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.
PORTLAND, Ore. , May 9, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Internet of Everything (IoE) Market by By Component (Hardware, Software, Services), by Industry Vertical (Manufacturing, Retail, BFSI, IT and Telecom, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030.” According to the report, the global internet of everything (IoE) industry 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.
straints, and Opportunities
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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- During the Covid-19 pandemic, the adoption of internet of everything applications surged considerably among large and small retailers. This is due to lowered maintenance costs and rise in efficiency by using wireless systems and sensors in remote locations.
- The adoption of remote working culture increased considerably during the pandemic. This led to surged application of internet of everything by organizations for ensuring seamless operations and improving productivity.
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The hardware segment to maintain its leadership status during the forecast period
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.
The manufacturing segment to maintain its lead position during the forecast period
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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North America to maintain its dominance in terms of revenue by 2030
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.
Leading Market Players
- Amazon Web Services, Inc.
- AT&T Intellectual Property
- Bosch.IO GmbH
- Cisco Systems, Inc.
- Hewlett Packard Enterprise Development LP
- IBM Corporation
- SAP SE
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