Market Overview
Internet of Things (IoT), the network that enables the connection between the physical and digital world has gained massive acceptance within the business sector. Enterprises have already started harnessing the benefits of IoT and enterprise IoT have already facilitated the automation of various business processes. Market Research Future (MRFR’s) recent report on the global Enterprise IoT Market provides a detailed analysis of the market, with key market dynamics such as drivers, restraints, opportunities discussed at length. MRFR’s analysis has projected the global enterprise IoT market to reach USD 58 Bn at a CAGR of 26% over the forecast period of 2017-2023.
Factors such as the intensifying push for digital transformation, development of wireless network technologies, and the need to reduce the cost of connected technologies are fostering the growth of the enterprise IoT market. IoT has become the cornerstone of many organization’s digital transformations, and Enterprise IoT market is gaining traction due to the advantages aligned with it, such as cost-efficiency, and easy availability of connected systems and devices. Additionally, enterprises have the capital, resources, and reach, which has facilitated the deployment of IoT solutions and services on a large-scale.
The emergence of Big Data analytics is a key factor in fostering the growth of the market. With various analytics tools, enterprises can realize value from the data sets generated by IoT devices. Besides, technologies such as real-time stream analysis and machine learning have also supported the market growth by enabling compelling use cases. Cloud computing has also created a supportive dais for the growth of the enterprise IoT market.
Conversely, issues associated with security, problems of integration with existing technology, and uncertain ROI are major hindrances to the growth of the enterprise IoT market.
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Key Players
The prominent players in enterprise IoT market are – Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), Google Inc. (U.S.), Hewlett Packard Enterprise (U.S.), Amazon Web Services, Inc. (U.S.), Bosch Software Innovations GmbH (Germany), Verizon Communications (U.S.) and others.
Segmentation
The global enterprise IoT market has been segmented based on component, platform, and enterprise type.
- By component, the enterprise IoT market has been segmented into solution and service. The solution segment can be further segmented into data management, network bandwidth management, remote monitoring, and security. The service segment can be further segmented into professional services, consulting, support & maintenance, and deployment & Integration Managed services.
- By platform, the enterprise IoT market has been segmented into device management, network management, and application management.
- By enterprise type, the enterprise IoT market has been segmented into large enterprises and SMEs.
Regional Analysis
Region-wise, the enterprise IoT market has been segmented into North America, Rest-of-the-World (RoW), Asia Pacific (APAC), and Europe.
North America is the principal enterprise IoT market. The region is a frontrunner in the adoption of the latest technologies, and same is the case with IoT. IoT has gained widespread acceptance among enterprises, especially among large enterprises present in the region. The region has a robust IT infrastructure which makes incorporation of IoT technically feasible and easy. Moreover, the clustering of major market leaders in the region is favoring the market’s growth further. These market players have deep pockets and are investing heavily in R&D activities. Furthermore, joint ventures, partnerships, collaborations, and M&A activities are a prominent feature in the region, which is facilitating the expansion of the North America enterprise IoT market. The US and Canada re the key contributors to the North America market.
Europe follows North America’s lead closely while APAC is anticipated to be the fastest-growing enterprise IoT market. The rising number of SMEs in the region along with surging adoption of IoT in the region is motivating the growth of the market.
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Intended Audience
- Technology Investors
- Research/Consultancy Firms
- Infrastructure Providers
- Software Vendors
- Technology Providers
- IoT Platform Providers
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