Dublin, Aug. 22, 2024 (GLOBE NEWSWIRE) — The “Australia IoT Market, by Region, Competition, Forecast, Opportunities, 2019-2029F” report has ResearchAndMarkets.com Provided.
The Australian Internet of Things market is valued at USD 12.63 billion in 2023 and is expected to reach USD 22.98 billion by 2029, growing at a CAGR of 10.27% during the forecast period.
The IoT market is driven by advancements in sensors, cloud computing, and data analytics, enabling more advanced and scalable solutions. Key sectors benefiting from IoT include healthcare supporting remote patient monitoring and personalized care, manufacturing enabling smart factories and predictive maintenance, and smart cities improving infrastructure and public services.
The market is growing rapidly due to increasing adoption of connected devices, improved connectivity, and widespread use of big data analytics. IoT technology continues to evolve and is expected to play a key role in transforming industries and improving everyday life.
Key Market Trends
The growth of smart cities
One of the prominent market trends in the IoT sector in Australia is the rapid development of smart cities. The concept of smart cities involves using IoT technologies to enhance urban life by improving infrastructure, efficiency, and sustainability. This trend is driven by the need to address urbanization challenges such as traffic congestion, energy management, and public safety.
Smart infrastructure is a key aspect of this trend. Australian cities are increasingly adopting IoT solutions to monitor and manage urban infrastructure. For example, smart traffic management systems use IoT sensors to collect real-time data on traffic flow and adjust traffic signals accordingly, reducing congestion and improving transport efficiency. Similarly, smart lighting systems powered by IoT sensors can optimize street lighting based on real-time conditions, resulting in energy savings and improved public safety.
Energy efficiency is another major focus of smart city initiatives. IoT technologies are used to develop smart grids and energy management systems that monitor and optimize energy usage. Smart meters and sensors track energy consumption in real time, improving resource management and enabling the integration of renewable energy sources. This trend contributes to a more sustainable urban environment by reducing energy waste and promoting environmentally friendly practices.
Smart city solutions can significantly enhance public safety. IoT-enabled surveillance systems and emergency alert platforms can monitor public spaces in real time and provide instant communication in times of crisis. For example, smart surveillance cameras equipped with IoT sensors can detect and report suspicious activity, improving the effectiveness of law enforcement and emergency response.
Citizen engagement is also being transformed by smart city technologies. IoT applications enable residents to interact with city services and provide feedback through digital platforms, which increases community engagement and enables cities to better understand and respond to the needs of their residents.
Overall, the growth of smart cities is driven by the desire to create more efficient, sustainable and liveable urban environments and is a major trend in the Australian IoT market. As cities continue to adopt IoT solutions, this trend is expected to expand and impact multiple aspects of urban management and development.
Industrial Internet of Things (IIoT) Advancements
Another key trend in the Australian IoT market is the rise of Industrial IoT (IIoT). IIoT refers to the application of IoT technology in industrial environments, where it plays a key role in optimizing operations, improving productivity and ensuring safety. This trend is driven by the increasing need for automation, efficiency and data-driven decision-making in industries such as manufacturing, mining and logistics.
Predictive maintenance is a major focus of IIoT. By deploying IoT sensors on industrial equipment, companies can monitor machines in real time and predict potential failures before they occur. This proactive approach reduces downtime, extends equipment life, and minimizes maintenance costs. For example, IIoT systems can analyze data from sensors to identify wear and tear or detect anomalies, enabling timely maintenance actions.
Automation and robotics are being significantly enhanced by the IIoT. Connected devices and advanced analytics enable more precise control and automation of industrial processes. Robotics integrated with IoT technology can perform complex tasks with greater precision and efficiency. This trend is especially evident in manufacturing environments, where IIoT-driven automation systems are streamlining production lines, improving quality control, and increasing throughput.
Data analytics is another key aspect in the advancement of IIoT. Advanced analytical tools are required to derive actionable insights from the vast amounts of data generated by IoT sensors. IIoT solutions leverage big data analytics and machine learning algorithms to optimize operations, forecast demand, and enhance decision-making. For example, data-driven insights can help businesses optimize supply chains, improve inventory management, and reduce operational costs.
Safety and compliance are also priorities with IIoT. IoT technology helps monitor environmental conditions, equipment performance, and compliance with safety regulations. Real-time monitoring systems detect unsafe conditions and ensure safety protocols are followed, reducing the risk of accidents and ensuring regulatory compliance.
Advancements in the Industrial Internet of Things (IIoT) are a major trend in the Australian IoT market. The focus on predictive maintenance, automation, data analytics, and safety highlights the transformative impact IoT technology will have on industrial operations. As the industrial sector continues to adopt IIoT solutions, this trend is expected to drive significant improvements in efficiency and productivity.
Key attributes:
| Report Attributes | detail |
| Number of pages | 88 |
| Forecast Period | 2023 – 2029 |
| Estimated market value in 2023 (USD) | $12.63 billion |
| Market value forecast to 2029 (USD) | $22.98 billion |
| Compound Annual Growth Rate | 10.2% |
| Target area | Australia |
Report Scope:
Key Market Players
- IBM Corporation
- Cisco Systems, Inc.
- Microsoft
- Intel Corporation
- Siemens AG
- General Electric Company
- Oracle Corporation
- SAP SE
- Honeywell International Inc.
- Schneider Electric SE
Australian IoT Market by Platform:
- Network Management
- Application Management
- Device Management
Australian IoT Market by Component:
Australia IoT Market, by Application:
- Home appliances
- Smart Mobility and Transportation
- Building & Home Automation
- Connected Logistics
- Smart Retail
- others
Australian IoT Market, by Region:
- New South Wales
- Northern Territory
- Queensland
- South Australia
- Tasmania
- Victoria and Western Australia
For more information on this report, please visit: https://www.researchandmarkets.com/r/c8jaf2
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Australian IoT Market
