In this rapidly changing world of technology, enterprise IoT market is projected to show major growth prospects during the forecast period. Major factor driving the enterprise IoT market is the rapid digitalization and increasing adoption of mobile communication devices.
The global Enterprise Iot Market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the enterprise IoT market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of enterprise IoT market. This is owing to the presence of large number of established key players like IBM Corporation, HP, Cisco Systems and Amazon Web Services in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. This is expected to be a major factor for the growth of enterprise IoT market. Growing adoption of data analytics and data processing is another major factor driving the growth of enterprise IoT market in the region. Reduction is costs of connected devices is another major factor driving the growth of enterprise IoT market in the region.
The Enterprise Iot Market is growing rapidly over 26% of CAGR and is expected to reach at approx. USD 58 Billion by the end of forecast period.
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The prominent players in the 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.
Enterprise IoT Market Segmentation
The enterprise IoT market has been segmented on the basis of component, platform and enterprise type. The platform segment is further bifurcated into device management, application management and network management. Enterprise IoT has a flexible platform deployed across multiple applications. It follows a platform based approach and helps in integration of new services and solutions into the company’s existing architecture. Internet of things has a wide range of technologies and they are being implemented for various applications like smart city solutions and connected logistics. Maintaining a centralized supply chain with enterprise IoT in connected logistics will provide efficiency in the work and better and accurate results.
Market Research Analysis:
It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in enterprise IoT market in North America is attributed to technical advancements and increasing use of mobile devices, tablets and smartphones in that region.
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- Technology Investors
- Research/Consultancy Firms
- Infrastructure Providers
- Software Vendors
- Technology Providers
- IoT Platform Providers
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