Enterprise IoT market size reached US$269 billion in 2023, with growth deceleration in 2024. IoT Analytics, estimates the enterprise IoT market at US$269 billion in 2023, representing 15% growth year-over-year. However, it predicts growth to slow down as economic concerns impact corporate spending, resulting in a 12% growth in 2024 before reaccelerating in 2025.
China, India, and the US are expected to lead in spending growth regionally, while automotive and process manufacturers are set to lead by vertical. IoT software spending continues to show strength and greatly outpace that of enterprise IoT spending in general.
Knud Lasse Lueth, CEO at IoT Analytics, comments: "IoT remains a key priority for enterprises, with software vendors, hyperscalers, and telecommunications firms increasing their market share in the $269 billion IoT market. Growth continues to be strong for these and other firms, though not exponential."
IoT has a strong impact on the bottom line. IoT Analytics’ upcoming IoT Use Case Adoption Report 2024, reveals that enterprise IoT investments are overwhelmingly paying off—a finding likely to drive enterprise IoT market size growth in the coming years.
Findings from the ongoing research show that the share of companies that report a positive ROI from IoT adoption has increased, and boardrooms are convinced about IoT’s positive impact.
Market analyst at IoT Analytics Joaquin Fernandez, adds that despite recent economic challenges, it looks like the enterprise IoT market is set for a strong recovery in 2025. “We expect a CAGR of over 15% from 2024 to 2030. IoT software will be the growth engine, driven by AI integration and real-time data exchange," he concluded.
