Internet of Everything (IoE) Market Expected to Reach $2,899.4 Billion by 2030 – MRFR Report
NEW YORK, U.S., June 7, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “IoE Market: By Component, By End-User Industry, By Region and Forecast to 2030.” The Internet of Everything market is forecast to thrive significantly at a healthy CAGR of approximately 28.89% over the valuation period of 2022-2030, reaching a valuation of approximately $2,899.4 billion by the end of 2030.
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Report scope:
Report Metrics Details: Internet of Everything Market Size by 2030 $2,899.4 billion (2030). CAGR of Internet of Everything Market during 2022-2030, 28.89% Base Year 2021, Forecast 2022-2030, Report Coverage, Revenue Forecast, Competitive Landscape, Growth Factors and Trends, Key Market Drivers Increasing Utilization of Advanced Technologies The increasing need to manage huge amounts of data and their increasing use.
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key figures
The major market players profiled in the global Internet of Everything market report are:
Cisco Systems Inc. Google Inc. IBM Corporation Microsoft Corporation Huawei Technologies Co. Ltd. Fujitsu Limited
The global Internet of Everything market is fragmented and also intensely competitive due to the presence of several international as well as domestic industry players. These players have used myriad innovative strategies to stay on top and also meet the increasing needs of customers, including contracts, partnerships, collaborations, new product launches, joint ventures, geographic expansions and more. In addition, they invest in numerous research and development activities.
driver
Increasing use of big data analytics to boost market growth
During the forecast period, the global Internet of Everything market is anticipated to grow owing to the increasing use of big data analytics. The explosion of big data analytics across a variety of industries has completely transformed the way businesses, academia, and governments work.
occasions
Growing proliferation of connected devices offers robust opportunities
The use of networked devices can offer profitable expansion prospects. Smartphones, tablets, mobile phones, computers and other networked devices are enjoying increasing demand. This has led to a huge increase in IoE adoption. Furthermore, the increasing trend of BYOD in offices is expected to increase the demand for IoE technologies during the forecast period.
limitations and challenges
Increasing privacy concerns are acting as a market constraint
The increasing privacy concerns, increasing data security, interoperability issues, lack of common standards, concerns about data migration from legacy system, insufficient network infrastructure and low awareness of IoE could act as market restraints during the forecast period.
market segmentation
The global Internet of Everything market is split based on hardware and end-user industry.
By component, hardware is set to dominate the market over the forecast period as smartphone adoption and usage of 4G and 3G networks increase.
By end-user industry, healthcare will dominate the market during the forecast period. Medical staff can receive patient health data via wearable/mobile medical applications of IoT devices. These tools help hospitals provide value-based care to patients. Therefore, the healthcare category is predicted to increase due to the increasing use of connected healthcare devices.
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COVID-19 Analysis
Globally, COVID-19 has transformed the way individuals do business. Everyone has changed and adapted in response to the new normal. Additionally, businesses must seek greater stability to weather a COVID-19 pandemic. Pioneers of IoT technology are currently developing other useful Internet of Everything apps for already available IoT products. Although the Internet of Things has been growing for some time, it is expected to take off in the next few years. In the future, IoT is expected to be used by more industries and companies to grow their brands, attract new customers and improve customer experience. Usage of Internet of Everything apps at retailers large and small has increased significantly during the Covid-19 outbreak. This is because the deployment of wireless systems and sensors in remote locations has reduced maintenance costs and increased efficiencies. Remote working practices were much more common during the epidemic. This prompted companies to use the Internet of Everything more frequently to ensure smooth operations and increase productivity.
Regional Analysis
North America acquires Internet of Everything leader
Most of the Internet of Everything market was in North America. The IoE market is expected to grow during the forecast period owing to an increase in government spending and technological developments in the telecom sector. The largest share of sales in this market was reported in North America. The regional IoE market is projected to grow over the forecast period, owing to rising government investment and technological advancements in the telecom industry. In addition, IoE will be used to support manufacturing industry expansion, including supply chain connectivity, asset monitoring, workplace safety management, and energy management. North America is expected to be a significant market due to the growing importance of IoT with the major end-user companies in the region generating significant amounts of money. North America’s dominance is due to its deployment of smart energy projects, connected cars, home automation and a focus on smart manufacturing. The IoT development in this area has also been driven by increasing digitalization in all industries and technological advances.
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APAC will see admirable growth in the Internet of Everything market
Significant growth is expected in the Asia-Pacific region during the forecast period. IoE is also expected to be deployed to support growth in manufacturing throughout the forecast period, which includes supply chain connectivity, workplace safety management, facility monitoring and energy management. Rapid expansion is expected in the Asia-Pacific region. The Asia-Pacific Internet of Things market is expected to have profitable growth prospects due to factors such as the region’s developing industrialization and increasing adoption of 5G technology. It is expected that India’s IoE market will develop rapidly after China, and the market size will grow by 5.5 times. India has made technological advances in a number of sectors including consumer electronics and transportation. Customers’ need and desire to improve utility, convenience and efficiency are driving these technological advances. The use of IoT-enabled technologies by established and medium-sized companies in the field of industrial production was also proven in 2019. A wide range of electronic devices including sensors, smart lights, cameras, smart TVs, smartphones, cameras, smart wearables and others are used by many IoT devices to monitor their surroundings.
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