2024-07-26 14:32:10
IoT market update: Enterprise IoT market size reached $269 billion in 2023
The enterprise IoT market grew to $269 billion in 2023 with a 15% year-over-year increase, but growth is expected to slow to 12% in 2024 due to economic uncertainties affecting corporate spending, particularly impacting IoT hardware. China, India, and the US are anticipated to lead regional spending growth, while automotive and process manufacturing sectors will drive vertical growth. Despite the slowdown, enterprise IoT software spending is forecasted to outpace overall IoT spending growth significantly, hinting at robust future market recovery and opportunities.
