Dublin, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The "Global Enterprise IoT Market Size, Share & Industry Trends Analysis Report By Enterprise Type, By Component (Hardware, Software & Solutions and Services), By End-use, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Enterprise IoT Market size is expected to reach $681.4 billion by 2028, rising at a market growth of 15.4% CAGR during the forecast period.
The Internet of Things is evolving, and the next stage is called 'Enterprise IoT, ' where businesses are progressively investing in linked physical objects with embedded computing devices to increase operational efficiency, lessen human labor, and speed up business operations.
Businesses can collect and send real-time data to make better business decisions and offer more value to their consumers by connecting physical things to the internet via enterprise IoT investments.
One use case for IoT devices in the healthcare industry is remote patient monitoring. Healthcare practitioners can swiftly identify whether patients require therapy or intervention by keeping track of their vital signs from a distance, improving health outcomes.
Organizations in various industries, including energy, telecom, manufacturing, government, retail, and industrial, expect to profit from business IoT projects because of the technology's potent capabilities.
The market is expected to grow because of the development of technologies like Wi-Fi, Bluetooth, Insteon, ZigBee, and others. Launching cutting-edge IoT solutions is prioritized by major industry players like Google LLC, IBM Corporation, and Amazon Web Services to generate good market demand.
To investigate the possibilities of the digital transformation brought on by 5G, wireless networking, and edge computing, for instance, AT&T and IBM Corporation teamed up in February 2022. The cooperation wants to provide industry clients with an engaging environment where they may encounter hybrid cloud technology, physical clouds, and AT.
Market Growth Factors
Increasing Use Of Cutting-Edge Data Analytics And Processing Technologies
The adoption of IoT technology among businesses across multiple business sectors is being accelerated by exposed to multiple data analytics and data processing tools such as massive data analytics, data science, and Hadoop. Data analytics is a technique used to examine both large and small data sets with various data attributes in order to produce valuable findings and useful insights. Moreover, awareness about real-time data & product lifecycle data in business is increasing, which is expected to bolster the growth of the Enterprise IoT market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
Rising Investment In Smart City Projects
As the world shift towards urbanization, the increasing number of smart city projects and growing government investment for the digital ecosystem will raise IoT devices' demand. The platform and devices are utilized for a close check on mobility, infrastructures, and air & water quality to enhance infrastructure, public services, and utilities. Thus, all these factors are driving the growth of Enterprise IoT Market.
Market Restraining Factors
IoT Ecosystem Limitations Related To Data Integrity, Security, and Privacy
IoT technology can be used for a huge variety of things, including collecting biometric data via communication networks and cloud technologies. To communicate and exchange data both internally and with other machines, these devices have individual IP addresses. However, as deployment becomes more advanced, data security and privacy for smart devices, connected devices, mobile devices, and platforms are also expanding. Thus, all these factors are hampering the growth of Enterprise IoT Market.
Component Outlook
Based on Component, the Enterprise IoT Market is classified into Hardware, Software & Solutions, and Services. The software & solutions segment generated a significant revenue share in 2021. One of the key reasons influencing the market growth is the increased adoption of professional IoT services by businesses, including deployment and integration services, consultancy services, and maintenance and support services. Managed service providers have made it possible for IoT technology to be widely used through service-based solutions for managing front-end deployment, manufacturing operations, and choosing the appropriate parts for specific business needs.
Enterprise Type Outlook
Based on enterprise type, the market is classified into large enterprise and small & medium sized enterprise. In 2021, the large enterprise segment will account for a largest portion of sales. The increased usage of big data and the opportunistic market for major corporations can be credited with this segment's growth. Additionally, IoT service providers are concentrating on improving products and services through enhanced offerings like business process integration and service management to cater the requirements of multi-regional and multinational enterprises, which is anticipated to benefit the enterprise IoT industry in the long run.
End-Use Outlook
Based in end-use, the market is categorized into manufacturing, Utilities, Oil & Gas, Transport, IT & Telecomm, BFSI, Healthcare, and Others. In 2021, the transport segment was responsible for a sizeable portion of revenue. The rising utilization of online fleet management systems in the enterprise IoT application is anticipated to alter logistics and transportation. Accessibility to onboard connectivity and real-time data is made possible by the online fleet management system, which ultimately increases transportation effectiveness and security
Regional Outlook
Based on the geography, the Enterprise IoT Market is classified into North America, Europe, Asia Pacific, and LAMEA. The North America registered the highest market share in 2021. The region's early embrace of cutting-edge technologies including big data, IoT, ML, AI, cloud, and mobility, is anticipated to drive market expansion. Additionally, firms in the area are eager to integrate IoT technologies into their procedures to boost operational effectiveness. Additionally, the US government is working to raise the use of immersive technology and hence the area's market share.
Key Market Players
List of Companies Profiled in the Report:
- Amazon.com, Inc.
- Cisco Systems, Inc.
- IBM Corporation
- Intel Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Siemens AG
- Robert Bosch GmbH
- PTC, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/z9y6rr-enterprise?w=12
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
