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.
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.
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 is expected to grow at approx. USD 58 Billion by 2023, at 26% of CAGR between 2017 and 2023.
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.
Enterprise IoT market can be segmented on the basis of following:
- Data Management
- Network Bandwidth Management
- Remote Monitoring
- Professional Services
- Support & Maintenance
- Deployment & IntegrationManaged Services
- Device Management
- Application Management
- Network Management
By Enterprise Type
- Large Enterprises
The regional analysis of enterprise IoT market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. 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 technological advancements and increasing internet of things across various industry verticals in that region.
- Technology Investors
- Research/Consultancy Firms
- Infrastructure Providers
- Software Vendors
- Technology Providers
- IoT Platform Providers
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