Internet of Everything Market Share & Growth | Forecast 2031

Report Description

The Global Internet of Everything Market size was valued at USD 586.38 Billion in 2022 and is expected to surpass USD 5.32 Trillion by 2031, expanding at a CAGR of 27.8% during the forecast period, 2023 – 2031. The growth of the market is attributed to the advancement in the field of automation technology, artificial intelligence (AI), and Internet of things (IoT).

Internet of Everything (IOE) is a network of embedded computing devices that are distinctively interrelated on the existing Internet structure. Rising need for energy optimization is boosting the adoption of IoE technology around the world. The technological evolution is supported by the increased penetration of portable devices, such as smartphones, laptops, and tablets.

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IoE network represents the convergence of various technology trends such as cloud social networks, computing, mobility and data analytics through intelligent sensors. It improves interaction between people and also between people and devices. This technology provides benefits such as improved operational efficiency and decision-making, which is anticipated to improve the process of doing work in the Internet world.

IoE helps to streamline data and gather crucial business insights. Additionally, IoE carries out functions such as processing the accumulated data. It also helps in transforming or changing the business models by aligning data with analytics. For instance, Nike, a major sports brand, is striving to make its mark in the healthcare industry with the help of IoE technology. Meanwhile, Google, a major technology company, is striving to revolutionize the automobile industry by the introduction of smart cars.

Market Drivers, Restraints, Trends, and Opportunities

• IoE creates unprecedented opportunities for individuals, organizations, countries, and communities. Thus, the growing awareness about its benefits is expected to boost the market growth during the forecast period.

• Growing demand for high network speed and speed processors and Internet security equipment is anticipated to foster the Internet of Everything market.

• Increasing use of Internet across the globe is expected to drive the market growth.

• The Internet of Everything market is still in its initial stage, which is expected to create lucrative opportunities in the coming years.

• Rising adoption of IoE by state, federal and local governments, educational institutions, healthcare organizations, utilities, and non-governmental organizations (NGOs) is anticipated to create new market avenues during the forecast period.

• The introduction of big-data analytics in wireless-enabled IoE applications and services is projected to drive the market demand during the forecast period.

• Growing awareness regarding issues such Internet security is expected to hamper the market growth.

• High data traffic is expected to create need for high speed Internet, which can restrain the market growth. However, rising investment in 5G technology and wireless systems is expected to surmount the obstacle in the projected timeline.

• Ongoing technological advancements in ultra-low power wireless and standardized technologies is expected to boost the Internet of everything market.

• Increasing demand for IoE from Industry 4.0 is anticipated to positively impact the Internet of Everything market.

Scope of Internet of Everything Market Report

The report on the global Internet of Everything market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Internet of Everything Market Segment Insights

Software segment to constitute a significant market share

On the basis of components, the market is divided into software, hardware, and services. The software segment is projected to constitute a significant market share during the forecast period. IoE technology is used for network connectivity, data analytics, management & automation, and security and connectivity management.

Increasing expenditure of small and medium businesses and large enterprises on IoE is expected to drive the segment growth. Furthermore, rising demand for connectivity and network security software improves the consumer experience and ensure protection against cyberattacks.

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Healthcare segment to represent a considerable market share

Based on industry verticals, the market is divided into government, healthcare, BFSI, retail, IT & telecom, energy & utilities, manufacturing, transportation & logistics, and others. The healthcare segment is anticipated to represent a considerable market share during the forecast period. IoE devices offer mobile medical applications or wearables that allow health experts to get access of patients health data. Hospitals use these devices to provide value-based care to patients.

Thus, rising adoption of healthcare connected devices is expected to drive the healthcare segment growth during the forecast period. However, privacy and security of data and reliability of healthcare devices may pose a challenge to the segment growth.

North America projected to account a large market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is projected to account for a large market share owing to increasing applications of IoE devices and solutions in the manufacturing, government, and retail sectors.

Growing use of technologies such as Wi-Fi and Bluetooth along with decreasing price of intelligent sensors has encouraged the adoption of IoE technology in the retail and healthcare sectors. Moreover, increasing technological advancement in the telecom sector and growing investments in the government sector are expected to spur the regional market growth during the forecast period.

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