Challenges and Opportunities in the Enterprise IoT Market
The global enterprise IoT market size is expected to reach USD 1.42 billion by 2030, registering a CAGR of 14.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is experiencing significant growth owing to the increasing adoption of cloud-based platforms and a rising demand for digitalization. Enterprise IoT represents a new phase in global transformation, propelled by technological advancements, expanding economic prospects, and a rising need for operational efficiency. These elements are anticipated to drive exponential growth in the market.
Enterprise IoT contributes to lowering maintenance expenses, improving energy efficiency, and boosting employee skills, ultimately leading to increased productivity. The innovations in IoT have a wide range of applications across various industries, including BFSI, manufacturing, agriculture, and utilities. These applications encompass inventory management, device management, and resource optimization. The increasing significance of deploying enterprise IoT for functions like asset management, remote administration services, operational intelligence generation, predictive maintenance, and remote monitoring is anticipated to drive market growth.
Security concerns have been a persistent challenge in the adoption of IoT technologies, but advancements in cybersecurity measures are gradually alleviating these apprehensions. As businesses become more confident in the security protocols surrounding IoT implementations, they are increasingly willing to invest in and deploy connected devices. The integration of robust security features, including encryption, authentication, and secure communication protocols, enhances the resilience of IoT ecosystems against potential threats, fostering a conducive environment for widespread adoption.
Gather more insights about the market drivers, restrains and growth of the Enterprise IoT Market
Enterprise IoT Market Report Highlights
• Based on components, the software & solutions segment is anticipated to grow significantly during the forecast period owing to the rising demand for sophisticated software solutions to manage data, analytics, and connectivity, as businesses are increasingly leveraging IoT technologies
• Based on size, the small and medium sized enterprise segment accounted for the largest market share in 2023. This growth can be attributed to increasing governmental efforts globally to support SMEs in the realm of enterprise IoT
• Based on application, the manufacturing segment accounted for a significant revenue share in 2023 owing to the emergence of Industry 4.0. The integration of IoT technologies in manufacturing processes has revolutionized the industry, enhancing automation, connectivity, and data analytics. The focus of Industry 4.0 on smart factories, predictive maintenance, and efficient production has propelled the demand for IoT solutions in this sector
• The Asia Pacific enterprise IoT sector is expected to grow at the highest CAGR during the forecast period. This growth is due to the increasing adoption of 5G services supported by increasing demand for smart city platforms
Enterprise IoT Market Segmentation
Grand View Research has segmented the global enterprise IoT market based on component, enterprise size, application, and region:
Enterprise IoT Component Outlook (Revenue, USD Million, 2018 - 2030)
• Hardware
• Software & Solutions
o Surveillance & Security
o Network & Connectivity Management
o Data Management
o Application Management
o Device Management
• Services
Enterprise IoT Enterprise Size Outlook (Revenue, USD Million, 2018 - 2030)
• Small and Medium Enterprises (SMEs)
• Large Enterprise
Enterprise IoT Application Outlook (Revenue, USD Million, 2018 - 2030)
• Manufacturing
• Oil & Gas
• Utilities
• Transport
• BFSI
• IT & Telecomm
• Healthcare
• Others
Enterprise IoT Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Italy
o Spain
• Asia Pacific
o China
o Japan
o India
o South Korea
• South America
o Brazil
• Middle East and Africa (MEA)
o UAE
o South Africa
List of Key Players in the Enterprise IoT Market
• Advantech Co. Ltd.
• Aeris Communications, Inc.
• Amazon.com, Inc
• Cisco Systems, Inc.
• Intel Corporation
• Laird Connectivity
• Microsoft Corporation
• Oracle Corporation
• PTC Inc.
• Qualcomm Technologies, Inc.
• Robert Bosch, Inc.
• Siemens AG
Order a free sample PDF of the Enterprise IoT Market Intelligence Study, published by Grand View Research.
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