The global enterprise IoT market grew by 22% to a total of $157.9 billion in 2021despite some adverse conditions\u00a0 labncluding labor and chip shortages, according to a study released today by Germany-based research firm IoT Analytics.\nThat figure is slightly lower than the 24% that the company projected in previous reports, but it\u2019s 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.\nOne 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.\nAnother key headwind for the enterprise IoT\u2019s global growth is the ongoing worldwide chip shortage. While the impact of the shortage has been felt across almost all markets, it\u2019s particularly painful in the IoT sector, with order lead times stretching to 40 or 50 weeks in some cases, according to IoT Analytics. The company said that 2021 saw a shortfall of around 20 million cellular IoT chips, thanks to the supply shortage. This means that some IoT projects simply can\u2019t be completed, due to supply problems and consequent price increases.\nDespite these and several other negative factors\u2014including Russia\u2019s invasion of Ukraine and the attendant political fallout, ongoing security concerns and mediocre demand growth\u2014IoT Analytics said that the outlook for enterprise IoT remains relatively strong, thanks to a multitude of tailwinds.\n\u201cKey macro tailwinds for the IoT market size going forward include maturing technologies such as AI, 5G, and cloud as well as the role that IoT plays in reaching sustainability goals,\u201d said principal analyst Philipp Wegner.\nIn addition, advances in connectivity, including more mature 5G, LPWAN and even low-orbit satellite networks, should add flexibility to potential IoT deployments, according to the study, and buy-in from the major public cloud providers\u2014Google, Amazon and Microsoft all have extensive IoT offerings\u2014will also propel the market forward.