Global Enterprise IoT Market – Overview
The IoT will have a great impact on the economy by transforming many enterprises into digital businesses and facilitating new business models, improving efficiency, and generating new forms of revenue. It is essential for enterprises to understand how the IoT can enable transformation of their business and industry. Utilities, industrial sectors, connected cars, healthcare and consumers are other verticals at the forefront of IoT investment. Leveraging IoT in vertical industries will definitely revolutionize the traditional way of doing things. These changes will lead to major opportunities for providers as well. The benefits of the IoT for business depend on the particular implementation, but the key is that enterprises should have access to more data about their own products and their own internal systems, and a greater ability to make changes as a result.
Enterprise use of the IoT can be divided into two segments: industry-specific offerings like sensors in a generating plant or real-time location devices for healthcare; and IoT devices that can be used in all industries, like smart air conditioning or security systems. While industry-specific products will make the early running, by 2023 MRFR predicts that cross-industry devices will reach 4.4 billion units, while vertical-specific devices will amount to 3.2 billion units. IBM and Bosch have joined forces for developing new technologies for enterprise IoT and in order to deliver comprehensive IoT solutions for their respective organizations. Increasing adoption of BYOD and mobile devices is one major factor fuelling the growth of Enterprise Iot Market.
Major factor driving the growth of enterprise IoT market is the growing need for digitalization and increasing adoption of cloud platform. Reduction in cost of connected devices is another major factor driving the growth of enterprise IoT market. Development of wireless networking technologies is also another major factor responsible for fuelling the growth of enterprise IoT market.
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Key Players
The prominent players in enterprise IoT market are – Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), Google Inc. (U.S.), Hewlett Packard Enterprise (U.S.), Amazon Web Services, Inc. (U.S.), Bosch Software Innovations GmbH (Germany), Verizon Communications (U.S.) and others.
Industry News
January, 2018 – EXFO Inc., the network test, monitoring and analytics experts, announced that China Mobile Communications Corporation (CMCC), with the support of EXFO’s test solution, successfully concluded a performance verification test for the core networks from 4 major vendors, confirming whether these NFV-based networks can individually support 5 million narrowband IoT (NB-IoT) devices.
January, 2018 – VMware has announced the general availability of VMware Pulse IoT Center, the company’s first solution in its family of VMware Internet of Things (IoT) offerings. VMware Pulse IoT Center is an enterprise-grade IoT device management and monitoring solution that helps both IT and operational technology (OT) organisations to manage, monitor and secure their IoT use cases.
Global Enterprise IoT Market – Segmentation
The Global Enterprise IoT Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
- Segmentation by component: Comprises solution (data management, network bandwidth management, remote monitoring, and security) and services (professional and managed services).
- Segmentation by platform: Comprises device management, application management and network management.
- Segmentation by enterprise type: Comprises SME and large enterprises.
- Segmentation by regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
Global Enterprise IoT Market- Regional Analysis
Geographically North America holds the major market share in the market for global enterprise IoT market. The rapid digitalization across industry verticals and technological advancements have fuelled the growth of the market. With these developments, the enterprise Internet of Things market in North America has gained a significant share. Asia Pacific consists of emerging economies. The high adoption rate of new technologies has made this region a beneficial market for the IT industries. Moreover, the countries in this region are taking aggressive initiatives to upsurge the IT infrastructure, enabling the commercial users to adopt cutting-edge technologies.
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Intended Audience
- Technology Investors
- Research/Consultancy Firms
- Infrastructure Providers
- Software Vendors
- Technology Providers
- IoT Platform Providers
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