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.
New York, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Enterprise IoT Market Size, Share & Industry Trends Analysis Report By Enterprise Type, By Component, By End-use, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06412034/?utm_source=GNWBusinesses 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.
COVID-19 Impact Analysis
The COVID-19 pandemic profoundly impacted the global economy. The outbreak caused the significant destruction of several enterprises. The supply chain for IoT systems was significantly impacted by the COVID-19 outbreak as well. A number of IoT initiatives were put on hold, and professional services were postponed. Because some firms’ operations were disrupted during the early phases of the outbreak, few connected devices were used. As people become more tech-savvy and utilize technology when working from home, the pandemic increased the adoption of several technologies. These technologies include the Internet of Things, the Internet of Everything, machine learning, artificial intelligence, machine learning, and others.
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.
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 on 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.
The major strategies followed by the market participants are Partnership. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation and Amazon.com, Inc. are the forerunners in the Enterprise IoT Market. Companies such as Cisco Systems, Inc., SAP SE, Intel Corporation are some of the key innovators in Enterprise IoT Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon.com, Inc., Cisco Systems, Inc., IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Siemens AG, Robert Bosch GmbH, and PTC, Inc.
Recent Strategies Deployed in Enterprise IoT Market
Partnerships, Collaborations and Agreements:
Jun-2022: Cisco collaborated with Axians, a Vinci Energies brand. Under this collaboration, Cisco would offer Cisco private 5G to enterprises across industries in the Netherlands and Germany. Moreover, companies would help boost digitization efforts in the Netherlands and Germany and assist the adoption of IoT with the power of 5G.
Mar-2022: Intel Corporation collaborated with Advantech, a leading brand in IoT intelligent systems. Under this collaboration, both companies would launch UTX-3115 fanless and wide-temp embedded box, a new, all-inclusive internet of things (IoT) solution integrated with the Intel® Gateway Solutions.
Jul-2021: Microsoft Corp. partnered with NEC Corporation, an information technology, and electronics corporation. Through this partnership, Companies would utilize NEC’s network, Microsoft 365, Microsoft Azure, and IT expertise, consisting of 5G technologies to help company customers and the public sector in various markets and industries which would boost the adoption of cloud efforts and digital transformation.
May-2021: Amazon Web Services (AWS) announced a partnership with Yara, a Farming solution provider. This partnership is aimed to help Yara responsibly safeguard the planet and nourish the world. Moreover, the change in its production system is another example of how AWS supports and helps customer-specific innovation attempts.
Apr-2021: SAP SE announced an expanded partnership with Accenture, a professional services company with a specialization in information technology services and consulting. The partnership is aimed to help enterprises anchor sustainability across the complete spectrum of their business operations which is from strategy to execution.
Feb-2021: Intel Corporation teamed up with Microsoft, a technology corporation producing computer software, consumer electronics, and personal computers. The integration of capabilities of both companies based on software, hardware, cloud capabilities, and processing edge delivers various opportunities to create an IoT solution rapidly without any decrease in security and performance.
Product Launches and Product Expansions:
Sep-2022: Amazon Web Services, Inc., an Amazon.com, Inc. company, unveiled AWS IoT FleetWise, a service that makes it simple for automotive companies to transform, collect, and transfer vehicle data to the cloud in near real-time. The product helps automotive companies systematically transfer data to the cloud in near time through the service’s intelligent data-collection abilities. Additionally, these abilities enable developers to decrease the amount of data transferred to the cloud by describing rules for when to transfer and collect it based on configurable parameters.
Jun-2022: Siemens AG unveiled Siemens Xcelerator, an open digital business platform. The product makes digitalization simple, scalable, and faster and consists of a ranged suite of internet of things (IoT) authorize software, digitization, and hardware.
Jun-2022: PTC introduced ThingWorx® Industrial IoT platform. The product is created to boost Industrial IoT deployments in the enterprise value chain, ThingWorx 9.0 would enable new and expanded features to support industrial companies to customize, scale, and create their solutions.
Mar-2022: Cisco is adding capabilities in its IoT Control to assist low-complexity IoT devices and upgraded the go-to-market strategy for its as-a-service private 5G. Cisco advanced the IoT Control center to decrease management complexity for low-bandwidth, low-cost devices.
Jan-2022: Amazon released the Amazon Sidewalk Bridge Pro by Ring, a professional-grade Sidewalk device for large areas. The product could be installed both inside and mostly outside especially on a high spot, Amazon Sidewalk Bridge Pro by Ring covers hundreds of devices stretched to five miles.
Nov-2021: Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company released AWS IoT TwinMaker, a service that makes it simple and rapid for innovators to design digital twins of real-world systems like industrial equipment, factories, and buildings. The product makes it simple for developers to combine data from various sources including video cameras, business applications, and equipment sensors, and integrate the same data to build a knowledge graph that models the real-world environment.
Acquisitions and Mergers:
Jun-2021: Microsoft acquired ReFirm Labs, the developer of security software. With this acquisition, ReFirm strengthens its firmware analysis and security abilities across devices that form the intelligent edge from IoT to servers.
Geographical Expansions:
May-2021: Robert Bosch Engineering and Business Solutions, a subsidiary of Robert Bosch, released the new Phantom Edge – an AIoT platform, which integrates the strength of the Internet of Things and Artificial Intelligence to deliver a live view of operating usage, appliance-level information, electrical parameters, and electrical energy consumption.
Scope of the Study
Market Segments covered in the Report:
By Enterprise Type
• Large Enterprise
• Small & Medium Sized Enterprise
By Component
• Hardware
• Software & Solutions
o Surveillance & Security
o Network & Connectivity Management
o Data Management
o Application Management
o Device Management
• Services
By End-use
• Manufacturing
• Oil & Gas
• Utilities
• Transport
• BFSI
• IT & Telecom
• Healthcare
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Amazon.com, Inc.
• Cisco Systems, Inc.
• IBM Corporation
• Intel Corporation
• Microsoft Corporation
• Oracle Corporation
• SAP SE
• Siemens AG
• Robert Bosch GmbH
• PTC, Inc.
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