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In 2022, the revenue for the Internet of Things (IoT) market in Singapore amounted to around 5.47 billion U.S. dollars, an increase by more than one billion U.S. dollars compared to the previous year. Statista Digital Market Insight estimated that the revenue for the IoT industry in the country will continue to increase and reach more than 11 billion U.S. dollars by 2028.

Revenue of the Internet of Things (IoT) market in Singapore from 2018 to 2028 (in billion U.S. dollars)

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Supplementary notes

Data provided by Statista Market Insights are estimates.

Definition:

The term Internet of Things (IoT) describes a network of physical and virtual devices that are able to communicate autonomously with each other using the Internet Protocol (IP). The physical devices are embedded with sensors, software and connectivity capabilities that enable them to collect and exchange data over the internet. Its scope encompasses a wide range of use cases from household objects to more complex industrial applications.

Structure:

The Internet of Things market consists of 7 different segments. Consumer IoT includes connected devices used by end users for personal purposes such as smart home devices. Smart Finance covers IoT applications used in financial sectors such as insurance telematics/usage-based insurance, real estate, ATMs. IoT in Healthcare covers all IoT applications in a healthcare setting such as the ones used for patient care, remote patient monitoring and surgeries. The Industrial IoT covers IoT applications in Industrial settings such as the factory & agriculture automation, supply chain optimization and predictive maintenance. Automotive IoT covers IoT use cases in mobility and transportation settings. Other IoT covers use cases not included in the previously mentioned markets.

Additional information:

The Internet of Things market compromise of revenue and revenue growth as the key performance indicators. The market consists of revenue generated through selling of hardware (such as sensors, chips and other hardware), platforms (IoT platforms, security software and other software), connectivity (cellular, LoRa, SigFox and other connectivity) and services (equipment & system integration and maintenance). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

The market is fragmented, but the key players in the market include Cisco (Cisco IoT platforms and software), Qualcomm, Dell EMC, and IBM.

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