Market Synopsis
Market Research Future prophesies the scope of the global enterprise IoT market. The global enterprise IoT market 2020 is slated to expand up to USD 58 Billion by 2023, at 26% of CAGR over the prognosis period (between 2017 and 2023).
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Market Scenario
The market is witnessing the stellar growth from factors such as residential and commercial smart electricity metering which could fuel IoT adoption among utilities in the coming years. Physical protection, where the identification of building intruders and the use of indoor surveillance events, can drive volume and becoming the second-largest IoT customer, thereby increasing the global Enterprise IoT Market valuation. Increasing acceptance of BYOD and mobile apps is a major factor driving the development of the IoT market for enterprises. The key driver of the growth of the IoT enterprise market is the emerging need for digitisation and rising cloud platform adoption. Furthermore, reducing the cost of connected devices is another important factor driving enterprise growth in the IoT market. Progressing wireless networking infrastructure is also another significant factor accountable for driving businesses' success in the IoT industry. Big companies such as IBM Corporation and Bosch are investing in the enterprise IoT market owing, among other factors, to the growing demand from different vertical industries such as healthcare, business, education , manufacturing. Morevoer, these key players in the IoT business market are constantly implementing approaches by executing planned mergers and acquisitions, producing new creative IoT devices and solutions.
Market Segmentation
Depending on the platform, part, and type of enterprise, the Enterprise IoT market has been analysed. Bifurcation of the part section into solution, applications , and services. For rising cloud-based applications and cloud-based data storage, the software segment holds the largest market share for enterprise IoT industry. Due to the growing demand for IoT applications and tools, the Services segment is expected to grow at a significant pace.
Regional Outlook
The regional analysis of enterprise IoT market is being studied for regions such as Asia Pacific, Middle east and Africa, North America, Europe, and Latin America.
North America's global business IoT market is expected to see significant growth relative to other markets, and have the largest market share over the forecast period. The U.S. and Canada are expected to fuel IoT business demand for businesses. This is due to the involvement of a large number of well-known major players including HP, Cisco Systems, IBM Corporation, and Amazon Web Services in that region. Some countries have developed economies that allow them to spend heavily in R&D. However, the region also has a well-established network that facilitates greater mobile penetration and eventually improved connectivity. This is considered to be an important driver for growth of the business IoT market. In reality, the start-up community in North America is growing faster relative to the other regions. Rapid vertical digitalisation across industry, increased proliferation of smart connected devices, and technical advancements have further fuelled IoT growth in this area. Another important factor driving the development of the IoT business industry in the area is the growing adoption of data mining and data analysis. Reducing the prices of connected devices is another primary driver of growth in the IoT enterprise market in the region.
Competitive Dashboard
The major players in the global enterprise IoT market are Microsoft Corporation (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Google Inc. (U.S.), Hewlett Packard Enterprise (U.S.), Verizon Communications (U.S.), Bosch Software Innovations GmbH (Germany), IBM Corporation (U.S.), and others.
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Intended Audience
- Technology Investors
- Research/Consultancy Firms
- Infrastructure Providers
- Software Vendors
- Technology Providers
- IoT Platform Providers
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