The IoT application enablement market was valued at USD 2.8 billion in 2022 and is likely to reach a valuation of USD 3.5 billion in 2023. The market is estimated to reach USD 40.5 billion by 2033, with consumption increasing at a CAGR of 27.5% throughout the forecast period. IoT platforms enable streamlining the operation of IoT systems and the construction of IoT projects that are less expensive, more quickly, and superior.
Network and connectivity management, data collecting, device administration, application enablement, processing visualization, assessment, integration, and storage are among the necessary capabilities/features. IoT platforms have become the centre of professional IoT implementations with numerous IoT devices, data, asset-related innovations, connectivity/network approaches, and infrastructural and architectural evolutions. Many firms are using IoT platforms, which is growing demand for the IoT application enablement platform.
IoT technology is used in a wide range of ways by smart city networks. One of the most difficult tasks is traffic monitoring. The capacity to monitor traffic utilizing sensors strategically placed across the city provides for better intersection control and traffic optimization.
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Monitoring water levels can also help detect and notify communities about potential and active flooding. IoT devices are deployed in smart cities and smart homes to identify and track weather conditions, conduct monitoring, and host public Wi-Fi. As a result, the increasing use of IoT devices in smart homes and smart cities is expected to propel market sales.
Key Takeaways from the Market Study
- The market has grown at a 26% CAGR over the last five years.
- Demand in the large enterprise market is expected to climb 9.1X, rising at a 29.5% CAGR through 2033, based on enterprise size.
- Over the forecast period, sales in the United States are expected to grow at a CAGR of 20%.
- Over the projection period, demand in the United Kingdom market is expected to expand at a 34% CAGR.
- Over the projection period, demand in the United Kingdom market is predicted to expand at a 34% CAGR.
- Over the forecast time frame, the Indian market is expected to grow at a 28% CAGR.
Competitive Landscape
Prominent IoT application enablement solution providers are working on R&D and innovation to deliver a variety of solutions for industrial applications.
- Litmus announced in September 2023 that it has raised $30 million in Series B funding, capping off a year of phenomenal growth in the adoption of its Industrial IoT Edge platform. Belden led Series B, with participation from other investors, establishing Litmus Edge’s durability as the Industry 4.0 standard data system.
- Based on the July 2023 report, iConnect ONE’s 5G and IoT solution provides telecom operators with the capability required to capitalize on several of the most attractive prospects offered by these advances.
Key Players
- Altair
- Amazon Web Services
- ClearBlade; Ericsson
- Fujitsu
- IBM
- Microsoft
- Oracle Corporation
- PTC
- SAP
- Siemens
- AllThingsTalk
- Hughes Systique Corporation
- Software AG
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global IoT Application Enablement market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights By Solution (Platform (Cloud-based, On-Premises), Services (Professional Service, Managed Services), Enterprise Size (Small and Mid-Sized Enterprises (SMEs), Large Enterprises), Industry (Manufacturing, IT & Telecom, BFSI, Healthcare, Transport and Logistics, Energy and Utilities, Retails, Others), and Region.
IoT Application Enablement Outlook by Category
By Solution:
- 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
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa
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