INTERNET OF EVERYTHING (IOE) MARKET ANALYSIS

Market Challenges And Opportunities

Global Internet of Everything (IoE) Market- Restraints

High prices related with access to 5G connectivity:

The access to internet is now spreading even to the remote areas in developing countries like India, but the 5G network infrastructure is still not widely accessible for the users. The cost associated with gaining access to 5G services include the cost of owning a device that supports the 5G spectrum as well as the cost of 5G data services. Bothe these costs are a significant barrier in the wider adoption of 5G services. This slow growth in the adoption of 5G spectrum would also slow down the growth of the IoE expansion. For instance, in November 2022, According to Economic Times, the 5G roll-out cost in India is expected to be the highest among the 15 emerging economies. India is likely to spend around $75 billion for developing the 5G infrastructure across the country. These high costs would naturally raise the cost for accessing the high-speed 5G data significantly and is expected to hamper the growth rate of IoE expansion during the forecast period.

Low awareness regarding IoE:

IoE is still a growing phenomenon. The concept is rapidly evolving and incorporating speedy developments with the constant changes in technology. This nuance of the concept is the reason that the concept is not widely known to majority of the business verticals especially in the developing economies. The businesses in these regions are majorly unaware about the applications of IoE in improving the business processes and thus increasing the efficiency. This can be attributed to the factors like lag in the adoption of technology, regional imbalance, etc. For instance, according to an article published in Media Post, 53% people are still unaware about the concept of IoE whereas 72% find it confusing and do not have clarity regarding what it actually does and how can it improve processes. This huge ambiguity about the topic can hinder the growth prospects of the Global Internet of Everything (IoE) Market during the forecast period.

Low awareness regarding IoE:

IoE is still a growing phenomenon. The concept is rapidly evolving and incorporating speedy developments with the constant changes in technology. This nuance of the concept is the reason that the concept is not widely known to majority of the business verticals especially in the developing economies. The businesses in these regions are majorly unaware about the applications of IoE in improving the business processes and thus increasing the efficiency. This can be attributed to the factors like lag in the adoption of technology, regional imbalance, etc. For instance, according to an article published in Media Post, 53% people are still unaware about the concept of IoE whereas 72% find it confusing and do not have clarity regarding what it actually does and how can it improve processes. This huge ambiguity about the topic can hinder the growth prospects of the Global Internet of Everything (IoE) Market during the forecast period.

Growth of 5G connectivity infrastructure:

The primary premise on which the entire IoE ecosystem works is the inter-connectivity between devices, people, processes and data. This connectivity is in the form of Bluetooth, internet, Wi-Fi and other connectivity options. In the current scenario a significant part of the ecosystem relies on the connectivity of IoE devices through internet. The penetration of internet services in the remotest part of the world and the introduction of the 5G spectrum in networking is a significant development when it comes to the IoE market. The 5G spectrum would provide high speed data transmission and would in-turn allow the devices to share data and communicate faster. Moreover, large chunks of data can be transferred with relative ease. For instance, according to an article published by Bangkok Post, In December 2022, DTAC and TrueMove H, two of the major telcom companies operating in Thailand announced their merger with a view to develop a 5G spectrum in the country. After this merger the users in Thailand experienced a significant increase in the download speed. This development points towards the fact that growing 5G infrastructure has the potential to boost the Global Internet of Everything (IoE) Marketduring the forecast period.