Product ID: SQMIG45B2078
Global Enterprise IOT Market Size, Share, Growth Analysis, By Application(Functional Testing and Security Testing) - Industry Forecast 2024-2031
Report ID:
SQMIG45B2078 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
34 |
Figures:
74
Global Enterprise IOT Market Insights
Enterprise IOT Market size was valued at USD 259.88 billion in 2021 and is poised to grow from USD 333.68 billion in 2022 to USD 2465.2 billion by 2030, growing at a CAGR of 28.4% in the forecast period (2023-2030).
The global enterprise IoT (Internet of Things) market is witnessing significant growth and transformation. With the increasing adoption of IoT solutions across industries, organizations are leveraging connected devices, sensors, and data analytics to improve operational efficiency, enhance customer experiences, and drive innovation.
The market is driven by factors such as the growing demand for real-time data analytics, the need for cost optimization and automation, and the emergence of advanced technologies like AI and edge computing.
Additionally, the integration of IoT with other technologies such as cloud computing and big data analytics is opening up new opportunities for businesses. However, challenges related to data security, privacy concerns, and interoperability issues pose restraints to the market growth. Overall, the global enterprise IoT market holds immense potential for organizations to transform their operations and create new business models.
US Enterprise IOT Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Enterprise IOT Market Segmental Analysis
The Global Enterprise IOT Market is segmented by application and region. Based on application, the market is segmented into functional testing and security testing. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Enterprise IOT Market Analysis by Application
The dominant sub-segment of testing type in the market is functional testing. Functional testing involves validating the functionality of IoT devices, ensuring they perform according to their intended purpose. This sub-segment focuses on verifying if the devices can communicate and interact correctly with other IoT components, perform tasks accurately, and handle different scenarios effectively.
The fastest-growing sub-segment of testing type in the enterprise IoT market is Security Testing. With the increasing number of connected devices and the sensitivity of the data they handle, security becomes a critical concern. Security testing involves assessing the vulnerability of IoT devices and networks to potential cyber threats and ensuring the implementation of robust security measures. This sub-segment is experiencing rapid growth due to the rising need for protecting sensitive data and maintaining the integrity of IoT systems against cybersecurity risks.
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Global Enterprise IOT Market Regional Insights
One dominant region in the Global Enterprise IoT market is North America. This region is a leader in the adoption and implementation of IoT technologies across various industries. The presence of established technology companies, advanced infrastructure, and a strong focus on innovation contribute to North America's dominance. The region benefits from the increasing demand for connected devices, smart solutions, and data analytics applications in sectors such as manufacturing, healthcare, and transportation.
One of the fastest-growing regions in the Global Enterprise IoT market is the Asia-Pacific (APAC) region. APAC is witnessing rapid growth due to the expanding industrial sector, increasing investments in IoT infrastructure, and the rising adoption of digital technologies. Countries like China, Japan, and India are leading in terms of IoT deployments in industries such as manufacturing, retail, and energy. The region's large population and growing middle class also create opportunities for IoT-enabled consumer devices and smart home solutions. With favorable government initiatives and strong economic growth, the APAC region is expected to continue experiencing significant growth in the Enterprise IoT market.
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Global Enterprise IOT Market Dynamics
Enterprise IOT Market Drivers
Increasing Demand For Efficient And Connected Systems
- One driver of the global enterprise IoT market is the increasing demand for efficient and connected systems in various industries. Enterprises are adopting IoT solutions to improve operational efficiency, enhance productivity, and reduce costs. IoT enables real-time monitoring, data analytics, and automation, leading to streamlined processes and better decision-making.
Enterprise IOT Market Restraints
Concerns Regarding Data Security And Privacy
- One restraint of the global enterprise IoT market is the concerns regarding data security and privacy. With the increasing number of connected devices and the exchange of sensitive data, the risk of cyber threats and data breaches also rises. Enterprises need to ensure robust security measures and encryption protocols to protect their data. Additionally, compliance with data protection regulations, such as the General Data Protection Regulation (GDPR), can pose challenges for enterprises operating in multiple regions, impacting their IoT implementation strategies.
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Global Enterprise IOT Market Competitive Landscape
The global Enterprise IOT market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of Enterprise IOTs. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions.
Enterprise IOT Market Top Player’s Company Profiles
- IBM (United States)
- Microsoft Corporation (United States)
- Cisco Systems Inc. (United States)
- Intel Corporation (United States)
- SAP SE (Germany)
- Huawei Technologies Co. Ltd. (China)
- Siemens AG (Germany)
- Dell Technologies Inc. (United States)
- Oracle Corporation (United States)
- Google LLC (United States)
- Amazon Web Services Inc. (United States)
- General Electric Company (United States)
- Schneider Electric SE (France)
- Hitachi Ltd. (Japan)
- Fujitsu Limited (Japan)
- Bosch Software Innovations GmbH (Germany)
- PTC Inc. (United States)
- Verizon Communications Inc. (United States)
- Accenture plc (Ireland)
- ABB Ltd. (Switzerland)
Enterprise IOT Market Recent Developments
- In March 2023, InnovateTech Inc. launched a new range of IoT sensors specifically designed for enterprise applications. These sensors provide real-time monitoring and data collection across various industrial sectors, enabling organizations to make informed decisions, improve efficiency, and reduce operational costs.
- In April 2023, SmartEdge Solutions partnered with a leading cloud service provider to offer a comprehensive cloud-based IoT solution for enterprises. This partnership enables businesses to leverage the scalability and flexibility of the cloud infrastructure while benefiting from SmartEdge's advanced IoT platform for seamless device management and data integration.
- In May 2023, TechConnect Ltd. unveiled a groundbreaking IoT security solution that addresses the growing concerns of data breaches and cyber threats in the enterprise IoT space. The solution combines advanced encryption techniques, anomaly detection algorithms, and real-time threat intelligence, providing robust protection for connected devices and networks.
- In June 2023, DataSense Inc. introduced an AI-powered analytics platform for enterprise IoT data. This platform leverages machine learning algorithms to analyze and derive actionable insights from massive volumes of IoT-generated data. It enables businesses to gain valuable insights into their operations, identify patterns, predict trends, and optimize decision-making processes.
Global Enterprise IOT Key Market Trends
- One key market trend in the global enterprise IoT market is the increasing adoption of edge computing in IoT deployments. Edge computing involves processing data closer to its source, at the edge of the network, rather than sending it to a centralized cloud server. This trend has emerged due to the growing need for real-time analytics, reduced latency, improved security, and cost optimization in IoT applications. Edge computing enables faster decision-making, enhances data privacy, and reduces network congestion by processing data locally. It also supports offline operations and enables efficient data filtering and preprocessing, resulting in more efficient and scalable IoT solutions. The adoption of edge computing in the Enterprise IoT market is expected to continue growing as organizations strive for faster and more reliable IoT deployments.
Global Enterprise IOT Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global enterprise IoT market refers to the deployment of IoT technologies and solutions within enterprises to enable connectivity, automation, and data-driven decision-making. It involves the integration of various IoT devices, sensors, software platforms, and analytics tools to optimize business operations, enhance productivity, and create new revenue streams. The market is driven by the increasing adoption of IoT technologies across industries, the need for real-time data analysis and insights, and the growing demand for connected devices and applications. The global Enterprise IoT market is expected to witness significant growth in the coming years as organizations recognize the potential of IoT in transforming their operations and achieving greater efficiency and competitiveness.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 259.88 billion |
| Market size value in 2031 | USD 2465.2 billion |
| Growth Rate | 28.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Enterprise IOT Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Enterprise IOT Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Enterprise IOT Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Enterprise IOT Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Enterprise IOT Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Enterprise IOT Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Enterprise IOT Market Report Snapshots
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