Enterprise IoT Market by Component (Hardware, Services, Software), Enterprise Size (Large Enterprise, Small & Medium Enterprises (SMEs)), Application - Global Forecast 2024-2030

Enterprise IoT Market by Component (Hardware, Services, Software), Enterprise Size (Large Enterprise, Small & Medium Enterprises (SMEs)), Application - Global Forecast 2024-2030

The Enterprise IoT Market size was estimated at USD 1.10 billion in 2023 and expected to reach USD 1.26 billion in 2024, at a CAGR 13.91% to reach USD 2.76 billion by 2030.

Enterprise IoT refers to the application of IoT technology in a business setting, which involves connecting various physical devices and objects used in business environments to the Internet or other networks. These devices are provided with software and sensors to collect and exchange data, allowing businesses to automate processes and gather insightful analytics to improve efficiency and decision-making. Enterprise IoT serves as a transformative force across various industries, driving improvements in efficiency, reliability, and productivity. Enterprise IoT is a dynamic field that offers a range of solutions geared towards making businesses smarter and more efficient. Its implementation leads to significant enhancements in terms of operational performance, asset management, energy conservation, security, and customer satisfaction. Through continuous monitoring and data-driven insights, enterprises are better equipped to make informed decisions, often resulting in substantial competitive advantages. The increasing adoption of IoT solutions by enterprises to automate processes and monitor equipment remotely is driving the potential market demand for enterprise IoT solutions. security and privacy concerns associated with user data among consumers hinder market growth. However, growing investments for the implementation of IoT solutions in enterprises are leading to improvements in connectivity, data processing, and device affordability that contribute to increased adoption of Enterprise IoT.

Regional Insights

In the Americas, particularly North America, the surge in Enterprise IoT is fueled by established technological infrastructures and a high engagement with IoT technologies within sectors such as manufacturing, healthcare, and transportation. Advanced uses of AI and machine learning sustain this growth. Significant investments from public and private entities and initiatives aimed at developing smart cities are increasing the demand for enterprise IoT. The Asia Pacific region is rapidly expanding in IoT adoption. This adoption of IoT is propelled by swift urbanization, industrial advancement, and strong governmental support, particularly in China, Japan, and South Korea. The region benefits from IoT applications in precision agriculture, enhanced healthcare monitoring, and smart manufacturing. The EMEA region displays steady growth, driven by stringent EU regulations on data security and privacy, such as the GDPR, alongside notable advancements in IoT within the Middle East’s energy sectors and Africa’s improving connectivity infrastructure. Collectively, these regions are navigating through the intricacies of IoT deployment, leveraging it to boost operational efficiencies, reduce costs, and enhance competitive prowess, all further amplified by the emerging potentials of 5G technology.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Enterprise IoT Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Potential demand attributed to increasing adoption of IoT solutions by enterprises
Favorable initiatives regarding the usage of IoTs in the enterprises

Market Restraints

Concerns associated with privacy and security of user data

Market Opportunities

Collaborative developments and strategic partnerships among enterprise and tech providers
Growing investments for the implementation of IoT solutions into enterprises

Market Challenges

Issues associated with the integration and deployment of IoT solutions in enterprises

Market Segmentation Analysis

Components: Deployment of the IoT software platforms for managing and securing network connectivity in the enterprise
Enterprise size: Maximizing business performance of SMEs with the help of IoT integration

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Enterprise IoT Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Enterprise IoT Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

6D Technologies Enhances Vodafone Idea Ltd.'s Enterprise IoT Capabilities with Infinity Platform

6D Technologies significantly upgraded Vodafone Idea Ltd.'s Enterprise IoT services by implementing its advanced solution, Infinity. This platform has streamlined operations and provided robust, scalable solutions that cater to diverse industrial needs, enhancing efficiency and connectivity. This development strengthens Vodafone Idea's position in the IoT market and empowers enterprises to leverage IoT technologies effectively for improved operational efficiencies and strategic data-driven decision-making.

KORE Advances in the IoT Market with Strategic Acquisition of Twilio's IoT Unit

KORE, recently completed the acquisition of Twilio's IoT business unit, marking a significant step in its strategy to establish itself as the world’s first IoT hyperscale. integrating Twilio's advanced IoT technologies, KORE aims to provide more comprehensive and efficient IoT services to meet the increasing demands of businesses worldwide. This strategic move is intended to enhance KORE’s service offerings, expanding their capabilities in critical IoT solutions and connectivity management

NTT and Cisco Unveil IoT-as-a-Service to Propel Enterprise Digital Transformation

NTT Ltd., a global technology services company, joined forces with tech giant Cisco to introduce an innovative IoT-as-a-Service offering to enhance enterprise customers' digital transformation initiatives. This new service streamlines the deployment of IoT solutions, allowing businesses to connect, secure, and manage devices effortlessly. NTT and Cisco are dedicated to delivering comprehensive IoT solutions that address specific industry challenges and drive significant advancement in an interconnected world.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Enterprise IoT Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Enterprise IoT Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Amazon Web Services, Inc., Arm Limited, AT&T Corporation, Cisco Systems, Inc., Dell International Services India Pvt. Ltd., Fujitsu Limited, General Electric Company, Hitachi, Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd., Intel Corporation, International Business Machines Corp., KORE Group Holdings, Inc., Microsoft Corporation, Mitsubishi Electric Corporation, NEC Corporation, Nokia Corporation, Oracle Corporation, PTC Inc., Qualcomm Incorporated, Robert Bosch GmbH, SAP SE, Schneider Electric SE., Siemens AG, and Verizon Communications Inc..

Market Segmentation & Coverage

This research report categorizes the Enterprise IoT Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
Hardware
Services
Software
Application Management
Data Management
Device Management
Network & Connectivity Management
Surveillance & Security
Enterprise Size
Large Enterprise
Small & Medium Enterprises (SMEs)
Application
Banking & Finance
Healthcare
IT & Telecomm
Manufacturing
Oil & Gas
Transportation
Utilities
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year