INTERNET OF EVERYTHING (IOE) MARKET ANALYSIS

Global Internet of Everything (IoE) Market size was valued at US$ 1049.75 Billion in 2022, exhibiting a compound annual growth rate (CAGR) of 15.2% from 2023 to 2030.

Internet of Everything (IoE) is an extended version of the concept of Internet of Things (IoT). Where IoT focuses on connection between machines i.e.: machine-to-machine communication, Internet of Everything (IoE) takes into consideration the networked connection between people, processes, data and things. In simple terms IoE is the inter-connectivity between billions of devices and consumer products over the internet in an intelligent network environment with expanded digital features and applications. The concept of IoE is evolving rapidly as more and more devices with smart digital capabilities are entering the market and the digital ecosystem is expanding like never before. Internet of everything refers to the devices which are embedded with digital sensors, data processing abilities, applications, etc. which are linked and can interact with other devices on the internet where the world becomes one big computer.

 The increasing adoption of these smart devices by individual as well as commercial consumers is helping the market for IoE grow even further. The devices like smartphones, smart wearable, digital cameras, smart home appliances connect with applications like social networking sites and other applications dedicated to IoE to develop smart systems capable of carrying out activities and processes digitally and more efficiently. Additionally, the growing inclination of governments across the world towards the adoption of digital ecosystems is fueling the growth of the concept of IoE. 

Global Internet of Everything (IoE) Market- Regional Analysis:

Asia Pacific held a dominant position in the global Internet of Everything (IoE)s market in 2022, followed by the North America and Europe region.

Figure 1. Global Internet of Everything (IoE) Market Share (%), By Region, 2022

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Asia Pacific held a dominant position in the Global Internet of Everything (IoE) Market in 2022. Owing to the huge population in the countries like China and India in the region; the number of smart devices is naturally growing exponentially as more people are adopting to the use of advanced gadgets and applications. Asia Pacific has shown a significant growth in the sales of devices like smartphones, laptops, tablets, and other smart devices and components. The growth of the technology sector in the region is one of the major factor that is driving the region towards new heights when it comes to the IoE market. Moreover, the initiatives like smart cities and digital economies, by the governments in countries like India, China, Singapore, etc. are further boosting the market for IoE in the Asia Pacific Region. With respect to these factors, the IoE market in Asia Pacific is expected to show growing trend throughout the forecast period.

North America is another big market for IoE. Owing to the factors like increased spending power, developed economies, highly technologically advanced population, constant technological innovations, etc. the region is expected to hold a strong position in the global internet of thongs market. The presence of highly advanced technological infrastructure in most of the major fields like administration, governance, business, personal lives, education, etc. has provided an extensive groundwork for the IoE market to boom in the region.    

Global Internet of Everything (IoE) Market- Segmentation

The Global Internet of Everything (IoE) Market is classified into following segments; by component, by end user industry and by region.

The component segment includes two types of offering that the market provides; the products that include hardware as well as the software solutions and the services which include IT security software, data management, consulting services, etc. In this segment the market share is almost equally distributed between the products and the services with respect to the market valuation where the product components hold a slight edge over the services. This is due to the fact that the growing markets are still in a phase where they are adapting to the use of technology in the varied operations including all walks of life hence the need for hardware components like smartphones, laptops and other smart devices is comparatively higher in these regions which is reflected in the market share. The services component also holds a strong position in the global Internet of Everything (IoE) Market. This is attributed to the rise of IT sector in the economies across the world. The services like data management, consultancy, operations management, etc. are required by most of the organizations implementing the use of technology in their processes. This is driving the growth for this component exponentially as this caters predominantly to the B2B market and the industrial sector is expected to carry the growing trend across several economies in the world.

Figure 2. Global Internet of Everything (IoE) Market Share by (%), By Component, Analysis and Forecast, 2022 

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Global Internet of Everything (IoE) market was valued at US$ 1049.75 Billion in 2022 and is expected to reach US$ 3248.57 Billion by 2030, exhibiting a CAGR of 15.2% between 2022 and 2030.

Global Internet of Everything (IoE) Market- Key Competitors

Major players operating in the Global Internet of Everything (IoE) Market include 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

Global Internet of Everything (IoE) Market- Recent Developments

1. In May 2023, IBM, an American multinational technology corporation launched its Watsonx platform to power next generation foundation models for businesses. The platform based on generative AI is dedicated to offer a new studio, data storage and governance toolkit to the businesses. This technology combines the latest concepts of AI and ML in connectivity with the devices and components to develop smart ecosystems for managing various business functions in the field of data management.
2. In February 2023, Cisco Systems, a US based multinational digital communications technology conglomerate, announced updates to its existing IoT management system. The system which included tools like connectivity systems, dashboard for data management, etc. has been updated to accommodate recent developments in technology. This is done with a view to enhance the business operations and improve the efficiency of its systems.
3. In February 2018, Google Inc., a US based technology company, announced the launch of its new cloud computing service Google IoT Core which allows the IoE devices to securely connect and manage the data between them. The features like ingesting data from connected devices and building rich applications that can integrate with other big data services from google is the noteworthy development in the Google’s IoE ecosystem.
4. In September 2022, Accenture, an Irish-American multinational professional services company announced its collaboration with a premier education institute in India, IIT Madras. The collaboration is done with a view to start a joint research project in the field of technology focusing on concepts like AI, ML, IoT, IoE, etc. and explore the applications of these concepts in Industry.

Global Internet of Everything (IoE) Market- Driver

Increasing use of IoE backed devices:

IoE backed devices like smartphones, laptops, tablets, smart wearable, etc. are increasingly growing in demand as the world is adopting to the world of technology. These devices are increasingly becoming the part of life for people with their integration and applications in all walks of life. As the use of these devices increases, the prospects of evolution of IoE would keep on expanding. For instance, according to an article published in Exploding Topics in March 2023, the data from Finance Online the volume of IoE devices is expected to grow significantly from the current number of 7 billion devices to around 25 billion devices by 2030. This staggering growth in the number of IoE devices is the testimony to the fact that the IoE market would grow exponentially 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. 

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.

Global Internet of Everything (IoE) Market- Opportunity

Growing preference for enterprise mobility:  

Enterprise mobility is a relatively new concept which emphasizes on the ability of any business to mobilize its resources in order to provide flexibility to the employees in terms of operating. The latest trend of ‘work from home’ or ‘remote working’ which allows the employees to work from remote locations other than the company office is the example of enterprise mobility. This concept increases the demand for smart devices like laptops, tablets, etc. as well as the connectivity services. For instance, According to World Economic Forum’s report based on Google’s data the terms like remote working/work from home show an all-time rise in the google search box. This shows the trend in the business world regarding the adoption of these new concepts. This is an opportunity that the players in Global Internet of Everything (IoE) Market can capitalize on to provide products and services relating to IoE that cater to this rise in demand for enterprise mobility.

Global Internet of Everything (IoE) Market- Impact of Coronavirus (Covid-19) Pandemic

The impact of the country-wide lockdowns and stringent social distancing norms during the covid-19 pandemic on the supply side of the Internet of Everything (IoE) Market are significant in understanding the changed dynamics of the market after the pandemic. The supply side characterized by the production of solutions and services catering the IoE market showed contrasting trends. The production of IoE devices like smartphones, laptops, tablets and other smart devices was affected severely as majority of the industries were shutdown. Moreover, China which is the hub for all the companies engaged in the manufacturing of electronic gadgets was the most affected country during the pandemic period. This resulted in the complete disruption of the supply of these gadgets. But this effect was for short-term, as the lockdowns eased across different countries the supply of these components started gaining pace again.

*Definition: Internet of Everything (IoE) is defined as a network of connections between people, data, devices and processes that provide general intelligence and improved cognition across the networked environment.