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Global enterprise IoT market strong but faces challenges

The global enterprise IoT market grew by 22% to a total of $157.9 billion in 2021despite some adverse conditions  labncluding labor and chip shortages, according to a study released today by Germany-based research firm IoT Analytics.

That figure is slightly lower than the 24% that the company projected in previous reports, but it’s still a substantial rate of growth, and one that IoT Analytics expects will be sustained for the next five years, for a projected total market size of $525 billion by 2027.

One of the main factors driving enterprise IoT growth below previous estimates was a shortage of skilled workers, according to the report. Businesses in 2021 had trouble finding enough IoT-conversant hires to move digital transformation and IoT projects forward, with job postings related to IoT growing by 41% between July 2021 and Mach 2022. The firm also cited other research, from Inmarsat, as saying that a paucity of in-house IoT knowledge is one of the key blockers to more widespread IoT deployment.

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Source:: Network World – IoT