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The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The internet of everything (IoE) is an extended concept of the Internet of Things (IoT), which focuses on machine-to-machine communications, in order to describe a more complex system. It also includes people and processes. As connected devices and platforms become more and more prevalent, the association between connected devices and people is going to greatly affect not only our lives, however also our work environments. More expansive IoE concepts beside M2M includes machine-to-people (M2P) and technology-assisted people-to-people (P2P) interactions. There are different physical devices connected devices, sensors, and intelligent systems.
The global internet of everything (IoE) market is estimated to be valued at US$ 6,222.5 billion in 2021 and is expected to exhibit a CAGR of 16.6% over the forecast period (2021-2028).
Recent Developments:
Asia Pacific held dominant position in the global internet of everything (IoE) market in 2020, accounting for 35.1% share in terms of volume, followed by North America and Europe, respectively.
Figure 1. Global Internet of Everything (IoE) Market Value (US$ Bn), by Region, 2020
-market-fig-1.png "Internet of Everything | Coherent Market Insights")
Global Internet of Everything (IoE) Market - Drivers
Constant support from government authorities to adopt advanced technologies is expected to drive growth of the global internet of everything (IoE) market during the forecast period. Governments in developed and emerging economies such as Germany, India, Brazil, and Saudi Arabia have started introducing various IT projects and initiatives, in order to increase expenditure on advanced technologies to serve their citizens in better ways. Furthermore, advent of smart city projects, smart public transit projects, and 5-year smart grid projects by electric utilities have increased the adoption of IoE. For instance, in 2013, Singapore government-subsidized ICT goods with an estimated cost of US$ 500 Mn for business firms to adopt advanced technologies for the next three years.
Surge in adoption of big data analytics is expected to propel the global internet of everything (IoE) market growth over the forecast period. Surge in big data analytics across different verticals that has changed the way organizations, educational institutes, and governments conduct businesses. According to the American Institute of CPAs (AICPA), the volume of records in organizations, mostly multinational companies, doubles every 18 months. For instance, IBM estimates that 2.5 quintillion bytes of data are created every day in big organizations, and 204.2 million emails are generated by email users each minute. As a result of increased data, organizations are shifting towards third-party cloud storage providers that require new off-premise connectivity platforms and solutions.
Market Opportunities
Rising penetration of connected devices can offer lucrative growth opportunities. The demand for connected devices such as smartphones, mobile phones, tablets, laptops, and related devices is increasing rapidly. As a result of this, adoption of IoE is increasing significantly. Furthermore, growing trend of bringing your own device (BOYD) in organizations is expected to boost the demand for IoE technologies during the forecast period.
Growing preference for enterprise mobility can present major business opportunities. Many organizations across the globe are shifting towards enterprise mobility, in order to improve business processes and productivity in an efficient way. This shift is expanding the demand for advanced mobility solutions that can enable people to communicate and control smart objects remotely. Market players can capitalize on these opportunities and gain competitive edge in the market.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2020 | Market Size in 2021: | US$ 6,222.5 Bn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 16.6% | 2028 Value Projection: | US$ 18,210.1 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
IBM Corporation, Telefónica S.A., Cisco Systems Inc., Accenture plc, Vodafone Group plc, Apple Inc., Google Inc., Samsung Electronics Co. Ltd., and Hewlett-Packard Co. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Trends
Infrastructure expenditure lays emphasis on advancements in network connectivity. Wired and wireless connectivity platforms are increasing rapidly, owing to increasing network enhancement projects such as small cell networks and LTE deployment across the globe. For instance, in North America, 66 3G/4G networks had been deployed in the U.S. and Canada by the end of 2014. As of 2014, 63 3G/4G networks had been deployed in 27 countries across the Asia Pacific region.
Growing demand for IoE in major B2B verticals such as retail, manufacturing, public, and utility is giving rise to major IT services such as implementation, consultation, and integration services. Furthermore, high growth in developing smart machines, especially in manufacturing industries, has influenced IT integration and outsourcing services. Consulting services are expected to witness high growth during the forecast period, owing to increasing demand for technology and digital strategy in organizations.
Figure 2. Global Internet of Everything (IoE) Market Share, By Component, 2020
-market-fig-2.png "Internet of Everything | Coherent Market Insights")
Key Takeaways of the Graph:
Market Dynamics- Restraints
Inadequate network infrastructure is expected to hamper the global internet of everything (IoE) market growth over the forecast period. Presence of insufficient network infrastructure is a major challenge in emerging as well as developed economies. According to the Federal Communications Commission (FCC) report in 2012, around 9 million U.S. citizens did not have access to high-speed internet. Moreover, rate of transition from IPv4 to IPv6 in developing regions is relatively slower at present.
Low awareness regarding IoE is expected to restrain growth of the global internet of everything (IoE) market during the forecast period. Low awareness across consumers and B2B verticals in emerging economies associated with different types of IoE technologies and modules are major hindering factor. These technologies can be deployed to enhance business processes and productivity.
Competitive Section
Key players operating in the global internet of everything (IoE) market are IBM Corporation, Telefónica S.A., Cisco Systems Inc., Accenture plc, Vodafone Group plc, Apple Inc., Google Inc., Samsung Electronics Co. Ltd., and Hewlett-Packard Co.
Key Developments
The Internet of Everything refers to devices, which are embedded with digital sensors, processing power, applications, and so on, and which link and interact with other electronic devices and systems over the Internet or various communication networks. This is an exciting technological development, ushering in a world where the world becomes one big computer. The computer's operating system, its hardware, its applications, the operating systems itself, the devices it interacts with, the networking technologies used for those interactions, the data being exchanged, etc., are all now part of the "Internet of Everything." The Internet of Everything will make it possible for people and organizations to exchange valuable information over networks at much faster speeds.
Market Dynamics
Rising internet usage is expected to boost the global internet of everything (IoE) market growth over the forecast period. As per the International Telecommunication Union (ITU), internet users across the globe reached 4 billion in 2019, increasing from 2.8 billion in 2014. This, in turn, has increased the adoption of IoT devices across vacuous sectors including healthcare, packaging, automobile, e-commerce, and more. Hence, such factors are expected to boost the market growth over the forecast period.
Furthermore, growing applications across various end-use verticals are expected to accelerate growth of the global internet of everything (IoE) market in the near future.
Key features of the study:
Detailed Segmentation:
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