As technology advances, so does the enterprise IoT industry. In America in particular, it is expected to experience impressive growth of more than 15% over the next decade. Many companies and organizations take advantage of this powerful tool by investing heavily in its development; understand that adopting IoT can dramatically increase operational efficiency and give them a huge advantage over their competitors.
NEWARK, Del, Jan. 25, 2023 (GLOBE NEWSWIRE) — The enterprise IoT market is expected to grow at a CAGR of 13% from 2023 to 2033, exceeding US$2021.19 billion by 2033. The market is expected to be worth US$595.42 billion in 2023.
The enterprise IoT market is driven by several factors such as growing adoption of IoT across various industries to improve operational efficiency and reduce cost. Rising adoption of cloud-based IoT platforms is also expected to drive the market growth.
Furthermore, the rising trend of Industry 4.0 and growing need for automation in various industries is also propelling the growth of the market. Growing adoption of enterprise IoT in smart cities and smart homes, as well as IoT-enabled automation in various industries such as manufacturing and transportation, are also expected to drive the market growth.
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Another key driver of the enterprise IoT market is the growing focus on digital transformation across various industries. With the rise of big data and analytics, organizations are looking to leverage IoT technology to gain valuable insights and make data-driven decisions. This is driving a growing demand for enterprise IoT solutions in various industries such as healthcare, transportation, and manufacturing. Moreover, the growing trend of Industry 4.0 and growing need for automation in various industries is also propelling the growth of the market.
Growing adoption of enterprise IoT in emerging technologies such as AI, ML, and Big Data is also expected to drive the market growth over the forecast period. These technologies allow organizations to analyze large amounts of data generated by IoT devices and make data-driven decisions.
Rising demand for enterprise IoT across various industries such as agriculture and energy management is also expected to drive the market growth. Government initiatives and regulations to promote the use of energy-efficient equipment are also expected to boost IoT adoption during the forecast period. These factors make enterprise IoT an attractive investment opportunity for companies looking to tap into the growing market.
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Main lessons from the company IoT Market:
The hardware segment accounted for more than 45% of total revenue in 2022 and is expected to dominate the market over the projected period.
Over the projected period, the software and solutions category is expected to grow at the fastest rate, with a CAGR of 15%.
The small and medium enterprise category held the largest share of 68% in 2022 and is expected to dominate the market from 2023 to 2033.
Manufacturing held the largest market share of 26% in 2022.
The enterprise IoT industry in the United States is expected to grow at a CAGR of over 15% between 2023 and 2033.
The UK enterprise IoT industry is expected to grow at a CAGR of 12% between 2023 and 2033.
The enterprise IoT industry in Japan is expected to grow at a CAGR of over 14.5% between 2023 and 2033.
The enterprise IoT industry in China is expected to grow at a CAGR of over 16% between 2023 and 2033.
The enterprise IoT market is highly competitive, with a few major players holding significant market share. Market leading companies are increasingly implementing growth strategies such as collaborations, partnerships, and product development and launches to maintain their position in the market. The market has a high barrier to entry, which makes it difficult for small and medium players to enter. Technological advancements play a major role in driving the market, creating a differentiating factor between new entrants and established players.
In October 2021, Cisco Systems, Inc. launched its first Global Labor Index, which uses AI and mobile technology and operates on a hybrid model.
Siemens AG and PTC Inc. have developed IoT solutions for use in industrial settings such as manufacturing and transportation.
Cisco Systems, Inc. and Bosch have created security solutions to protect IoT devices and networks from cyberattacks.
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Key segments profiled in the Business IoT Market
By business type:
By end use:
IT & Telecom
Middle East and Africa
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis of the technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
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exploderegarding extended IMF coverage in Technology Domain:
Workflow Management (WMS) Software Market Demand: In 2021, the global Workflow Management (WMS) Software market will be worth US$5.2 billion. The Workflow Management Software (WMS) market is expected to reach $71.8 billion by 2032.
Mobile Messaging Market Share: The mobile messaging market was worth $87.5 billion in 2022 and is expected to reach $284.89 billion by 2030, growing at a CAGR of 15.9% until in 2032.
Mobile Payment Data Protection Market Size: From 2022 to 2032, the Mobile Payment Data Protection Market is expected to grow at a CAGR of 12.3%. In 2022, the global mobile payment data protection market was estimated at US$603.9 billion.
Case Management Software (CMS) Market Analysis: The global case management software (CMS) market is expected to be worth US$6.7 billion in 2022. The market is expected to grow at a robust CAGR of 9.2% , which will bring the market size to US$6.7 billion. 16.4 billion by 2032.
Mobile Payment Security Market Growth: The mobile payment security market is expected to witness a prodigious CAGR of 21.5% during the period 2022-2032. The mobile payment security market is expected to grow from US$1.1 trillion in 2022 to US$7.8 trillion in 2032.
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