The global enterprise IoT market size was US$ 540 billion in 2021. The global enterprise IoT market is forecast to grow to US$ 1480 billion by 2030, registering a compound annual growth rate (CAGR) of 11.8% during the forecast period from 2022 to 2030.

Factors Influencing the Market

The increasing number of wireless networking technology will benefit the global enterprise IoT market. In addition, the growing adoption of cloud platforms across various industry verticals will propel the global enterprise IoT market forward.

The emergence of sophisticated data analytics and data processing will benefit the global enterprise IoT market in the coming years.

Furthermore, favorable initiatives to establish smart city infrastructure are likely to accelerate the growth of the global IoT enterprise market. In addition, growing digitization and improved IoT efficiency will prompt market growth.

Growing IoT penetration among SMEs will offer ample growth opportunities for the enterprise IoT market.

COVID-19 Impact Analysis

The COVID-19 pandemic has negatively impacted the global IoT enterprise market. Due to the COVID-19 sudden impact, the demand for IoT solutions decreased. Various firms in the IoT market had to halt their operations in order to support government laws. The shutdown of the manufacturing, transportation, and automotive industries had a significant declining influence on the IoT industry. Following the shutdown, corporations would have to adopt and implement new strategies in accordance with government rules. Industries globally have planned to gradually restore industrial plants. Furthermore, it is projected that businesses and sectors will invest in digital technology once the pandemic is over. Companies have significantly witnessed the potential scope of IoT technologies. Moreover, it will help them reduce human error. As a result, it will fuel the growth of the global IoT enterprise market.

Regional Analysis

North America dominated the global enterprise IoT market. Meanwhile, Europe and Asia-Pacific are forecast to hold the second and the third-largest share of the global enterprise IoT market. The growth of North America is attributed to the region's well-developed infrastructure and rising penetration of advanced technology. Thus, the growing introduction and implementation of current technology and high adoption of smart gadgets are likely to benefit the market.

Competitors in the Market

Intel Corporation
Cisco Systems Incorporation
Microsoft Corporation
Oracle Corporation
IBM Corporation
Google Incorporated
Hewlett Packard Enterprise
Amazon Web Services Incorporated
Bosch Software Innovations GmbH
Verizon Communications
Siemens AG
AT&T Incorporated
SAP SE
Huawei Technologies
Other Prominent Players
Market Segmentation

The global enterprise IoT market segmentation focuses on Type, Platform, Application, and Region.

Based on the type, the enterprise IoT market has been segmented into

Solution
Data Management
Network Bandwidth Management
Remote Monitoring
Security
Real-Time Streaming Analytics
Services
Professional Services
Support and Maintenance
Consulting
Deployment
Integration Managed Services
Based on the platform, the enterprise IoT market has been segmented into

Device Management
Application Management
Network Management
Based on the application, the enterprise IoT market has been segmented into

SMEs
Large Enterprises
Based on the region, the enterprise IoT market has been segmented into

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America