Market Scenario:
Major factor driving the growth of Enterprise Iot Market is the growing need for digitalization and increasing adoption of cloud platform. Reduction in cost of connected devices is another major factor driving the growth of enterprise IoT market. Development of wireless networking technologies is also another major factor responsible for fueling the growth of enterprise IoT market.
The global Enterprise IoT Market Report is expected to grow at approx. USD 58 Billion by 2023, at 26% of CAGR between 2017 and 2023.
Major giants like IBM Corporation and Bosch are investing into enterprise IoT market due to increasing demand from various industry verticals like healthcare, education, corporate, manufacturing among others. IBM and Bosch have joined forces for developing new technologies for enterprise IoT and in order to deliver comprehensive IoT solutions for their respective organizations. Increasing adoption of BYOD and mobile devices is one major factor fueling the growth of enterprise IoT market.
North America region holds the largest market share of global enterprise IoT market followed by Europe and Asia Pacific regions. The growth is North America region is mainly dominated by U.S. and Canada and is attributed to the increasing demand for mobile communication and growing demand for internet of things in the region. The region also has a well-established infrastructure which allows implementation of advanced technologies and higher penetration of devices.
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Enterprise IoT market has been segmented on the basis of component, platform and enterprise type. The component segment is further bifurcated into software, solution and services. Out of which, the software segment holds the largest market share for enterprise IoT market owing to increasing cloud based applications and cloud based data storage. The services segment is expected to grow at a significant rate owing to the increasing demand for IoT applications and devices.
Global Enterprise IoT Market - Segmentation
The Global Enterprise IoT Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
- Segmentation by component: Comprises solution (data management, network bandwidth management, remote monitoring, and security) and services (professional and managed services).
- Segmentation by platform: Comprises device management, application management and network management.
- Segmentation by enterprise type: Comprises SME and large enterprises.
- Segmentation by regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.
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.
Global Enterprise IoT Market- Regional Analysis
Geographically North America holds the major market share in the market for global enterprise IoT market. The rapid digitalization across industry verticals and technological advancements have fuelled the growth of the market. With these developments, the enterprise Internet of Things market in North America has gained a significant share. Asia Pacific consists of emerging economies. The high adoption rate of new technologies has made this region a beneficial market for the IT industries. Moreover, the countries in this region are taking aggressive initiatives to upsurge the IT infrastructure, enabling the commercial users to adopt cutting-edge technologies.
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