The Rise of Smart Solutions: The IoT Application Enablement Market is expected to reach US$ 36 Billion by 2032
According to Future Market Insights (FMI) IoT application enablement market report, the adoption of IoT application enablement platforms is expected to expand at a 26.5% CAGR over the assessment period, with a market valuation of US$ 36 Billion by 2032.
The communication infrastructure must be put up before an array of sensors, edge devices, or other devices in IoT technology solutions. Wireless data rates are the key issue with IoT networks. Wi-Fi 6, 5G, satellites, and LTE communication infrastructure have all been built in recent years.
In the world of network edge and IoT connectivity, 5G deployments provide low-latency communication that supports data-intensive applications like video surveillance, autonomous vehicle operations, optimizing citywide traffic flows, and high bandwidth. Thus, advancements in the infrastructure for 5G, Wi-Fi 6, and LTE connectivity will drive sales in the market over the forecast period.
Artificial Intelligence (AI) technologies are data-driven and IoT sensors are an asset to the Machine Learning (ML) data pipeline. Integration of artificial intelligence and IoT technology enables enterprises to achieve digital transformation. It enables IoT devices to collect and transfer data to the cloud or other spaces where they can accumulate data through the internet.
AI and IoT are integrating to offer greater control and visibility of the wide array of sensors and devices connected to the internet. Such IoT transformation helps businesses to implement conversational agents for customers, engage customers, obtain analytics, customize user experiences, or optimize productivity with predictions and insights.
- By solution, sales in the IoT application enablement platform segment are anticipated to increase at a 24.3% CAGR through 2032.
- Among the enterprise size, demand in the SME segment is estimated to grow at a CAGR of 29.0% during the forecast period.
- Based on industry, the adoption of IoT application enablement in the manufacturing sector will increase at a CAGR of 34.2% between 2022 to 2032.
- The U.S. IoT application enablement market is expected to expand at a CAGR of 19.8% through 2032.
- The China IoT application enablement market is expected to grow by 13.9X during the forecast period.
- Demand in the Japanese market is expected to grow at a CAGR of 31.6% during the assessment period.
Altair, Amazon Web Services, ClearBlade, Ericsson, Fujitsu, IBM, Microsoft, Oracle Corporation, PTC, SAP, Siemens, AllThingsTalk, Hughes Systique Corporation, and Software AG are some of the leading players operating in the global IoT application enablement market.
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