Global Internet of Everything (IoE) Market to reach US$ 3248.57 Billion by 2030, Owing to Increasing adoption of IoE devices in commercial as well as individual usage.
Global Internet of Everything (IoE) Market was valued at US$ 1049.75 Billion in 2022, and is projected to reach US$ 3248.57 Billion by 2030, exhibiting a CAGR of 15.2% over the forecast period (2022-2030). According to Global Internet of Everything (IoE) Market Report, By Component (Hardware, Software (IT Security Software, Data Management Software, Communication and Collaboration Software, Software Analytics, Others), Services (Consulting, Integration & Implementation, Operation Management, Repair & Maintenance)), By End-use Industry (BFSI, Manufacturing, Government, IT and Telecom, Retail, Energy and Power, Transportation and Logistics, Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa).
The recent trends have shown that the demand for the IoE market is rising significantly primarily due to the increase in the demand for IoE compatible devices and their continuously growing demand. The rise in demand for smartphones, laptops, tablets, smart wearable and other devices and sensors is driving the growth of the global Internet of Everything (IoE) Market. Moreover, several government initiatives like digital economies, smart cities, use of IoE in administration services, etc. are further fueling the growth of the market. In recent times the application of IoE in various business verticals has increased. Growing demand for advanced features of IoE like data management, inter-connectivity, cloud solutions, processes enhancement and digitalization of activities have paved a way for the global IoE market to make its rapid strides towards development and growth during the forecast period.
Global Internet of Everything (IoE) Market- Drivers
Increased support from government authorities to adopt technological changes:
The developing countries across the globe like India, South Korea, Indonesia, Brazil, etc. who have witnessed how technological advancements can boost a country’s growth engine have embarked on a journey to adopt technology solutions within their economy. Application of technology in fields like administration, education, research, commerce, etc. enhances the systems governing these fields and significantly improves efficiency of the processes. The governments across the world are undertaking initiatives like smart cities, digital economies, etc. which require use of IoE devices and this lays the foundation for the IoE market to grow further. For instance, EY, a multinational company operating in consulting services sector, published an article in February 2023. The article gives insights about the initiative or the philosophy implemented by India, ‘Digital India’. The article suggests that with the help of increasing penetration of telcom services and growth of the technological infrastructure, India can solve its structural problems effectively. This inclination towards digitalization of the economy would fast-track the growth of technological adoption in the country and would provide the necessary boost to the IoE market.
Global Internet of Everything (IoE) Market- Restraints
Poor connectivity infrastructure in the developing economies:
Even though the network infrastructure is highly developed in countries like America, Japan and countries in Europe where the IoE infrastructure can grow with ease, the same is not the case in the developing economies like India, Brazil, Indonesia, Africa, etc. The internet is still not completely accessible in remote and under-developed parts of India. For instance, in March 2023, Exitel published an article that gives insights about the connectivity infrastructure in rural India and the challenges related to it. The article lays down reasons like, inadequate electrification and affordability issues as the primary reasons for poor penetration of connectivity services in the remote areas of India. These infrastructural shortcomings can affect the growth prospects of the global Internet of Everything (IoE) Market as these developing countries account for the majority of the users for the market.
Global Internet of Everything (IoE) Market- Key Recent Development:
In 2020, IBM, an American multinational technology company announce the update to the BLE (Bluetooth Low Energy) which is a lower version of popular Bluetooth version 2.4 GHz. This is primarily used in short range connections usually 200 meters. The connectivity of several devices over shorter distance but increased capabilities is the key feature of the technology.
In October 2022, Government of India successfully rolled out the fifth generation telcom services by completing the auction process for 5G spectrum. The first phase includes 13 cities to be targeted initially. The list of cities include, Delhi, Mumbai, Chennai, Kolkata, Pune, Gandhinagar, Bengaluru, Gurugram, and Chandigarh among others.
In 2017, UpKeep, an Asset Management Solutions company was founded. The company develops solutions for remote asset management. The Asset monitoring technology uses the principles of IoE to interact with the devices and develop a connectivity system between the devices and the applications. The data is collected with the help of various censors, which then communicate with the system and provide real-time information about the situation of the system.
Global Internet of Everything (IoE) Market- Impact of COVID-19
The covid-19 pandemic which led to the disruption of the businesses across the world because of the country-wide lockdowns and social distancing norms, also affected the demand side of several industries. When it comes to the Internet of Everything (IoE) Market, the trend was slightly different. The pandemic period witnessed a surge in demand for IoE products and services. As various countries were following stringent social distancing norms, the demand for connectivity services, components used in the network systems, etc. rose significantly. The adoption of the culture of work from home, increased the demand for gadgets like laptops. Smart devices capable of Bluetooth connectivity also experienced a surge in demand. Organizations became more inclined towards the adoption of IoE technology in managing their processes through smart ecosystems.
Based on the above factors, we can conclude that the covid-19 pandemic had a rather positive impact on the demand-side of the Internet of Everything (IoE) Market where the components and services related to IoE saw a surge in demand. The pandemic period could also be considered to have acted as a catalyst in increasing the pace of technology adoption across different fields in business as well as individual applications.
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Key Takeaways:
The Global Internet of Everything (IoE) Market was valued at around US$ 1049.75 Billion at the end of 2022. The market is projected to reach the valuation of US$ 3248.57 Billion by the end of 2030.
The software segment under segmentation by component is expected to show a significant growth whereas the region of Asia Pacific is estimated to grow as a leader in the global Internet of Everything (IoE) Market during the forecast period.
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Key Trends and Analysis of the Global Internet of Everything (IoE) Market:
- Among the component segment hardware segment comprises of the devices and gadgets as well as the software applications dedicated to implement the IoE capabilities in the enhancement of various systems and processes, held a dominant position in 2022 and is projected to retain its dominance throughout the forecast period. Rising IoE compatible devices, adoption to technological changes, and increasing demand for connectivity would lead to rising demand for IoE services. The governments of various countries have implemented initiatives like digitalization of the economy, smart cities and digital administrative services which further boosts the IoE market globally.
- Asia Pacific held a dominant position in the global Internet of Everything (IoE) Market in 2022 and is expected to maintain its dominance during the forecast period, owing to the factors like growing population, increase in pace of technological adoption and expanding industrial sector in countries like India, China, Singapore, etc. is the primary reason for dominance of the region during the forecast period.
- North America Internet of Everything (IoE) Market is projected to exhibit strong CAGR during 2022–2030. The highly advanced technological infrastructure in the region provides a great foundation for the growth of IoE market in the region.
- Europe, Middle East, and Africa are also expected to show significant growth during the forecast period, owing to increasing demand for smart devices and components in these regions
Some of the major players in the global Internet of Everything (IoE) market are Accenture Plc., Apple Inc., Cisco Systems Inc., Google Inc., Hewlett-Packard Co., IBM Corporation, Samsung Electronics Co. Ltd., Telefónica S.A, Vodafone Group and Others
