New York, US, March 14, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Enterprise Iot Market” Research Report: By Component, Platform and Enterprise Type - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 2465.2 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 28.40% during the assessment timeframe.
Enterprise IoT Market Key Players
Eminent industry players in the enterprise IoT market report include
- 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)
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 2465.2 Billion |
| Growth Rate | CAGR 28.40% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| 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 digitalization The growing adoption of cloud-based platforms |
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Enterprise IoT Market Drivers
Rising Focus on Digital Transformation to Boost Market Growth
The enterprise IoT market is expanding as a result of the increased emphasis on the digital transformation across numerous industries. The growing demand for IoT in cutting-edge fields like AI, ML, & big data is anticipated to fuel market expansion.
Opportunities
Increasing Investments in Smart City Projects to offer Robust Opportunities
As the world grows more urbanized, so will the need for IoT devices, the number of smart city initiatives, and government investment for the digital economy. The platform and gadgets are used to keep a close eye on mobility, infrastructures, and air and water quality in order to augment infrastructure, public services, & utilities. Thus, each of these reasons is contributing to the growth of the global enterprise IoT market.
Besides, Enterprise IoT devices are in demand globally as a result of manufacturers employing these solutions to manage assets in their factories, simplify their control rooms, and enhance analytical functionality through predictive maintenance. Moreover, 5G wireless technology aims to provide faster peak data throughput of multiple gigabits per second (Gbps), ultra-low latency, increased stability, huge network capacity, & increased availability needed for mainstream Corporate IoT adoption.
Restraints and Challenges
Dearth of Technological Awareness to act Market Restraint
The dearth of technological awareness may act as a market restraint over the forecast period. Also the limitations associated with data privacy, integrity, and security may also impede market growth. A wide range of applications for Internet of Things (IoT) technology exist, including gathering biometric data through communication networks & cloud computing. These devices each have a unique IP address that they use for communication and data sharing both internally and with other machines. Data security and privacy for smart devices, linked devices, mobile devices, & platforms are expanding as deployment technology advances. All of these challenges are therefore impeding the development of the enterprise IoT market.
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Enterprise IoT Market Segmentation
The global enterprise IoT market has been bifurcated based on component, platform, and enterprise type.
By component, solution will lead the market over the forecast period. The rising use of professional IoT services by organizations, such as consultancy services, deployment & integration services, maintenance and support services, is one of the main factors driving the market expansion. By providing service-based solutions for handling front-end deployment, manufacturing operations, and selecting the necessary parts for particular company needs, managed service providers have indeed made it likely for IoT technology in being extensively deployed.
By platform, the market is segmented into network management, application management, and device management.
By enterprise type, SMEs will domineer the market over the forecast period. An increase in government programs to support small & medium-sized businesses in growing digitally is blamed for the rise. Governments are making significant investments in IoT for cutting-edge initiatives in many industries, including infrastructure and defense, which is anticipated to fuel market expansion.
COVID-19 Analysis
The COVID-19 epidemic affects several facets of the IoT market and has an unmatched effect on the population & economy of these nations. The Internet of Things's shutdown has had an adverse impact on a number of businesses, including manufacturing, transportation, & the car industry. The businesses would need to employ new tactics after the lockout in order to adhere to regulatory requirements. Industries all across the world intend to restart production. Furthermore, organizations and sectors need to invest in digital technologies. The COVID-19 pandemic had a significant effect on the world economy. The outbreak significantly damaged a number of businesses. The COVID-19 epidemic also had a substantial impact on the IoT system supply chain. Professional services were delayed as well as a number of IoT efforts. Few connected devices had been used in the early stages of the pandemic because several businesses' activities were affected. The pandemic accelerated the adoption of various technologies as people became more tech-savvy and used technology to work from home. These technologies include artificial intelligence, machine learning, machine learning, the IoT, the Internet of Everything, and others.
Regional Analysis
North America to Sway Enterprise IoT Market
The region of North America held the biggest market share. From 2022 to 2030, the region is projected to see a CAGR of more than 11%. The region's early embrace of cutting-edge technologies including big data, ML, cloud, IoT, AI, and mobility is anticipated to drive market expansion. Also, firms in the area are eager to integrate IoT technologies in their procedures in order to boost operational effectiveness. Also, the government in the US is working to expand the use of immersive technology and hence the market shares of the area.
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APAC to Have Favorable Growth in Enterprise IoT Market
The market in the APAC region is anticipated to have the highest CAGR. The quick expansion of the IT infrastructure and the drive for new technology adoption among local enterprises are both responsible for the growth. In addition, to counteract rising labor costs, nations like Japan & China are increasingly implementing automation and cutting-edge technology across a variety of industries. The region's IoT market has also been supported by increased government initiatives to promote the use of connected devices as well as investments from major IoT market companies. The US and China jointly drove the regional demand. The regional enterprise IoT markets will be driven by the use of mobile 5G services, which will be aided by rising need for smart city platforms.
Industry Updates
February 2023- To capitalize on widespread enterprise IoT installations, Qualcomm has introduced a new platform called "Aware." According to the Aware cloud platform, large firms deploying IoT sensors may now connect globally and access real-time connection and data analytics.
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