The global enterprise IoT market is holding firm, and achieved a value of US$269 billion in 2023 – growth of 15% year on year, according to IoT Analytics.

IoT is a significant driver of financial performance for businesses and investments into enterprise IoT continue to pay off, says the IoT Use Case Adoption Report 2024. Indeed, research shows that the number of companies reporting a positive return on investment (ROI) from IoT adoption is on the up, which will further fuel growth in the enterprise IoT market sector.

China, India and the US are expected to increase their IoT spend by 17%, 14% and 13% respectively this year. As for which verticals will outpace others, the automotive and process manufacturing sectors are leading the charge.

Data predicts that the automotive sector will grow its enterprise IoT spend by 14% this year and 18% next. It is a sector currently seeing significant change, as more people move towards electric vehicles (EVs) and software-defined vehicles (any vehicle that manages its operations, adds functionality and enables new features through software). The result is a significant investment in IoT for vehicle connectivity, real-time data processing, and integrating advanced driver-assistance systems (ADAS).

The data also shows that process manufacturers (those which produce goods by using a formula or recipe to combine ingredients or raw materials into complex end products), expect to grow their enterprise IoT spend by 13% this year. The use of IoT within this particular industry is significant, and IoT works to modernise and improve operational efficiency and safety, enhance communication and data gathering for informed decision-making, and achieve scale.

"As the global enterprise IoT market continues to expand, understanding current market trends and growth forecasts is crucial for making smarter IoT investment decisions,” says David Farquharson, CEO of iONLINE Connected Networks. “At iONLINE, we are committed to providing innovative connectivity solutions that empower industries to drive operational success and achieve unprecedented growth and efficiency.”

Find out how our IoT connectivity solutions can transform your business: https://www.ionlinesp.com/iOT-Connectivity-Solutions

Overall growth is expected to be somewhat slower during 2024, as economic concerns impact corporate spending, but should re-accelerate again in 2025. This year should see 12% market growth, reaching a value of US$301 billion.

Ongoing global economic strain continues to impact corporate spending – and that includes IoT spend, with hardware technologies receiving the smallest budget allocation, according to the Global IoT Enterprise Spending dashboard. Conversely, spend has increased for enterprise IoT software. This should, however, right itself again from 2025 onwards, with enterprise IoT spend projected to see a compound annual growth rate (CAGR) of 15% until 2030.

IoT Analytics notes that senior enterprise IT decision-makers ranked IoT as fifth most important in terms of tech prioritisation for both this year and next, further affirming its importance.

Farquharson says the notable growth of the global enterprise IoT market reinforces the incredible power of connected technologies to drive business performance. “As an ISP providing resilient and secure global cellular connectivity to enterprises worldwide, we're at the forefront of this revolution,” he says. “The increasing ROI from IoT adoption and the projected market growth for this year further validates the critical role that connectivity plays in enabling innovation. Connectivity solutions are the backbone of IoT-driven transformation.”