The enterprise IoT market is expected to experience remarkable growth in the coming decade, with projections indicating that it will surpass a staggering US$ 2,021.19 billion by the year 2033, riding a robust annual growth rate of 13%. This forecast highlights the rapid expansion of Internet of Things technologies within the business world, promising exciting opportunities and innovations in the years ahead.
As technology advances, so does the enterprise IoT industry. In America specifically, it is predicted to experience an impressive 15+% growth in the coming decade. Numerous businesses and organizations are taking advantage of this powerful tool by investing heavily in its development; understanding that adopting IoT can drastically increase operational efficiency and give them a considerable edge over their rivals.
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The enterprise IoT market is driven by several factors such as the increasing adoption of IoT in various industries to improve operational efficiency and reduce costs. The increasing adoption of cloud-based IoT platforms is also expected to drive market growth.
In addition, the growing trend of Industry 4.0 and the increasing need for automation in various industries are also propelling the growth of the market. The increasing adoption of enterprise IoT in smart cities and smart homes, as well as IoT-enabled automation in various industries such as manufacturing and transportation, is also expected to drive market growth.
The increasing adoption of enterprise IoT in emerging technologies such as AI, ML, and big data is also expected to drive market growth during the forecast period. These technologies enable organizations to analyze large amounts of data generated by IoT devices and make data-driven decisions.
The growing demand for enterprise IoT in various industries such as agriculture and energy management is also expected to drive market growth. Government initiatives and regulations to promote the use of energy-efficient equipment are also anticipated to boost the adoption of IoT during the forecast period. These factors are making enterprise IoT an attractive investment opportunity for companies looking to tap into the growing market.
Key Takeaways from the Enterprise IoT Market Report:
- The hardware sector accounted for more than 45% of total revenue in 2022 and is expected to dominate the market over the projected period.
- During the projected period, the software and solutions category is predicted to grow at the quickest rate, with a CAGR of 15%.
- The small and medium-sized firm category held the biggest share of 68% in 2022 and is expected to lead the market from 2023 to 2033.
- Manufacturing held the greatest market share of 26% in 2022.
- The enterprise IoT industry in the United States is expected to grow at a CAGR of more than 15% between 2023 and 2033.
- The enterprise IoT industry in the United Kingdom is predicted to grow at a CAGR of 12% between 2023 and 2033.
- The enterprise IoT industry in Japan is expected to grow at a CAGR of more than 14.5% between 2023 and 2033.
- The enterprise IoT industry in China is expected to grow at a CAGR of more than 16% between 2023 and 2033.
Who is Winning?
The enterprise IoT market is highly competitive, with a few major players holding a significant market share. Leading companies in the market are increasingly implementing growth strategies such as collaborations, partnerships, and product development & launches to maintain their market position. The market has a high entry barrier, making it difficult for small and medium players to enter. Technological advancements play a major role in driving the market, creating a differentiating factor between new entrants and established players.
- In October 2021, Cisco Systems, Inc. introduced its first global work index, which utilizes AI and mobile technology and operates on a hybrid model.
- Siemens AG and PTC Inc. have developed IoT solutions for use in industrial contexts such as manufacturing and transportation.
- Cisco Systems, Inc. and Bosch have created security solutions for protecting IoT devices and networks from cyber-attacks.
Leading Key Players:
- Cisco Systems, Inc.
- IBM Corporation
- Amazon.com, Inc
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Intel Corporation
- Siemens AG
- PTC Inc.
- Robert Bosch, Inc.
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Enterprise IoT Market Segmentation:
By Component:
- Hardware
- Software & Solutions
- Services
By Enterprise Type:
- Small & Medium Sized Enterprise
- Large Enterprise
By End-use:
- Manufacturing
- Oil & Gas
- Utilities
- Transport
- BFSI
- IT & Telecomm
- Healthcare
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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