Internet of Everything (IoE) Market Projected to Reach $2,899.4 Billion by 2030 – MRFR Report
Increasing Use of Big Data Analytics to Boost IoE Market Growth
New York, US, June 07, 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 till 2030”, the market is predicted to thrive substantially Internet of Everything Market during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 28.89% to attain a valuation of around USD 2,899.4 Billion by the end of 2030.
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|Internet of Everything Market Size by 2030||USD 2,899.4 Billion (2030)|
|Internet of Everything Market CAGR during 2022-2030||28.89%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Drivers||Growing usage of advanced technologies The increasing need for managing massive datasets and expanding use of it.|
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Eminent market players profiled in the global internet of everything market report include
- Cisco Systems Inc
- Google Inc
- IBM Corporation
- Microsoft Corporation
- Huawei Technologies Co. Ltd
- Fujitsu Limited
The global internet of everything market is both fragmented and also competitive due to the presence of several international as well as domestic industry players. These players have utilized innumerable innovative strategies for staying at the vanguard and also sufficing to the surging need of the customers including contracts, partnerships, collaborations, new product launches, joint ventures, geographic expansions, and more. Further, they are also investing in numerous research and development activities.
Increasing Use of Big Data Analytics to Boost Market Growth
Over the projection period, the global market for the internet of everything is projected to rise for the rising use of big data analytics. The explosion of big data analytics in a variety of industries has completely changed how businesses, institutions of higher learning, and governments operate.
Growing Penetration of Connected Devices to offer Robust Opportunities
The use of linked devices may present profitable expansion prospects. Smartphones, tablets, mobile phones, computers, and other connected gadgets are in ever high demand. This has resulted in a huge increase in IoE adoption. Also, during the projection period, the growing trend of BYOD into offices is anticipated to increase demand for IoE technologies.
Restraints and Challenges
Increase in Privacy Concerns to act as Market Restraint
The increase in privacy concerns, increase in data security, issues with interoperability, lack of common standards, concerns about data migration from the legacy system, inadequate network infrastructure, and low awareness about IoE may act as market restraints in the forecast period.
The global internet of everything market is bifurcated based on hardware and end user industry.
By component, hardware will command the market in the forecast period for the increase in the adoption of smartphone and the usage of 4G and 3G networks.
By end user industry, healthcare will domineer the market over the forecast period. Medical personnel can obtain patient health data through IoET devices’ wearable/mobile medical applications. These tools help hospitals provide patients with value-based treatment. Thus, it is projected that the healthcare category would rise due to the rising use of linked healthcare equipment.
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Globally, COVID-19 has changed how individuals conduct business. Everyone has changed and adapted in response to the new normal. Also, companies must strive for greater stability if they are to survive a COVID-19 pandemic. IoT technology pioneers are currently developing more useful internet of everything apps for already-available IoT products. Although the Internet of Things has been growing for a while, it is anticipated to take off in the next years. IoT is anticipated to be used by more industries and businesses in the future to grow their brands, draw in new clients, and enhance consumer experiences. The use of internet of everything apps among big and small retailers increased significantly during the Covid-19 outbreak. This is because deploying wireless systems & sensors in far-off places has reduced maintenance costs and increased efficiency. During the epidemic, remote working practices were much more prevalent. This prompted enterprises to use the internet of everything more frequently to ensure smooth operations and boost productivity.
North America to Head Internet of Everything Market
The majority of the market for the internet of everything was in North America. The IoE market is anticipated to grow during the projected period due to an increase in government sector spending and technical developments in the telecom sector. The largest revenue share of this market was reported in North America. Due to a rise in government investment and technological advancements in the telecom industry, it is predicted that the regional IoE market would expand over the projection period. Moreover, IoE is projected to be used to support the expansion of the manufacturing industry, including supply chain connectivity, asset monitoring, administration of workplace safety, and energy management. Due to the growing importance of IoT amid the significant end-user firms in the region that generate significant amounts of money, North America is expected to be a significant market. North America’s dominance is due to the use of smart energy ventures, linked cars, home automation, and a focus on smart production. IoT development in this area has also been fueled by increased digitalization across industry sectors and technology advancements.
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APAC to Have Admirable Growth in Internet of Everything Market
During the predicted period, significant growth is anticipated in Asia-Pacific. Throughout the projection period, IoE is also anticipated to be used to support growth in the manufacturing sector, which includes supply chain connectivity, workplace safety management, asset monitoring, & energy management. Asia Pacific is anticipated to have rapid expansion. It is anticipated that the Internet of Things Market in the Asia Pacific area would have profitable growth prospects due to factors such as the region’s developing industrialization and rising 5G technology utilization. India’s IoE market is anticipated to develop rapidly after China, with a 5.5X increase in market size. In a number of sectors, including consumer electronics & transportation, India has advanced technologically. The necessity & desire of customers to enhance utility, convenience, and efficiency is what motivates these technology advancements. The use of IoT-enabled technologies by established and SME’s firms in the industrial production sector was also proven in 2019. A wide range of electronic devices, including sensors, smart lights, cameras, smart TVs, smartphones, cameras, smart wearables, & others, are used by many IoT devices to monitor their surroundings.
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