Internet of Everything (IoE) Market Overview:
Internet of Everything (IoE) refers to the network of embedded computing devices that are interrelated distinctively in the existing internet infrastructure. It is a networked connection of people, process, data, and things. The emergence of Internet of Everything (IoE) technology has addressed the rise in needs for better lifestyles and energy optimization. The growth of portable devices, such as smartphones and tablets, support the new technology evolution. The global Internet of Everything (IoE) market is segmented into hardware, software, and services based on component type. In addition, the market includes several industry verticals, such as government, retail, Banking, Financial Services, and Insurance (BFSI), healthcare, IT & telecom, manufacturing, energy & utilities, transportation & logistics, and others (automotive, education, consumer electronics, and media & entertainment).
Top Investment Pockets
The following graph signifies the growth potential of the global Internet of Everything (IoE) market by industry. It was observed that the market is driven by the manufacturing and government sector, which occupied the maximum market share in 2014. The major factors that drive the growth in these segments include rise in penetration of smartphone devices; increase in online transactions; innovation of technology; growth in inclination of industries, such as manufacturing & mining toward process automation; surge in government initiatives to adopt Internet of Everything (IoE) technologies; rise in adoption of cloud-based Internet of Everything (IoE) solutions; and evolution of business models across various industries that include manufacturing.
Source: Primary & Secondary Research and AMR Analysis
Note: Others include automotive, consumer electronics, education, media and entertainment
Drivers, Restraints, and Opportunities
Increase in Government Initiatives to Adopt Internet of Everything (IoE) Technologies
Government organizations in the developed and the developing nations, such as Germany, Russia, India, Mexico, and Brazil, focus on introducing various IT projects to encourage the end users to increase expenditures on innovative technologies to enhance customer experience. For instance, the Malaysian Ministry of Science, Technology, and Innovation (MIMOS) launched the National Internet of Things (IoE) Strategic Roadmap in July 2015 to drive the adoption of Internet of Everything (IoE), which is expected to contribute $2.49 billion to the countrys gross national income by 2020.
Introduction of Smart Sensors and Devices
The growth in automation of manufacturing and operational processes across the industrial sector has encouraged the demand for smart sensors and devices. In addition, enhancing Internet of Everything (IoE) component providers to come up with advanced sensors, systems, and solutions to meet customer expectation. For instance, in 2016, ABB Ltd. in collaboration with EM Microelectronic developed a smart sensor hardware that is used to transform traditional motors into an intelligent machine. It allows operators to get regular updates regarding operating conditions of the motor and scheduled repair & maintenance.
In component segment, software segment is expected to grow at a considerable growth rate during the forecast period. Software used in Internet of Everything (IoE) is applied for network connectivity, data analytics, management & automation, security, and connectivity management, thus offering security, data management, analytics, and communication. Expenditure on Internet of Everything (IoE) software has increased by both large- and medium sized enterprises, globally. In addition, connectivity and network security software are in high demand to enhance customer experience and ensure protection against cyber-attacks.
Automation of process has significantly improved the operational competency of the manufacturing industry with reduced turnaround time and high productivity. The potential for cyber-physical systems to improve the productivity in the manufacturing process and supply chain is enormous. The demand for smart devices that can make acceptable decisions in the process is expected to increase during the analysis period. Software, sensors, and wireless connectivity are vital parts of the manufacturing industry that offer an adequate foundation for Internet of Everything (IoE). Manufacturers are investing in Internet of Everything (IoE) technology and solutions to simplify the processes, produce maximum outcome, and meet the customers increasing requirements.
Healthcare Internet of Everything (IoE) market size is expected to grow at the highest CAGR during the forecast period. Healthcare Internet of Everything (IoE) devices include mobile medical applications or wearables that allow patients or medical experts to capture health data. Hospitals use Internet of Everything (IoE) to keep track of the location of medical devices, patients, and personnel. Advancements in medical technology and high adoption of healthcare connected devices are expected to increase the Internet of Everything (IoE) market share in the healthcare sector. However, few factors that negatively impact the market growth include privacy & security of data and reliability of devices.
North American Internet of Everything (IoE) market was the highest contributor in overall revenue and is expected to continue its dominance throughout the analysis period, owing to a rise in applications of Internet of Everything (IoE) in manufacturing, government, and retail fields. Affordable prices of sensors and the growth in usage of technologies, such as Wi-Fi, Bluetooth, and Low-Power Wi-Fi, accelerate the penetration of Internet of Everything (IoE) technology in the retail and healthcare sector. Rise in investments in the government sector and technological advancements in the telecom industry are expected to drive the Internet of Everything (IoE) market growth during the forecast period. One of the most important benefits of IoE in the banking sector is offering rewarding and easy-to-access services to both credit and debit card customers.
Furthermore, Asia-Pacific Internet of Everything (IoE) market is estimated to grow at the highest CAGR during the forecast period, owing to vast increase in the number of smart-phone users.
Internet of Everything (IoE) Market Key Segments
By Industry Vertical
- IT & Telecom
- Energy & Utilities
- Transportation & Logistics
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- Amazon Web Services, Inc.
- AT&T, Inc.
- Cisco Systems, Inc.
- IBM Corporation
- Hewlett Packard Enterprise Development LP
- Microsoft Corporation
- Google, Inc.
- Bosch Software Innovations GmbH
- Fujitsu, SAP SE.
The other key players include General Electric (GE), Royal Dutch Shell, Peach John Co. Ltd, Sams West, Inc., Wal-Mart Stores, Inc., ABB Ltd., Daimler AG, Qualcomm Technologies, Inc., C-Labs Corporation, Wipro, and Software AG.