position of the United States in terms of IoT market revenue, emphasizing its strong presence and influence in this rapidly evolving industry.
  • Australia is experiencing a surge in IoT adoption, with widespread implementation in sectors like agriculture and mining.

Key regions: United States, Australia, Canada, China, India

 
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Analyst Opinion

The Internet of Things is one of the technologies driving Industry 4.0 and it’s not a surprise that the market is seeing a CAGR of over 16% over a 10-year-period (2018-2028). Even as the global semiconductor shortage has slowed down the market supply and growth from the pre-pandemic levels, the demand for smart solutions ranging from industrial to security use cases is still on the rise. With revenues of more than US$141 billion in 2022, the U.S. is the market leader, followed by China, which is the leading manufacturer of IoT devices.

The Internet of Things market growth coincides with the development of other important technologies, such as 5G and cloud computing. The deployment of 5G communication standards paves the way for a faster and smoother connection among smart devices.

Moreover, cybersecurity remains a big challenge, which can have significant effects both on personal and professional levels. As more data is collected and transmitted from one device to another and stored in the cloud, the challenge of securing the data and assuring privacy is more present than ever.

Methodology

Data coverage

The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.

Modeling approach/ Market size:

The market size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

Visión general

  • Revenue
  • Investment
  • Volume
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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