The latest market publication titled Enterprise IoT Market 2022-2026 has been added to the report store by GlobalData Plc. The report estimates the enterprise IoT market size valued at USD 547.9 billion in 2021. Factors such as the increasing demand for mobile data connectivity at higher speeds, increasing adoption of smart cities, and the development of the mobile 5G will propel the enterprise IoT market to garner a CAGR of 9.6% during the upcoming years.
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The enterprise IoT market size will also grow due to factors such as a surging drop in sensor prices coupled with increasing IPOs and M&As. However, the enterprise IoT market will also witness challenges including hard and expensive integration, lack of global IoT security standards, lack of global IoT communication, and design challenges.
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Enterprise IoT Market Segment Highlights
- Application Type
- Industrial Internet: The Industrial Internet refers to the use of connected sensors and actuators to control and monitor the industrial machinery environment and to help detect faults early and predict maintenance requirements. IT services have become a necessary addition to the Industrial Internet value chain. The need to integrate both IT and operational technology (OT) will require the input of external consulting services companies, especially in the growing use case of predictive maintenance. Accenture, Cognizant, Atos, TCS, Infosys, and IBM are likely to be among those most in demand.
- Smart Cities
- Product Type
- IoT Hardware: The IoT hardware product segment accounted for the largest enterprise IoT market share in 2021. A drop in sensor prices globally is one of the major drivers for the enterprise IoT hardware market.GE, Honeywell, Alibaba, Amazon, AMD, and Nvidia are some of the leaders in IoT hardware.
- IoT Software
- IoT Services
- Government: The segment accounted for the highest enterprise IoT market revenue in 2021 and continues to account for the highest share throughout the forecast period. Governments across the globe are pushing toward the creation of smart cities, driving the market in the government segment.
- Transport and Logistics
- Travel and Leisure
- Regional Opportunities
- Asia Pacific: The Asia Pacific region will continue to contribute the largest share of the total enterprise IoT market from 2021-2026. The regional market for enterprise IoT accounted for 41.2% of the total market in 2021. It will remain the largest regional market for enterprise IoT through the forecast period.
- North America
- South and Central America
- Middle East and Africa
- Size Band
- Very Large (5000+)
- Large (1001-4999)
- Medium (251-1000)
- Small (51-250)
- Micro (Less than 50)
- Short Range
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Enterprise IoT Market Vendor Landscape
The overall competitive landscape for the enterprise IoT sector is highly fragmented. Numerous venture capital companies are heavily investing in innovative cyber security start-ups possessing pioneering expertise. Enterprise IoT ecosystem de-fragmentation through M&A seems like a positive trend for an over-complicated market in which customers still complain that they need to buy and manage separate elements from disparate vendors and may have trouble proving the adequate return of investment to key stakeholders.
Top Enterprise IoT Companies are:
- Microsoft Corp: The company develops, licenses, and supports software products, services, and devices. In September 2022, Novo Nordisk and Microsoft entered a collaboration to combine Microsoft’s computational services, cloud, and artificial intelligence (AI) with Novo Nordisk’s drug discovery, development, and data science capabilities.
- Alphabet Inc: The company offers a wide range of products and platforms while offering online advertising services. In July 2022, CGS launched a technology, sales, and marketing partnership with Google to deliver experiential training and user-generated collaborative content for frontline workers across a wide variety of industries.
- Samsung Electronics Co Ltd: The company provides solutions for retail, hospitality, healthcare institutions, finance, education, transportation, and government sectors. In April 2022, Samsung Electronics announced a partnership with global technology company ABB to expand Samsung SmartThings integration into more homes and buildings.
- Intel Corp
- Qualcomm Inc
- Siemens AG
- International Business Machines Corp
- com Inc
- Cisco Systems Inc
- Huawei Investment & Holding Co Ltd
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