The IoT application enablement market revenue totaled USD 2.8 billion in 2022. The IoT application enablement market is expected to reach USD 40.5 billion by 2033, with demand growing at a CAGR of 27.5% over the forecast period.
| Report Attribute | Details |
|---|---|
| IoT Application Enablement Market Estimated Size (2023) | USD 3.5 billion |
| Projected Market Valuation (2033) | USD 40.5 billion |
| Value-based CAGR% (2023 to 2033) | 27.5% |
| Top 5 Vendor Market Share | Around 35% |
The IoT application enablement market accounted for around 10.0% of the global IoT platform market. An application enablement platform (AEP) is a simple enterprise IoT platform that allows organizations to scale multiple devices with minimal code.
An IoT application enablement platform used in IoT applications in smart cities includes utilities (smart waste, lighting), connected traffic (smart parking, traffic management), environmental monitoring (air pollution), and public safety (video surveillance).
The growing adoption of IoT devices across various industries including manufacturing, energy, utilities, and healthcare is expected to drive the demand for IoT application enablement solutions.
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Sales in the IoT application enablement market are estimated to rise at a 27.5% CAGR between 2023 and 2033, in comparison with the 23.7% CAGR registered between 2018 to 2022. This attributes to the growing adoption of IoT applications among large as well as small and mid-sized enterprises (SMEs) across the globe.
Application Enablement Platform (AEP) or IoT application enablement platform is a form of platform-as-a-service that help businesses to develop their businesses with IoT and can help to provide a clear vision to an IoT solution.
By enterprise size, demand in the SME segment is expected to grow at the highest CAGR of 29.0% during the forecast period. By solution, sales in the IoT application enablement platform segment are expected to grow at a CAGR of 27.7% over the forecast period.
IoT platforms help to streamline the functioning of IoT solutions and build IoT projects cheaper, faster, and better. The essential capabilities/features include network and connectivity management, data acquisition, device management, application enablement, processing visualization, and analysis, integration, and storage.
IoT platforms have become the backbone of professional IoT deployments, with more IoT devices, data, assets-related technologies, connectivity/network solutions, and infrastructural and architectural evolutions. Many businesses are adopting IoT platforms, and as a result of which, the demand for the IoT application enablement platform is increasing.
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Smart city networks use IoT technology in a variety of ways. One of the key challenges is traffic monitoring. The ability to monitor traffic using sensors located around the city allows improved control of intersections and traffic optimization. Monitoring water levels can also assist in detecting and informing communities about possible and active floods.
In smart cities and smart homes, IoT devices are used to detect and monitor weather conditions, conduct surveillance, and host public Wi-Fi. Thus, the rising adoption of IoT devices in smart homes and smart cities are poised to continue fueling sales in the market.
Rising Adoption of IoT Application Enablement Services in the United States is expected to Boost Sales
Sales in the United States market are projected to increase at a CAGR of 20% over the forecast period, reaching a valuation of USD 900 million in 2023.
The United States is one of the most developed countries considering infrastructure for advanced technologies. The presence of key application enablement platform providers including Amazon Web Services, IBM, Microsoft, and Oracle is assumed to drive product innovation in the market.
The presence of such prominent IoT application enablement solutions providers is ultimately projected to fuel the demand for IoT application enablement platforms.
Increasing Preference for IoT Application Enablement Solutions in the United Kingdom is anticipated to Fuel Growth
Demand in the United Kingdom market is anticipated to grow at a 34% CAGR over the forecast period, creating an absolute dollar opportunity of USD 2.5 billion during the assessment period. The rising adoption of connective technologies such as artificial intelligence (AI) and machine learning (ML) is expected to fuel sales in the market.
For instance, the United Kingdom government launched a national program named IoT United Kingdom. Under this program, the United Kingdom Government has planned to invest 40 million pounds for the procurement and deployment of the Internet of Things (IoT). Thus, government initiatives and increasing adoption of innovative IoT technologies are projected to augment the growth in the market.
Rapid Emergence of Startups in India is expected to Spur Demand for IoT Application Enablement Solution
India is set to emerge as a lucrative pocket in the South Asia market, with demand growing at a 32% CAGR over the assessment period. Rising government initiatives to encourage the adoption of advanced technologies such as big data, AI, the Internet of Things (IoT), and others are poised to augment sales in the market.
Initiatives such as Make in India, Digital India, IoT Centre of Excellence by NAAACOM, and many more are fueling growth in the IoT ecosystem in India, along with 5G technology development. Based on the aforementioned factors, sales in India are expected to increase at a considerable pace over the assessment period.
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Sales of IoT Application Enablement Solutions to Remain High
Based on the solution, demand in the IoT application enablement platform segment increased by 11.5x, with sales growing at a 28% CAGR over the forecast period.
IoT application enablement platform helps enterprises unify multi-vertical operations, offer a uniform point of entry, power custom workflows, make organizational learning easy, and build flexible cores.
Adoption of IoT Application Enablement Platform Across Large Enterprises is Assumed to Gain Traction
Based on enterprise size, demand in the large enterprise segment is anticipated to increase by 9.1X, rising at a 29.5% CAGR through 2033.
IoT application enablement platform enables cost reduction, efficiency and productivity, enhanced customer experience, mobility, and agility. Therefore, large enterprises have the largest market share in 2023.
Demand for IoT Application Enablement Solutions in the Manufacturing Sector Will is Anticipated to increase
Based on industry, the manufacturing segment will expand by 12.2x, with sales growing at a 34.5% CAGR over the forecast period.
IoT applications in the manufacturing industry include intelligent product enhancements, dynamic response to market demand, improved facility service, lower costs, waste reduction and optimized resource use, quality control, predictive maintenance, and inventory management.
Key IoT application enablement solution providers are focusing on investing in research and development and innovation to offer various solutions for industrial applications. For instance:
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 3.5 billion |
| Projected Market Valuation (2033) | USD 40.5 billion |
| Growth Rate | CAGR of 27.5% from 2023 to 2033 |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Market Analysis | USD billion for Value |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia & Pacific; East Asia; Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Segments Covered | Solution, Enterprise Size, Industry, Region |
| Key Companies Profiled | Altair; Amazon Web Services; ClearBlade; Ericsson; Fujitsu; IBM; Microsoft; Oracle Corporation; PTC; SAP; Siemens; AllThingsTalk; Hughes Systique Corporation; Software AG |
| Customization & Pricing | Available upon Request |
The market may advance at a 27.5% CAGR through 2033.
By 2033, the market is anticipated to arrive at USD 40.5 billion.
From 2018 to 2022, the global market climbed at an HCAGR of 23.7%.
A 20% CAGR is anticipated to be maintained in the United States market.
Sales are set to rise in India at a CAGR of 32% until 2033.
Demand in the large enterprise segment contributes to through 2033 at a 29.5% CAGR based on enterprise size.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Solution 5.1. Platform 5.1.1. Cloud-based 5.1.2. On-Premises 5.2. Services 5.2.1. Professional Service 5.2.2. Managed Services 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Enterprise Size 6.1. Small and Mid-Sized Enterprises (SMEs) 6.2. Large Enterprises 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Industry 7.1. Manufacturing 7.2. IT & Telecom 7.3. BFSI 7.4. Healthcare 7.5. Transport and Logistics 7.6. Energy and Utilities 7.7. Retail 7.8. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Altair 18.2. Amazon Web Services 18.3. ClearBlade 18.4. Ericsson 18.5. Fujitsu 18.6. IBM 18.7. Microsoft 18.8. Oracle Corporation 18.9. PTC 18.10. SAP 18.11. Siemens 18.12. AllThingsTalk 18.13. Hughes Systique Corporation 18.14. Software AG 19. Assumptions & Acronyms Used 20. Research Methodology
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IoT Application Enablement Market
