LONDON, UK, December 9, 2022 /EINPresswire.com/ — The global Enterprise IoT market size reached USD 547 billion in 2021, according to a new report by GlobalData Plc. The adoption of Enterprise IoT will be supported by increasing demand for mobile data connectivity at higher speeds, mainly driven by mobile video consumption, increasing adoption of smart cities, and the development of the mobile 5G.
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Manufacturers are currently using Enterprise IoT solutions to track assets in their factories, consolidate their control rooms and increase their analytics functionality through predictive maintenance, subsequently creating demand for Enterprise IoT products worldwide. Additionally, 5G wireless technology intends to deliver higher multi-Gbps peak data speeds, ultra-low latency, more reliability, massive network capacity, and increased availability required for widespread Enterprise IoT adoption.
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Enterprise IoT Market Report Highlights
â€¢ The global enterprise IoT market is projected to witness a CAGR of 9.6% from 2021 to 2026, reaching a value of $865 billion. An inclination towards using smart, connected products that are customized as per user requirements is paving way for the success of Enterprise IoT products worldwide.
â€¢ In 2021, the IoT Hardware segment captured a significant share with a market size projected to exceed US$ 300 billion by 2026 at a CAGR of more than 7% from 2021 to 2026.
â€¢ Government institutions largely driven by the proliferation of smart cities worldwide are expected to be the highest vertical category for the enterprise IoT market.
â€¢ COVID-19, over the last two years had a massive impact on enterprise IoT demand. Enterprise IoT technology, in particular, helped with tasks that required social distancing, remote working, or contact tracing.
â€¢ Asia-Pacific, followed by North America, captured over 60% of the overall enterprise IoT demand in 2021. The growing demand and implementation of 5G services will favor the proliferation of the enterprise IoT market in APAC.
â€¢ The key enterprise IoT market players analyzed in this report include Microsoft, Alphabet, IBM, Samsung, Intel, Qualcomm, Siemens, Amazon, Huawei, and Cisco, among others.
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GlobalData Plc has segmented the enterprise IoT market report by product type, vertical, enterprise size, application, connectivity, and region:
Enterprise IoT Market Application Outlook (Revenue, USD Million, 2019-2026)
â€¢ Industrial Internet
â€¢ Condition Monitoring
â€¢ Asset Tracking
â€¢ People & Animal Tracking
â€¢ Environmental Monitoring
â€¢ Advanced Automation
â€¢ Smart Cities
â€¢ Smart Metering
â€¢ Smart City Platforms
â€¢ Smart Buildings
â€¢ Smart Signage
â€¢ Smart Payment Systems
Enterprise IoT Market Product Type Outlook (Revenue, USD Million, 2019-2026)
â€¢ IoT Hardware
â€¢ IoT Software
â€¢ IoT Services
Enterprise IoT Market vertical Outlook (Revenue, USD Million, 2019-2026)
â€¢ Transport and Logistics
â€¢ Travel and Leisure
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Enterprise IoT Market Enterprise Size Outlook (Revenue, USD Million, 2019-2026)
â€¢ Micro (Less than 50)
â€¢ Small (51-250)
â€¢ Medium (251-1000)
â€¢ Large (1001-4999)
â€¢ Very Large (5000+)
Enterprise IoT Market Connectivity Outlook (Revenue, USD Million, 2019-2026)
â€¢ Short Range
Enterprise IoT Regional Outlook (Revenue, USD Million, 2019-2026)
â€¢ North America
o The Netherlands
o Rest of Europe
â€¢ Asia Pacific
o South Korea
o Rest of Asia Pacific
â€¢ South & Central America
o Rest of South & Central America
â€¢ Middle East & Africa
o United Arab Emirates (UAE)
o Kingdom of Saudi Arabia (KSA)
o South Africa
o Rest of Middle East & Africa
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GlobalData is a leading provider of data, analytics, and insights on the world’s largest industries. In an increasingly fast-moving, complex, and uncertain world, it has never been harder for organizations and decision-makers to predict and navigate the future. GlobalData’s mission is to help our clients to decode the future and profit from faster, more informed decisions. As a leading information services company, thousands of clients rely on us for trusted, timely, and actionable intelligence. Our solutions are designed to provide a daily edge to professionals within corporations, financial institutions, professional services, and government agencies.