GVR Report cover Enterprise IoT Market Size, Share & Trends Report

Enterprise IoT Market Size, Share & Trends Analysis Report By Component (Hardware, Software & Solutions, And Services), By Enterprise Type, By End-use, By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68040-012-1
  • Number of Pages: 300
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2020
  • Industry: Technology

Report Overview

The global enterprise IoT market size revenue was valued at USD 466.3 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 13.5% from 2022 to 2030. The advancement of technologies such as Bluetooth, Wi-Fi, Insteon, ZigBee, and others is expected to fuel the growth of the market. Key market players such as IBM Corporation, Google LLC, and Amazon Web Services are emphasized in launching advanced IoT solutions to create lucrative market demand. For instance, in February 2022, AT&T partnered with IBM Corporation to test the potential of the digital transformation of 5G, wireless networking, and edge computing. The partnership aims to create an environment for industry clients to experience a stimulating environment and hybrid cloud physical, and AT technology.

U.S. enterprise IoT market size, by component, 2020 - 2030 (USD Billion)

Additionally, enterprise internet of things helps reduce maintenance costs, enhance energy efficiency, and employee proficiency, thereby increasing productivity. Internet of things (IoT) innovation has numerous applications in industries such as BFSI, manufacturing, agriculture, and utilities, including inventory management, device management, and resource management. The growing importance of enterprise IoT deployment for applications such as asset management, remote administration services, operational intelligence generation, predictive maintenance, and remote monitoring is expected to fuel market growth. For instance, in June 2020, Schneider Electric SE collaborated with Marlink, a satellite connection, and ICT services provider, to offer clients operating equipment and systems in remote and problematic regions with access to the Internet of Things (IoT). 

The government-supported activities and market growth strategies by key players in the industry are anticipated to augment the implementation of enterprise IoT worldwide in the forecast period. For instance, the Indian government has dedicatedly invested capital of more than USD 900 million for smart city projects. The investment focuses on the development of smart parking, intelligent transport systems, smart lighting, waste management, and smart city maintenance, among others in over 100 smart cities.

Furthermore, the advancement of Enterprise IoT solutions improves human-machine collaboration to improve operational productivity, safety, and efficiency, consequently increasing consumer demand for applications such as predictive maintenance and remote management, among others. Over the years, IoT industry innovations have focused on lowering energy consumption and improving output performance. Texas Instruments, for example, developed the industry's first DC/DC buck-boost converter in September 2020, which provides a 50% increase in battery life. As a result, the advantage of energy conservation in a wireless environment is expected to create lucrative opportunities in the market.

The COVID-19 pandemic has hampered market growth. The worldwide lockdown had a significant impact on market development. The pandemic halted manufacturing, disrupted the supply chain, and reduced market demand, resulting in sluggish growth. However, manufacturers have begun to implement various strategies to combat the impact on sales caused by the ease of restrictions. For instance, in May 2021, Siemens AG and SAP SE collaborated to connect plant floor operations and new product development, as well as to aid OEMs in remote condition monitoring using digital twins, paving the way for collaboration throughout the asset's lifecycle. As a result, such post-pandemic market strategies adopted by key market players are expected to fuel the market growth. 

Component Insights

The hardware segment accounted for the largest revenue share of more than 40% in 2021 and is likely to dominate the market over the forecast period. The hardware for enterprise IoT includes sensors, switching, routers, gateways, embedded ICs, etc. The growth in the hardware segment is due to the increasing requirement for continuous access and control over IoT devices which is expected to fuel the segment's growth over the forecast period.

The software & solutions segment is expected to grow at the fastest rate during the forecast period, with a CAGR of more than 15%. The widespread adoption of professional IoT services among enterprises, such as deployment and integration services, consulting services, and support and maintenance services, is one of the primary factors driving the market growth. On the other hand, the services segment is expected to witness considerable growth in the coming years as managed service providers have enabled the extensive usage of IoT technology via service-based solutions for the administration of manufacturing operations and front-end deployment, along with identifying the right components for specific business needs.

Enterprise Type Insights

The small and medium sized enterprise segment accounted for the largest market share of 65.2% in 2021 and is predicted to lead the market from 2022 to 2030. The segment recorded a notable market revenue of USD 304.1 billion in 2021. The increase is attributed to an increase in government initiatives to help small and medium-sized businesses grow digitally. Governments are heavily investing in IoT for innovative projects in various fields, including infrastructure and defense, which is expected to drive market growth.

Global enterprise IoT market share, by application, 2021 (%)

The large enterprise segment is expected to witness the highest CAGR of 13.9% from 2022 to 2030. The growth in this segment can be attributed to the rising use of big data and insight-based opportunistic market for large enterprises. Furthermore, in order to meet the needs of multi-regional and multinational enterprises, IoT service providers are focusing on improving products and services through enhanced offerings such as business process integration and service management, which is expected to benefit the enterprise IoT industry in the long run.

Application Insights

The manufacturing segment registered the largest market share of 22.4% in 2021. The rise of the concept of industry 4.0 is a major driver of enterprise IoT manufacturing applications. The combination of cyber-physical systems, IoS-Internet of Services, and IoT creates the reality of industry 4.0 and smart factories, in which industries operate at full capacity while producing minimal waste, making it relatively sustainable.

The transport segment accounted for the highest CAGR of over 18% over the forecast period. The enterprise IoT application is expected to transform the logistics and transport industry with the emerging use of online fleet management systems. The online fleet system provides access to onboard connectivity and real-time data, which ultimately improves transportation efficiency and safety. As a result, the benefits of IoT, such as eliminating potential delays, efficient inventory management, and improved safety through driver assistance features, among other things, drive demand in the transportation segment.

Regional Insights

The North America region accounted for the largest market share of more than 30% in 2021. The region is anticipated to register a CAGR of over 11% from 2022 to 2030. Early adoption of advanced technologies such as big data, IoT, ML, AI, cloud, and mobility in the region is expected to fuel market growth. Furthermore, businesses in the region are eager to incorporate IoT technologies into their processes in order to improve operational efficiency. Furthermore, the US government is working to increase immersive technology adoption, thereby increasing the region's market share.

Enterprise IoT Market Trends by Region

The Asia Pacific region market is expected to register the highest CAGR of over 16% from 2022 to 2030. The rapid growth can be attributed to rapid development in IT infrastructure and the urge among regional businesses to adopt new technologies. Furthermore, countries such as Japan and China are increasingly adopting automation and modern technology across various industries to combat rising labor costs. Additionally, increased government initiatives for the adoption of connected devices across the region and investments by major IoT market players have boosted the IoT market in the region.

Key Companies & Market Share Insights

The enterprise IoT market has a few major players with subsidiaries in the same industry. The number of small and medium players in the market is low as the market has a high entry barrier. Technological developments are a major driving factor of the market that creates a differentiating factor between new entrants and existing ones. The market is also driven by strategies such as collaborations, partnerships and product development & launches from major companies in the market. For instance, in October 2021, Cisco Systems, Inc. launched its first global work index which is powered by AI and mobile and works on a hybrid model. Numerous large and medium-level companies dominate North America, Europe, and Asia Pacific markets. The market competition is high, and the availability of effective substitutes is limited. Some of the prominent players in the global enterprise IoT market inlcude:

  • Amazon.com, Inc

  • Cisco Systems, Inc.

  • IBM Corporation

  • Intel Corporation

  • Microsoft Corporation

  • Oracle Corporation

  • SAP SE

  • Siemens AG

  • PTC Inc.

  • Robert Bosch, Inc.

Enterprise IoT Market Report Scope

Report Attribute


Market size value in 2022

USD 516.09 billion

Revenue forecast in 2030

USD 1,416.8 billion

Growth rate

CAGR of 13.5% from 2022 to 2030

Base year for estimation


Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Component, enterprise type, end-use, region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; China; Japan; India; Brazil

Key companies profiled

Amazon.com, Inc; Cisco Systems, Inc.; IBM Corporation; Intel Corporation; Microsoft Corporation; Oracle Corporation; SAP SE; Siemens AG; PTC Inc.; Robert Bosch, Inc

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Enterprise IoT Market Segmentation

This report forecasts and estimates revenue growth at the global, regional, and country levels and analyzes the latest market trends in each one of the sub-segments from 2018 to 2030. For this study, Grand View Research has further segmented the global enterprise IOT market report based on component, enterprise type, end-use, and region:

Global Enterprise IoT Market Segmentation

  • Component Outlook (Revenue, USD Billion, 2018 - 2030)

    • Hardware

    • Software & Solutions

      • Surveillance & Security

      • Network & Connectivity Management

      • Data Management

      • Application Management

      • Device Management

    • Services

  • Enterprise Type Outlook (Revenue, USD Billion, 2018 - 2030)

    • Small & Medium Sized Enterprise

    • Large Enterprise

  • End-use Outlook (Revenue, USD Billion, 2018 - 2030)

    • Manufacturing

    • Oil & Gas

    • Utilities

    • Transport

    • BFSI

    • IT & Telecomm

    • Healthcare

    • Others

  • Regional Outlook (Revenue, USD Billion, 2018 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • Rest of Europe

    • Asia Pacific

      • Japan

      • India

      • Rest of Asia

    • Latin America

      • Brazil

      • Rest of Latin America

    • Middle East & Africa

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