The Enterprise IoT market is projected to increase at a CAGR of 13% over the next ten years. At present, the market is seen to be worth USD 595.42 billion, according to Future Market Insights.
This is due to several factors, the first among them being the adoption of IoT in multiple industries to boost operational efficiency and reduce costs; and the growing adoption of cloud-based IoT platforms.
Smart homes and smart cities are also increasingly using IoT-enabled automation in different industries, like manufacturing and transportation.
Organisations are maximising IoT technology to glean insights and use this to make data-driven decisions. Some examples of industries where IoT solutions are key include healthcare, transportation, and manufacturing.
Governments are also crafting initiatives and regulations also make use of IoT in the fields of agriculture and energy management.
The market is highly competitive, with only a few participants that have a large market share. However, more and more leading companies are implementing growth strategies, like collaborations, partnerships, and product development and launches in order to retain their position in the market.
Tech advancements influence the market as well, distinguishing between new and established players.
