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A01821 | Pages: 289 | Charts: 57 | Tables: 114 |
The global internet of everything (IoE) market size was valued at $928.11 billion in 2020, and is projected to reach $4,205.50 billion by 2030, growing at a CAGR of 16.5% from 2021 to 2030.
The IoE market is predicted to develop significantly in the near, owing to rise in demand for connected devices, higher affordability of cloud computing services, improved Internet access, and lower sensor and processor costs are becoming some of the major factors for internet of everything market growth. Due to increase in information and communications technology (ICT) investment by governments in numerous established and emerging areas, including North America, Europe, and Asia-Pacific, the global Internet of Everything market is likely to grow rapidly during the forecast period. However, limitations associated with security, integrity, and privacy data in connected devices hamper the growth of the market.
On the contrary, smartphone use has facilitated mobility and resulted in a surge in app development. This allows IoT firms to develop apps that serve as an interface between embedded devices and other smart devices, allowing data and analytics to be exchanged. Moreover, smart meters for power and water monitoring in residential and commercial buildings are increasingly being used by municipalities to track use and seek for methods to cut expenses. These factors are expected to provide lucrative opportunities for the market to grow in upcoming years.
Internet of Everything (IoE) is a ground-breaking technological advancement that has the potential to revolutionize every area of business and society. The Internet of Everything (IoE) is a network of embedded computing devices, people, data, and things that are uniquely integrated in current Internet architecture. The Internet of Everything (IoE) has enabled a web of connecting networks between people and machines, enhancing the capacity to remotely operate infrastructure like smart grids, smart homes, smart cities, intelligent transportation, and others. The Internet of Everything (IoE) provides high security, high standards, and other social and economic benefits. Businesses are also adopting IoE to increase efficiency and cut expenses including capital investment, energy, and labor.
The report focuses on growth prospects, restraints, and trends of the Internet of Everything market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the internet of everything industry.
The internet of everything market is segmented into component, industry vertical, and region. By component, the market is differentiated into hardware, software, and services. By industry vertical, it is segmented into manufacturing, retail, BFSI, IT & telecom, healthcare, and others. Region-wise, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA.
[BYCOMPONENTGRAPH]
Services segment is expected to exhibit the fastest growth rate during the forecast period. The growing adoption of IoE technologies and solutions across major and evolving B2B verticals such as retail, healthcare, public, and manufacturing sectors has given rise to major IoE services, particularly consulting and implementation & integration services.
[REGIONGRAPH]
North America accounted for the major share of internet of everything market. Rise in investments in the government sector, along with technological advancements in the telecom industry, is expected to drive the IoE market growth during the forecast period. Asia-Pacific is expected to exhibit significant growth during the forecast period. Growth in the manufacturing industry, which includes the supply chain connectivity, asset monitoring, workplace safety management, and energy management are also expected to utilize IoE during the forecast period.
The key players operating in the global internet of everything market forecast include, Amazon Web Services, Inc., AT&T Intellectual Property, Bosch.IO GmbH, Cisco Systems, Inc., FUJITSU, Google, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft, SAP SE. These players have adopted various strategies to increase their market penetration and strengthen their position in the internet of everything industry.
Government organizations in developed and developing nations, such as Germany, Russia, India, Mexico, and Brazil are focused towards introducing various IT projects to encourage end users to increase spending on innovative technologies to enhance customer experience.
For instance, the Malaysian Ministry of Science, Technology, and Innovation (MIMOS) launched the National Internet of Things (IoT) Strategic Roadmap in July 2015 to drive the adoption of IoT. This initiative was expected to contribute $2.49 billion to the country’s gross national income by 2020. Another initiative of “Smart Nations” by the Singapore Government aims to use technology to improve communication, including connected homes, smart cooling, and smart transportation.
Large industrial and mining companies are concentrating on implementing industrial IoE technologies to enhance process efficiency and business output. Rise in device production and increase in ubiquity of technology has increased the consumer demand for mobility. For instance, in 2016, Royal Dutch Shell, an oil & gas company announced that it would deploy IoT sensors across its 80 oilfields located in Western Africa.
Also, GE’s Durathon battery plants that have more than 10,000+ sensors, measure moisture, air density, and machine operating data in real-time, which provides an opportunity to monitor production and regulate processes in real-time.
The growing demand for low-cost data storage, backup, and data protection has augmented the growth of the cloud market among several user groups that include small and medium enterprises (SMEs) and large enterprises. Implementation of cloud enhances business operations by leveraging the mobile workforce with easy accumulation, archive, access, and data recovery facilities.
As end-user organizations shift towards cloud computing technologies, deployment of cloud-based IoT software and platform increases globally. For instance, in 2016, Sam’s West, Inc., a division of Wal-Mart Stores, Inc., awarded a contract to Salesforce.com to deploy a customer success platform to transform its existing business membership acquisition and engagement process into digital process to improve membership experience across SAM’s 650 clubs, globally.
COVID-19 has transformed the way people operate globally. The new normal has driven everyone to change and adapt. In addition, to thrive in a COVID-19 pandemic situation, businesses are expected to work for better stability. Leaders in the field of IoT technology are now working on more practical of internet of everything applications of existing IoT solutions. While Internet of things (IoT) has been on the rise for a few years, it is expected to explode in upcoming years. In the future, more companies and sectors are expected to turn to IoT to attract customers, extend their brands, and improve customer experiences.
Key Market Segments
Key Market Players