Enterprise IoT Market Continues to Thrive, Reaching USD 1,819.2 Bn by 2032 with North America Being the Dominant Region | Market.us Study
The enterprise Internet of Things (IoT) market has witnessed significant growth in recent times and is expected to continue expanding at a rapid pace in the years ahead. Advancements in technology, rising demand for data analytics, and Industry 4.0 are some of the factors that will continue to fuel its growth.
New York, April 20, 2023 (GLOBE NEWSWIRE) — The Global Enterprise IoT Market size is expected to be worth around USD 1,819.2 Bn by 2032 from USD 529.3 Bn in 2022, growing at a CAGR of 13.5% during the forecast period from 2022 to 2032. This sector of IT is growing rapidly, offering a range of technologies and solutions designed to increase efficiency and sustainability across various business operations. Market growth is predicted to be spurred on by developments such as Wi-Fi/Insteon, Bluetooth, and ZigBee.
In February 2022, AT&T and IBM Corporation joined forces to explore the digital transformation opportunities presented by 5G technology, edge computing, and wireless networking. This partnership seeks to create an encouraging atmosphere for clients in the industry by giving them access to AT technology and hybrid cloud physical. Enterprise IoT can also help reduce costs, boost employee proficiency, and enhance energy efficiency. IoT innovations are being utilized across various sectors such as manufacturing, agriculture, utilities, BFSI, including inventory.
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- Based on the offering, in 2022, the enterprise IoT market was dominated by the hardware segment owing to its increasing requirement and control over IoT devices.
- By enterprise size, in 2022, the small & medium-sized enterprise segment dominated the largest market share in the enterprise size segment.
- Based on end-user, the manufacturing segment holds a significant share of the end-user segment in 2022.
- In 2022, North America dominated the market with the highest revenue share of 36.3%.
- APAC is expected to have the highest CAGR among all regions, owing to the development of IT infrastructure, adoption of new technologies, and increasing government initiatives.
Factors affecting the growth of the Enterprise IoT Market?
Several factors can have an impact on the growth of the enterprise IoT market, including:
- Advancement in technology: As technology continues to upgrade, the enterprise IoT industry is benefiting from the advances in technology such as powerful & cost-effective sensors, wireless communication technologies, and processors.
- Increasing demand for data analytics: Real-time data analytics and insights is drives the adoption of enterprise IoT solutions. Companies are looking for leveraging IoT technologies for gaining a competitive advantage by using data to make decisions.
- Rise of Industry 4.0: The fourth industrial revolution is characterized by the integration of advanced technologies like AI, robotics, and IoT into manufacturing processes. Industry 4.0 continues to grow, and the demand for enterprise IoT solutions is expected to grow.
- Security and privacy concerns: Security and privacy are significant concerns for enterprise IoT solutions. Companies need to ensure that their IoT devices and networks are secure from cyber-attacks and data breaches.
- Regulatory and compliance requirements: Regulation and compliance obligations can also impact the adoption of enterprise IoT solutions. Companies must abide by data protection laws and other regulations when utilizing this cutting-edge technology.
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Top Trends in Enterprise IoT Market
The latest trends in the enterprise IoT Market include the increasing use of IoT for industrial applications. IoT is being adopted mostly in the industrial sector where it can be used to improve production processes, supply chain management, and lower maintenance costs. Edge computing is becoming a major technology within the enterprise IoT Market. AI ML is seeing a lot of growth as it integrates with IoT systems, which allows for real-time data analysis and predictive maintenance.
The enterprise IoT market’s growth can be attributed to several factors, such as the demand for real-time analytics and insights, cost-effective business operations, and Industry 4.0’s increasing popularity. Furthermore, cloud computing, machine learning (ML), and artificial intelligence (AI) are driving this sector along. Technological advances, an increased need for data analytics, industry 4.0, and other factors will continue fuelling its expansion over the coming years. The enterprise IoT market has experienced remarkable success recently and will likely keep growing at this rate over the coming years.
North America is accounted as the most dominant market in the global Enterprise IoT market with a market share of 36.3%, during the forecasted period. The early adoption of technologies like big data, ML, AI, IoT, cloud, and mobility in the region is expected to fuel market growth. Additionally, businesses in the region are eager to incorporate IoT technologies into their processes in order to improve operational efficiency. The U.S. government is working for increasing technology adoption, thereby increasing the region’s market share.
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Scope of Report
|Market Value (2022)||USD 529.3 Billion|
|Market Size (2032)||USD 1819.2 Billion|
|CAGR (from 2023 to 2032)||13.5%|
|North America Revenue Share||36.3%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
Due to an increasing focus on digital transformation across various industries, the enterprise IoT market has experienced rapid growth. This expansion is expected to be fuelled by demand for IoT solutions in advanced fields like AI, ML & big data. IoT solutions provide businesses with real-time information about asset status and locations that can be utilized for tracking & optimization. In doing so, IoT helps businesses boost productivity levels. IoT automates routine tasks and allows remote control & monitoring, providing cost-saving benefits by cutting operational expenses. By streamlining processes, new revenue streams can be created through new services or business models such as pay-per-use. Comply with regulatory requirements by offering real-time monitoring & reporting capabilities. IoT solutions that utilize data analytics can generate a lot of information that businesses can use to gain valuable insights and make better business decisions.
Due to the vast selection of IoT products and platforms available, companies may face difficulties ensuring their solutions are compatible with other platforms and devices. Implementing and managing such solutions necessitates technical proficiency; additionally, devices may collect vast amounts of data which could raise privacy issues. Moreover, these solutions tend to be cost-effective to set up and run for small businesses; hence, companies should ensure their IoT offerings offer clear value propositions to customers in order to justify investment in such technology.
IoT devices are utilized to automate industrial processes, such as monitoring equipment performance, optimizing energy usage, and enhancing safety. Industrial automation through IoT solutions presents an enormous growth opportunity. Implementing IoT technology in cities can enhance infrastructure management and public safety while decreasing congestion. Smart cities that utilize IoT solutions are becoming a huge market. Furthermore, these devices have the potential to monitor patient health and manage chronic conditions. They can also be utilized to monitor medication compliance. IoT devices are beneficial in monitoring crop health, fertilizing, optimizing irrigation, and reducing waste; agriculture companies that offer IoT solutions will be able to meet the increasing demand. IoT solutions also enable inventory tracking, improved customer experience, and managed supply chains; businesses providing these solutions may help retail meet real-time data analytics demands.
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Report Segmentation of the Enterprise IoT Market
The hardware segment dominated the market share with 66.4% in 2022, driven by an increasing need for continuous access & control over IoT devices – this demand is predicted to fuel the segment’s growth over the forecasted period. The increasing adoption of professional IoT services among enterprises, such as deployment and integration services, support/maintenance services, and consulting services, is one of the primary factors driving the market growth.
Enterprise Type Insight
Enterprise IoT market share is dominated by small & medium-sized enterprises with a share of 63.8%, due to government initiatives for helping these businesses expand digitally. Governments are investing heavily in IoT projects across various fields such as infrastructure and defense which is expected to drive market growth over the coming years. IoT service providers are striving to enhance products and services through enhanced offerings like business process integration and service management, which should ultimately benefit the enterprise IoT industry in the long run.
Enterprise IoT market share will remain dominant in 2022, with manufacturing accounting for 36.4% of revenue share due to the rise of the Industry 4.0 concept that drives enterprise IoT manufacturing applications. Through a combination of cyber-physical systems, the Internet of Services, and IoT we are creating smart factories which operate at full capacity while minimizing waste production.
Recent Developments of the Enterprise IoT Market
- In 2022, The rise of 5G technology is the first development we can talk about. 5G networks at the forefront of the development of cellular mobile communications. The recent development will ensure that their spread will mean much more than just a faster internet connection.
- In 2022, Edge computing which is just like the opposite of cloud computing technology gained so much prominence just in the last five years. Edge computing means that data is stored in micro-centers as opposed to the cloud, providing numerous new options for the IoT.
- In 2021, The enterprise IoT market continued to grow with a focus on edge computing and the development of 5G networks. Edge computing allows for real-time data processing and analytics, enabling enterprises to make quick decisions and respond to critical events in real-time.
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Key Market Segments:
Based on Offering
- Software & Solutions
- Surveillance & Security
- Network & Connectivity Management
- Data Management
- Application Management
- Device Management
Based on Enterprise Size
- Small & Medium Sized Enterprise
- Large Enterprise
Based on End-User
- Oil & Gas
- IT & Telecomm
- Other End-Users
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
The enterprise IoT market has a few key players with subsidiaries in the same industry. The number of small and medium players in the market is low as the market has a high entry barrier. Technological developments are a key driving factor of the market which creates a differentiating factor between new entrants and existing ones.
Listed below are some of the most important enterprise IoT industry players.
Key Market Players:
- Amazon.com Inc.
- Cisco Systems Inc.
- IBM Corporation
- Intel Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Siemens AG
- PTC Inc.
- Robert Bosch Inc.
- Hewlett Packard Enterprise
- Google Inc.
- Other Key Players
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- IoT device management market was valued at USD 1.58 billion in 2021. It is projected to reach USD 31.33 billion at a CAGR of 31.2% between 2023 and 2032.
- Healthcare Internet of Things (IoT) security market is projected to reach a valuation of USD 36269.26 Mn by 2032 at a CAGR of 36% from USD 1675.52 Mn in 2022.
- Cellular IoT market was worth USD 1,935.3 million in 2021. This market is expected to grow at a CAGR of 21.4% over the forecast period.
- Edge computing market size is expected to be worth around USD 206 bn by 2032 from USD 40 billion in 2022, growing at a CAGR of 18.3%.
- Industrial Internet-of-Things Market size is expected to be worth around USD 1,917.45 billion by 2032 from USD 263.50 billion in 2022, growing at a CAGR of 22.00% during the forecast period from 2022 to 2032.
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