Global internet of everything (IoE) market generated $928.11 billion in 2020, and is expected to reach $4,205.50 billion by 2030, witnessing a CAGR of 16.5% from 2021 to 2030.
Surge in demand for connected devices, affordability of cloud computing services, improved internet access, and low sensor & processor costs drive the growth of the global internet of everything (IoE) market. However, limitations associated with security, integrity, and privacy data in connected devices restrain the market growth. On the other hand, rise in investments in information and communications technology (ICT) by governments in numerous established and emerging countries create new opportunities in the coming years.
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Based on component, the hardware segment held the highest market share in 2020, accounting for more than half of the global internet of everything market, and is projected to maintain its leadership status during the forecast period. This is due to rise in the penetration of smartphones and the usage of 3G and 4G networks. However, the services segment is expected to manifest the highest CAGR of 19.5% from 2021 to 2030, owing to increase in adoption of IoE technologies and solutions across major and evolving B2B verticals such as retail, healthcare, public, and manufacturing sectors.
Based on industry vertical, the manufacturing segment accounted for the largest market share in 2020, contributing to more than one-fourth of the global internet of everything market, and is expected to maintain its lead position during the forecast period. This is due to increase in investments by manufacturers in IoE technology and solutions to simplify the processes, gain optimum outcomes, and meet the customers’ growing requirements. However, the healthcare segment is projected to register the largest CAGR of 19.8% from 2021 to 2030, owing to advancements in medical technology, high adoption of healthcare connected devices, and the need to track the location of medical devices, patients, and personnel.
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Key trends in the market are:
- Increased Adoption of IoT Devices: The adoption of IoT devices is on the rise, driven by the increasing demand for automation, real-time data analytics, and enhanced connectivity. The use of IoT devices in homes, healthcare, transportation, and manufacturing is expanding, leading to the creation of new products and services.
- Artificial Intelligence and Machine Learning: The integration of AI and machine learning in IoE systems is enabling data-driven decision-making, automating tasks, and improving efficiency. Machine learning algorithms can analyze vast amounts of data collected by IoT devices, providing valuable insights to businesses and consumers.
- 5G Network Connectivity: The deployment of 5G networks is set to revolutionize the IoE market, enabling faster and more reliable connectivity, increased bandwidth, and lower latency. 5G networks will enable the deployment of more IoT devices and support real-time applications such as autonomous vehicles and remote surgery.
- Cybersecurity: As more devices become connected to the internet, cybersecurity threats are increasing. IoE systems must ensure the security of data and devices to protect against cyber-attacks. The use of blockchain technology and decentralized architectures is gaining traction to improve cybersecurity in IoE systems.
- Smart Cities: The development of smart cities is a major trend in the IoE market. Smart city solutions integrate IoT devices, AI, and data analytics to improve urban infrastructure, transportation, and public safety. Smart city solutions can reduce traffic congestion, enhance energy efficiency, and improve public services.
- Industry 4.0: Industry 4.0 refers to the integration of digital technologies in manufacturing and production processes. IoE systems are a critical component of Industry 4.0, enabling the collection of real-time data, automation, and predictive maintenance.
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Based on region, North America contributed the highest market share in terms of revenue in 2020, holding nearly two-fifths of the global IoE market, and is expected to maintain its dominance in terms of revenue by 2030. This is due to increase in investments in the government sector and technological advancements in the telecom industry. However, Asia-Pacific is projected to portray the fastest CAGR of 20.4% during the forecast period, owing to rise of the manufacturing industry in the region that require the supply chain connectivity, asset monitoring, workplace safety management, and energy management.
The key players operating in the Internet of Everything market analysis 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 industry.
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