Source: Secondary Research, Primary Research, MRFR Database and Analyst ReviewOn the other hand, the major companies such as Google, Amazon Web Services, IBM Corporation, etc. are fulfilling the market demand. Major driving factors such as the rising use of cloud systems for better management of data are boosting the growth. Also, the growing use of third-party platforms and growing digitalization are improving the IoT enterprise market. The application of the Internet of Things has chances to develop and enhance the market at a significant rate.
It is estimated that the North American region will hold the largest market share. However, it will be difficult to manage the growth in underdeveloped nations such as Africa and the Middle East. It is because of the lack of technological advancements and other awareness. However, the Enterprise IoT Market will grow at a steady pace and generate more profit during the forecast period. Hence, the investors looking for expanding their revenue will be benefitted exponentially.
The impact of COVID-19 disease had affected the market at a huge rate. Due to the lockdowns implemented all over the world, it has drastically affected the market growth. It is because the supply chain of the market was halted. As a result, the market recorded a slower growth during the forecast period. However, the government is now focusing upon the infrastructure of healthcare to combat the pandemic. Hence, it will slow the market of the enterprise IoT world to some extent.
Various driving factors are fuelling the Enterprise IoT Market Growth. It is because of the rising demand for digitalization and the growing adoption of cloud-based platforms. The Enterprise IoT Market will rise exponentially due to these factors because of its wide uses in various industries. Also, the lower costs for easy wireless connectivity such as Bluetooth, Wi-Fi, and many more are providing better options for the consumers. Hence, the drastic shift of digitalization and demand for cloud-based services is driving the market growth.
Some restraints such as the low technological awareness in various geographical regions will hinder the market growth. Especially the countries in the underdeveloped nations will have a slower growth rate as compared to the other regions. It is because of the low awareness and technological advancements. Also, until the situation of the COVID-19 disease gets improved, the market will experience slow growth overall. The COVID-19 disease is projected to take some more years to make the situation better across the world.
With the growing adoption of IoT devices, business enterprises will have significant growth across the world. The reduced costs will help the enterprises to provide a better work environment and also gain new customers. Also, with the demand for wireless connectivity devices, the market will experience beneficial growth in the upcoming years. They can be used in healthcare sectors as well to monitor the improvement in the patients as well.
One of the major challenges for Enterprise IoT Market growth is the high competition among the key players and other industries. Due to the rising demand, the key players are now developing new products to improve the market growth. However, there will be a challenge for the market due to the strict regulations by the government. Also, the disease of COVID-19 has not been completely eradicated until then, the market will have to suffer slower growth in the upcoming years.
With the growing development of the IoT enterprise business, there will be a huge demand in the upcoming period. The Compound Annual Growth Rate (CAGR) of the Enterprise IoT Market is projected to be at 28.10%. Hence, the market will expand at an exponential rate and grow up to USD 2680.91 Million during the forecast period 2024-2032.
The IoT or Internet of Things has huge potential and eventually gain increased value in the upcoming years. It is because IoT devices are not only used for enterprises. These IoT applications are used in various industries to manage the data and improve customer satisfaction as well. Hence, the market of enterprise IoT devices will reach new heights as it is anticipated by the end of the forecast period.
The Enterprise IoT Market Size is segmented into platform, component, enterprise, and services.
On the basis of components, the market is divided into Remote Monitoring, Security, Network Bandwidth Management, and Security.
Based upon the services, the Enterprise IoT Market is further bifurcated into Support and Maintenance, Professional Services, Integration Managed Services and Deployment, and Consulting.
The enterprise IoT device, on the basis of the platform of the market, is divided into Application Management, Network Management, and Device Management.
On the basis of enterprise, the market is segmented into Large Enterprise and Medium and Small Enterprises.
The Enterprise IoT Market Share is divided into North America, Asia-Pacific, Europe, and the Rest of the World. According to the enterprise IoT insights, North America is projected to hold the largest market share. It is due to the larger adoption rate of the market than the other regions. Especially, due to the presence of various key players in the countries such as the US and Canada the market will flourish in the forthcoming years.
After that, the European region will also hold a significant share of the market growth. The better infrastructure and other industries such as healthcare, corporate, and education as well will boost the market. Along with that, the Asia-Pacific region is projected to record significant growth during the forecast period. Continuous development and investments will be on the list for the development of key players.
There several companies in the Global Enterprise IoT Market that are using huge steps to generate profit. Due to the outbreak of COVID-19 disease, the market was affected badly. These key players are focusing on developing and inventing products to benefit the market. Such as Hewlett Packard, a renowned company in the market announced partnerships with companies in the past. Here is the list of major key players in the global enterprise IoT market-
The IoT Community Introduces GenAIoT in 2024. Realizing the potential of this new and emerging, yet extremely disruptive technology is the aim, in collaboration with key stakeholders who are working at the nexus of Generative Artificial Intelligence and the Internet of Things.
The 'Infinity' Connectivity Management and Device Management Platform for Vodafone Idea (Vi) was successfully delivered in 2024 by 6D Technologies, a leading global provider of digital transformation solutions for telecommunications and enterprises.
Leading providers of IT infrastructure and services NTT Ltd. and global leader in technology Cisco today announced a partnership to create and implement shared solutions that enable businesses to boost productivity and achieve sustainability objectives.
The overview of the Enterprise IoT Market is as follows-
The scope of the report is to provide accurate data and highlight the potential of the market of enterprise IoT devices. The report covers all the important aspects such as challenges, opportunities, etc. It also contains brief information about the key players. The information provided in this report is collected from primary and secondary sources.
| Report Attribute/Metric | Details |
| Market Size in 2032 | USD 2680.91 Million |
| CAGR | 28.10% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2022 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Platform, Enterprise Type |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Microsoft Corporation (US), Bosch Software Innovations Gmb , Oracle Corporation (US), Verizon Communication (US), Hewlett Packard Enterprise (US), Cisco Systems Inc. (US), Amazon Web Services Inc. (US), Intel Corporation (US), Google Inc. (US), IBM Corporation (US) |
| Key Market Opportunities | The reduced costs will help the enterprises to provide a better work environment and also gain new customers |
| Key Market Drivers | Rising demand for digitalizationThe growing adoption of cloud-based platforms |
Enterprise IoT Market Highlights:
Frequently Asked Questions (FAQ) :
It is projected that the global market of enterprise IoT devices is projected to grow at 28.10% CAGR.
It is projected that the market value of the Enterprise IoT Market will reach up to USD 2680.91 Million by the end of the forecast period.
Geographically, the global Enterprise IoT Market is projected to be dominated by North America.
The forecast period of the global Enterprise Internet of Things market report is 2024-2032.
It is estimated the software segment of components will drive the market due to the growing use of cloud applications.
The major key players of the global Enterprise System and Internet of Things (IoT) are- Microsoft Corporation (US), Bosch Software Innovations GmbH, Oracle Corporation, Verizon Communications, Hewlett Packard Enterprise, Cisco Systems, Inc., Amazon Web Services, Inc., Intel Corporation, Google Inc., IBM Corporation, among others.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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