Published Date: 20-Jan-2023
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According to a new report, published by KBV research, The Global Enterprise IoT Market size is expected to reach $681.4 billion by 2028, rising at a market growth of 15.4% CAGR during the forecast period.
The Small & Medium Sized Enterprise segment is showcasing a CAGR of 16% during (2022 - 2028). An increase in government programs to support small and medium-sized businesses in growing digitally is blamed for the rise. Governments are making significant investments in IoT for cutting-edge initiatives in many industries, including infrastructure and defense, which is projected to fuel market expansion.
The Hardware segment acquired maximum revenue share in the Global Enterprise IoT Market by Component in 2021 thereby, achieving a market value of $323.8 billion by 2028. Enterprise IoT hardware consists of sensors, switches, gateways, routers, embedded ICs, and other components. The demand for constant access to and control over IoT devices has increased, which is driving the hardware segment's growth over the projection period.
The Manufacturing segment has shown the growth rate of 14.5 % during (2022 - 2028). Enterprise IoT manufacturing applications are primarily driven by the emergence of the industry 4.0 concept. The reality of industry 4.0 and smart factories is made possible by the convergence of IoS-Internet of Services, cyber-physical systems, and IoT. Companies run at maximum capacity in these environments while producing little waste, making them reasonably sustainable.
The North America market dominated the Global Enterprise IoT Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $225.5 billion by 2028.The Europe market is exhibiting a CAGR of 14.7% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 16.4% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/enterprise-iot-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Amazon.com, Inc., Cisco Systems, Inc., IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Siemens AG, Robert Bosch GmbH, and PTC, Inc.
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