Enterprise IoT Market Size, Share & Trends Analysis Report By Component (Hardware, Software & Solutions, Services), By Enterprise Type (SMEs, Large Enterprise), By Application, By Region, And Segment Forecasts, 2024 - 2030

Enterprise IoT Market Size, Share & Trends Analysis Report By Component (Hardware, Software & Solutions, Services), By Enterprise Type (SMEs, Large Enterprise), By Application, By Region, And Segment Forecasts, 2024 - 2030

Enterprise IoT Market Growth & Trends

The global enterprise IoT market size is expected to reach USD 1.42 billion by 2030, registering a CAGR of 14.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is experiencing significant growth owing to the increasing adoption of cloud-based platforms and a rising demand for digitalization. Enterprise IoT represents a new phase in global transformation, propelled by technological advancements, expanding economic prospects, and a rising need for operational efficiency. These elements are anticipated to drive exponential growth in the market.

Enterprise IoT contributes to lowering maintenance expenses, improving energy efficiency, and boosting employee skills, ultimately leading to increased productivity. The innovations in IoT have a wide range of applications across various industries, including BFSI, manufacturing, agriculture, and utilities. These applications encompass inventory management, device management, and resource optimization. The increasing significance of deploying enterprise IoT for functions like asset management, remote administration services, operational intelligence generation, predictive maintenance, and remote monitoring is anticipated to drive market growth.

Security concerns have been a persistent challenge in the adoption of IoT technologies, but advancements in cybersecurity measures are gradually alleviating these apprehensions. As businesses become more confident in the security protocols surrounding IoT implementations, they are increasingly willing to invest in and deploy connected devices. The integration of robust security features, including encryption, authentication, and secure communication protocols, enhances the resilience of IoT ecosystems against potential threats, fostering a conducive environment for widespread adoption.

The COVID-19 pandemic hampered the market growth. The global lockdown significantly affected the progress of the market, halting manufacturing, disrupting the supply chain, and causing a decline in market demand, leading to a sluggish growth trajectory. However, manufacturers responded by implementing various strategies to counter the sales impact resulting from the easing of restrictions. For instance, in May 2021, Siemens AG and SAP SE joined forces to integrate plant floor operations and new product development, facilitating remote condition monitoring for OEMs through digital twins. This collaborative approach across the asset's lifecycle is contributing to the growth of the market as key players adopt post-pandemic market strategies.

Enterprise IoT Market Report Highlights

• Based on components, the software & solutions segment is anticipated to grow significantly during the forecast period owing to the rising demand for sophisticated software solutions to manage data, analytics, and connectivity, as businesses are increasingly leveraging IoT technologies
• Based on size, the small and medium sized enterprise segment accounted for the largest market share in 2023. This growth can be attributed to increasing governmental efforts globally to support SMEs in the realm of enterprise IoT
• Based on application, the manufacturing segment accounted for a significant revenue share in 2023 owing to the emergence of Industry 4.0. The integration of IoT technologies in manufacturing processes has revolutionized the industry, enhancing automation, connectivity, and data analytics. The focus of Industry 4.0 on smart factories, predictive maintenance, and efficient production has propelled the demand for IoT solutions in this sector
• The Asia Pacific enterprise IoT sector is expected to grow at the highest CAGR during the forecast period. This growth is due to the increasing adoption of 5G services supported by increasing demand for smart city platforms

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