Europe IoT Market Expected to Reach $12.30 Billion by 2031

According to a recent report published by Allied Market Research, titled, “Europe IoT Market by Component, Deployment, Organization Size, Platform, Technology, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2022–2031,” The Europe IoT market size was valued at $2.19 billion in 2021, and is projected to reach $12.30 billion by 2031, growing at a CAGR of 19.0% from 2022 to 2031.

Advancements in industrial-grade digital technology, increase in inclination toward cloud-based IoT software, and rise in need for improved supply chain & customer relation management majorly contribute toward growth of the IoT market across Europe. IoT helps people live and work smarter, as well as gain complete control over their lives in addition to offering smart devices to automate homes, which is becoming primary need of customers. Furthermore, IoT provides businesses with a real-time look into how their systems really work, delivering insights into everything from the performance of machines to supply chain and logistics operations. Moreover, IoT enables companies to automate processes and reduce labor costs. It further cuts down on waste and improves service delivery, making it less expensive to manufacture and deliver goods, as well as offering transparency into customer transactions, which will creative lucrative opportunities for the Europe IoT market growth.

The on-premise IoT segment led the market in 2021, and is expected to continue to remain dominant in the future. This is attributed to the fact that on-premise-based IoT solution allows organizations to have control over security & other connectivity issues and improves scalability, speed, reliability, and connectivity of organizations. However, the cloud-based software segment is expected to witness highest growth rate, owing to rise in adoption of cloud-based IoT software in small- & medium-sized enterprises.

COVID-19 has negatively impacted industries and both supply and demand had significantly decreased production volumes or stopped operations. For instance, all major automotive OEMs in Europe have shut down their production networks, breaking entire value chains. Where a business has continued, physical-distancing measures are dramatically altering operations, employee responsibilities, and staffing.

Italy was the first Western country to experience the COVID-19 emergency with a spiral of infections and deaths placing the country at the top of the international rankings, overtaking China in March 2020. Such changes were mirrored in aspects such as changes to the overall energy consumption, or long periods of sustained inactivity inside public buildings. The IoT industry was also drastically affected by the pandemic. The major players operating in the Germany Internet of Things (IoT) Market are Intel Germany GmbH, IBM Germany, Amazon Web Services Germany, Robert Bosch GmbH, SAP SE and more. Major companies started developing advanced technologies and launching new services to stay competitive in the Europe IoT market.

Key Findings Of The Study

• By deployment model, cloud-based segment accounted for the largest Europe IoT market share in 2021.
• Depending on enterprise size, large enterprise generated the highest revenue in 2021.

The market players operating in the IoT market include Amazon Web Services, Inc., Bosch.IO GmbH, Google Corporation, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft, NortonLifeLock Inc., SAP SE, Sophos Ltd. and Thales. These major players have adopted various key development strategies such as business expansion and new product launches, which help to strengthen their foothold in the Europe IoT market.