Internet of everything (IoE) can be defined as the connection between people, process, data, and things (systems). Internet of everything is a network of embedded computing devices that are interconnected in the existing internet infrastructure. It is an extension of internet of things (IoT) where only connects data and systems, while IoE integrates people, process, data, and things (systems) in a networked connection. IoE includes connection between: machine-to-machine (M2M), person-to-person (P2P), and person-to-machine (P2M).
Factors Driving Growth of the Global Internet of Everything (IoE) Market
Favourable government initiatives related to smart city projects across the globe is expected to fuel growth of the global internet of everything (IoE) market. For instance in June 2015, Government of India launched “100 Smart Cities Mission” with an allocated budget of US$ 6.9 billion. Governments across the globe are trying to use data and technologies to improve the lives of citizens and businesses by developing connected infrastructure. Internet of everything (IoE) creates an opportunity for the government to make significant advancements in citizen services by leveraging the Big Data and other smart technologies, which is expected to boost the communication infrastructure. The government can gather information generated through the M2M, P2P, and P2M communication, analyse it, and then use it for lighting, parking, traffic, and waste management; citizen engagement; safety and security. Moreover, increasing adoption of internet of things (IoT) by supply chain, manufacturing, and retail industries to optimize workflow, better allocation and utilization of assets, and reduce operating costs are expected to drive growth of the internet of everything (IoE) market over the forecast period.
Factors Restraining Growth of the Global Internet of Everything (IoE) Market
Concern about security and privacy of data is a major factor restraining growth of the market, as internet of everything (IoE) technology is used in surveillance and financial scams among others. Moreover, inadequate communication infrastructure in emerging economies such as India and Brazil is expected to hamper growth of the global internet of everything (IoE) market over the forecast period.
Regional Analysis of Internet of Everything (IoE) Market
On the basis of region, the global internet of everything (IoE) market is segmented into North America, Europe, Latin America, Asia Pacific, Middle East, and Africa. In 2018, North America accounted for the largest share in the internet of everything (IoE) market and is expected to retain its dominance over the forecast period. North America region comprises countries such as the U.S. and Canada, where the adoption of advanced technologies such as internet of things (IoT), artificial intelligence, and automation technologies among others are highest. Moreover, this region has number of companies which are early adopters of advanced technologies For instance, companies such as Google and Uber are using IoE and IoT solutions for their connected and autonomous vehicle testing. Furthermore, the presence of leading IoE solution provider companies such as CISCO Systems, INC., AT&T, IBM Corporation among others in this region is expected to drive growth of this market over the forecast period. Moreover, increasing adoption of smart technologies by retail, transportation, telecom, and manufacturing sectors in North America region is expected to drive growth of the market over the forecast period.
Key Players in the Global Internet of Everything (IoE) Market
Key players operating in the global internet of everything (IoE) market include CISCO Systems, INC., Amazon Web Services Inc., AT&T, IBM Corporation, Microsoft Corporation, SAP SE, Google Inc., Fujitsu, Intel Corporation, PTC Inc., and Bosch Software Innovation GMBH.
Global Internet of Everything (IoE) Market: Taxonomy
The global internet of everything (IoE) market is segmented on the basis of component, end-use industry, and region
- On the basis of component
- IT Security Software
- Data Management Software
- Communication and Collaboration Software
- Software Analytics
- Integration & Implementation
- Operation Management
- Repair & Maintenance
- On the basis of end-use industry
- Banking, Financial Services, and Insurance (BFSI)
- IT and Telecom
- Energy and Power
- Transportation and Logistics
- On the basis of region
- North America
- Asia Pacific
- Latin America
- Middle East