According to the IoT application enablement market analysis by Future Market Insights (FMI), the adoption of IoT application enablement platform is estimated to increase at a 26.5% CAGR over the assessment period, with the market valuation reaching US$ 36 Billion by 2032.
In IoT technology solutions, the connectivity infrastructure requires to be set up before an array of sensors, edge devices, or other devices. The main challenge with IoT networks is wireless data rates. In recent years, the infrastructure for connectivity such as Wi-Fi 6, 5G, satellites, and LTE has been developed.
In the world of network edge and IoT connectivity, 5G deployments provide low-latency communication that supports data-intensive applications like video surveillance, autonomous vehicle operations, optimizing citywide traffic flows, and high bandwidth. Thus, advancements in the infrastructure for 5G, Wi-Fi 6, and LTE connectivity will drive sales in the market over the forecast period.
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Artificial Intelligence (AI) technologies are data driven and IoT sensors are an asset to the Machine Learning (ML) data pipeline. Integration of artificial intelligence & IoT technology enables enterprises to achieve digital transformation. It enables IoT devices to collect and transfer data to the cloud or other spaces where they can accumulate data through the internet.
AI and IoT are integrating to offer greater control and visibility of the wide array of sensors and devices connected to the internet. Such IoT transformation help businesses to implement conversational agents for customers, engage customers, obtain analytics, customize user experiences, or optimize productivity with predictions and insights.
“The demand for IoT devices in smart homes and smart cities has increased in recent years, which is expected to boost sales in the market. Further, rising adoption of machine learning (ML) and IoT in the manufacturing and retail sectors will continue fueling the growth in the market over the assessment period,” says an FMI analyst.
Key Takeaways:
- By solution, sales in the IoT application enablement platform segment are anticipated to increase at a 24.3% CAGR through 2032.
- Among the enterprise size, demand in the SMEs segment is estimated to grow at a CAGR of 29.0% during the forecast period.
- Based on industry, adoption of IoT application enablement in the manufacturing sector will increase at a CAGR of 34.2% between 2022 to 2032.
- The U.S. IoT application enablement market is expected to expand at a CAGR of 19.8% through 2032.
- The China IoT application enablement market is expected to grow by 13.9X during the forecast period.
- Demand in the Japan market is expected to grow at a CAGR of 31.6% during the assessment period.
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Competition Landscape
Altair, Amazon Web Services, ClearBlade, Ericsson, Fujitsu, IBM, Microsoft, Oracle Corporation, PTC, SAP, Siemens, AllThingsTalk, Hughes Systique Corporation, and Software AG are some of the leading players operating in the global IoT application enablement market.
More Valuable Insights on IoT Application Enablement Market
Future Market Insight’s report on the IoT application enablement market research is segmented into four major sections – solution (IoT application enablement platform (cloud-based, and on-premises), and services ( professional services, and managed services) ), enterprise size (small and mid-sized enterprises (SMEs), and large enterprises)), industry (BFSI, telecom & IT, energy and utilities, healthcare, manufacturing, education, retail, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the IoT application enablement demand outlook.
IoT Application Enablement Outlook by Category
By Solution:
- IoT Application Enablement Platform
- Cloud-based
- On-Premises
- Services
- Professional Service
- Managed Services
By Enterprise Size:
- Small and Mid-Sized Enterprises (SMEs)
- Large Enterprises
By Industry:
- Manufacturing
- IT & Telecom
- BFSI
- Healthcare
- Transport and Logistics
- Energy and Utilities
- Retails
- Others
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By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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