Breakthroughs in industrial-grade digital technology and increase in preference for cloud-based IoT software to boost the global IoT trends in Europe. IoT enables companies to automate processes and reduce labor costs, thereby creating lucrative growth avenues for the global Europe IOT Market. On the basis of deployment mode, the on premise segment held the largest market share in 2021. Component-wise, the solution segment held the major market share in 2021.
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Based on component, the solution segment held the major market share in 2021, holding two-thirds of the Europe IoT market share, and is expected to maintain its leadership status during the forecast period. However, the service segment, is expected to cite the fastest CAGR of 20.4% during the forecast period.
On the basis of deployment mode, the on premise segment held the largest market share in 2021, accounting for nearly three-fifths of the Europe IoT market share, and is expected to maintain its leadership status during the forecast period. Nonetheless, the cloud segment, is expected to cite the highest CAGR of 20.2% during the forecast period.
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In terms of enterprise, the large enterprises segment held the largest market share in 2021, accounting for nearly two-thirds of the Europe IoT market share and is expected to maintain its leadership status during the forecast period. Nevertheless, the SMEs segment, is expected to cite the highest CAGR of 20.2% during the forecast period.
The key players analyzed in the Europe IoT market report includes 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.
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COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had negatively impacted the growth of the Europe IoT market, owing to the shutdown of production networks by major automotive OEMs.
- During the COVID-19 pandemic, supply chain activities were massively disrupted leading to hindrances on the growth of the IoT industry in Europe.
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