Market Overview
Internet of Things (IoT), the network that enables the connection between the physical and digital world has gained massive acceptance within the business sector. Enterprises have already started harnessing the benefits of IoT and enterprise IoT have already facilitated the automation of various business processes. Market Research Future (MRFR's) recent report on the global Enterprise IoT Market provides a detailed analysis of the market, with key market dynamics such as drivers, restraints, opportunities discussed at length. MRFR's analysis has projected the global enterprise IoT market to reach USD 58 Bn at a CAGR of 26% over the forecast period of 2017-2023.
Factors such as the intensifying push for digital transformation, development of wireless network technologies, and the need to reduce the cost of connected technologies are fostering the growth of the enterprise IoT market. IoT has become the cornerstone of many organization's digital transformations, and Enterprise IoT market is gaining traction due to the advantages aligned with it, such as cost-efficiency, and easy availability of connected systems and devices. Additionally, enterprises have the capital, resources, and reach, which has facilitated the deployment of IoT solutions and services on a large-scale.
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The emergence of Big Data analytics is a key factor in fostering the growth of the market. With various analytics tools, enterprises can realize value from the data sets generated by IoT devices. Besides, technologies such as real-time stream analysis and machine learning have also supported the market growth by enabling compelling use cases. Cloud computing has also created a supportive dais for the growth of the enterprise IoT market.
Conversely, issues associated with security, problems of integration with existing technology, and uncertain ROI are major hindrances to the growth of the enterprise IoT market.
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.
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.
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.
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Intended Audience
- Technology Investors
- Research/Consultancy Firms
- Infrastructure Providers
- Software Vendors
- Technology Providers
- IoT Platform Providers
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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