Enterprise IoT Market: By Type (Solution (Data Management, Network Bandwidth Management, Remote Monitoring, Security, Real-Time streaming Analytics), Services (Professional Services, Support & Maintenance, Consulting, Deployment & Integration Managed Services)), By Platform (Device Management, Application Management, Network Management), By Application (SMEs, Large Enterprises), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)
enterprise IoT market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report's study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the enterprise IoT market.
Enterprise IoT Industry Outlook
The global enterprise IoT market size was valued at USD 484 billion in 2020 and is anticipated to experience a CAGR of 14.1% during the forecast period to reach USD 824.6 billion by 2027. Owing to the rising cloud-based applications and cloud-based data storage, the software has the largest enterprise IoT market share in the component segment. To optimize performance and real-time tracking, companies often use IoT in combination with big data analytics. Over the projected period, this trend would increase the global enterprise IoT market.
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Factors Affecting the Enterprise IoT Market over the Forecast Period:
The key drivers of the enterprise IoT market are the growth of wireless networking technology and the increase in adoption and usage of the cloud platform. Moreover, the emergence of sophisticated data analytics and data processing would fuel the growth of the market.
To satisfy the demand of present and future generations, smart city initiatives include enhanced quality of life, digitization, and improve IoT efficiency to fuel the global market for Enterprise IoT. However, the market's growth is accelerating with the decline in costs of connected devices and IoT penetration in SMEs. The shared security model provides the global enterprise IoT market with numerous opportunities.
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Data Protection and Privacy may hinder the market growth
- The enterprise IoT market may be limited by data protection and privacy.
- Interoperability and lack of standardization are hampering market growth.
- In the global enterprise IoT market, data transfer from legacy networks and rapid bandwidth requirements pose significant challenges.
Impact of COVID-19 on Enterprise IoT Market:
The COVID-19 pandemic has an unrivaled impact on the population and economics of the countries—the pandemic impacts the IoT market in various forms. IoT has been impacted by the shutdown of manufacturing, transportation, and automotive industries. The companies would have to adopt and follow new strategies after the lockdown in compliance with the government guidelines. Industries across the globe intend to reopen the manufacturing facilities progressively. Moreover, enterprises and industries are expected to invest in digital technology.
Scope of the Report
The report outlines the global enterprise IoT market study based on type, platform, and application.
Based on the type, the enterprise IoT market has been segmented into –
- Solution
- Data Management
- Network Bandwidth Management
- Remote Monitoring
- Security
- Real-Time Streaming Analytics
- Services
- Professional Services
- Support and Maintenance
- Consulting
- Deployment
- Integration Managed Services
Based on the platform, the enterprise IoT market has been segmented into –
- Device Management
- Application Management
- Network Management
Based on the application, the enterprise IoT market has been segmented into –
- SMEs
- Large Enterprises
Enterprise IoT Market: Regional Outlook
The enterprise IoT market has been segmented into five geographical regions: North America, Asia Pacific, South America, Europe, and the Middle East and Africa (MEA). In 2020, North America had the largest share in the global enterprise IoT market, followed by Europe and the Asia Pacific. This is because the region has a well-established infrastructure that allows for introducing and implementing modern technologies and higher adoption of smart devices. Moreover, the Asia Pacific is projected to have the highest CAGR in the global market over the forecast period.
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Key Competitors Operating In Global Enterprise IoT Market–
The global enterprise IoT market is fragmented, with a large number of players across the globe. The key players operating in the global enterprise IoT market include –
- Intel Corporation
- Cisco Systems Incorporation
- Microsoft Corporation
- Oracle Corporation
- IBM Corporation
- Google Incorporated
- Hewlett Packard Enterprise
- Amazon Web Services Incorporated
- Bosch Software Innovations GmbH
- Verizon Communications
- Siemens AG
- AT&T Incorporated
- SAP SE
- Huawei Technologies
The enterprise IoT market report provides a thorough analysis of macro-economic factors and the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players in the respective segment and region/country. The information concluded in the report includes the inputs.
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