DOHA: Smart city technologies in the country ranks Qatar as a leading market for IoT solutions in the region, stated analysts at Statista.

Qatar is advancing towards harnessing growth in the IoT sector by implementing various diversified enhancements. Industry leaders note that the country has become a hub for the market, with numerous innovations, exceptional infrastructures, and monitoring of digital performance.

The country is known to be one of the “fastest-growing” economies among the GCC and Middle East and is shifting toward a digital transformation. Albeit some companies have implemented digitalisation methods, several reports note that over 70 percent of companies across the globe are expected to adopt digital transformation in the years ahead.

However, Qatar’s strategic vision serves as a roadmap to a sustainable and robust future across all key industries. As the public and private sector leads the race toward cutting-edge e-commerce and digital payment technologies, Qatar’s digital transformation embarks toward enduring economic opportunities.

The country has been at the forefront of attaining digital transformation in the past decade by enhancing its economy and services toward the nation. It also made significant investments in technology infrastructure and carried out initiatives to foster the adoption of digital technologies in the market.

Analysts note that the outcome produced positive results, with increased efficiency and productivity in the public and private sectors. On the other hand, Qatar also encountered various challenges including cyber security threats, protection of data privacy, and enhancing the human capital to help in the development of the digital economy. 

Aligned with QNV 2030, the organisational digital transformation stands out as a key driver of diverse economic growth, which bolsters the Internet of Things market (IoT). 

As per Statista, the IoT sector is projected to generate a revenue of $1.3bn (QR4.72bn) this year. Market experts stated that among the various segments, Automotive IoT is expected to be the leader in the market with a projected market volume of $353.3m (QR1.2bn) in 2024. The report also mentions that IoT is surging steadily at a compound annual growth rate of 6.77 percent from 2024 to 2029, eventuating in a market volume of $1.8bn (QR 6.54bn) during the forecast period.

Statista further adds that the United States will generate the topmost revenue in the IoT market globally, with an estimated amount of  $$947.5bn this year.