Enterprise IoT market set to rise, driven by cloud-based IoT platforms

The enterprise IoT market is anticipated to rise at a CAGR of 13% from 2023 to 2033, surpassing US$2021.19 billion by 2033. The market is anticipated to be worth US$595.42 billion in 2023, according Future Market Insights.

The enterprise IoT market is driven by several factors such as the increasing adoption of IoT in various industries to improve operational efficiency and reduce costs. The increasing adoption of cloud-based IoT platforms is also expected to drive market growth.

In addition, the growing trend of Industry 4.0 and the increasing need for automation in various industries are also propelling the growth of the market. The increasing adoption of enterprise IoT in smart cities and smart homes, as well as IoT-enabled automation in various industries such as manufacturing and transportation, is also expected to drive market growth.

Another key driver of the enterprise IoT market is the increasing focus on digital transformation across various industries. With the rise of big data and analytics, organisations are looking to leverage IoT technology to gain valuable insights and make data-driven decisions. This is leading to increasing demand for enterprise IoT solutions in various industries such as healthcare, transportation, and manufacturing. Additionally, the growing trend of Industry 4.0 and the increasing need for automation in various industries are also propelling the growth of the market.

The increasing adoption of enterprise IoT in emerging technologies such as AI, ML, and big data is also expected to drive market growth during the forecast period. These technologies enable organisations to analyse large amounts of data generated by IoT devices and make data-driven decisions.

The growing demand for enterprise IoT in various industries such as agriculture and energy management is also expected to drive market growth. Government initiatives and regulations to promote the use of energy-efficient equipment are also anticipated to boost the adoption of IoT during the forecast period. These factors are making enterprise IoT an attractive investment opportunity for companies looking to tap into the growing market.

Key Takeaways:

• The hardware sector accounted for more than 45% of total revenue in 2022 and is expected to dominate the market over the projected period.
• During the projected period, the software and solutions category is predicted to grow at the quickest rate, with a CAGR of 15%.
• The small and medium-sized firm category held the biggest share of 68% in 2022 and is expected to lead the market from 2023 to 2033.
• Manufacturing held the greatest market share of 26% in 2022.
• The enterprise IoT industry in the United States is expected to grow at a CAGR of more than 15% between 2023 and 2033.
• The enterprise IoT industry in the United Kingdom is predicted to grow at a CAGR of 12% between 2023 and 2033.
• The enterprise IoT industry in Japan is expected to grow at a CAGR of more than 14.5% between 2023 and 2033.
• The enterprise IoT industry in China is expected to grow at a CAGR of more than 16% between 2023 and 2033.

Competitive Landscape

The enterprise IoT market is highly competitive, with a few major players holding a significant market share. Leading companies in the market are increasingly implementing growth strategies such as collaborations, partnerships, and product development & launches to maintain their market position. The market has a high entry barrier, making it difficult for small and medium players to enter. Technological advancements play a major role in driving the market, creating a differentiating factor between new entrants and established players.

·         In October 2021, Cisco Systems, Inc. introduced its first global work index, which utilises AI and mobile technology and operates on a hybrid model.

·         Siemens AG and PTC Inc. have developed IoT solutions for use in industrial contexts such as manufacturing and transportation.

·         Cisco Systems, Inc. and Bosch have created security solutions for protecting IoT devices and networks from cyber-attacks.