close
Enquiry IconContact Us
Logo
  • Choose License Type

The internet of everything (IoE) is an expansive term that refers to different devices and consumer products connected to the internet and equipped with digital features. More expansive IoE concepts besides M2M include machine-to-people (M2P) and technology-assisted people-to-people (P2P) interactions. There are different physical devices connected devices, sensors, and intelligent. There are two main categories IoE features namely input that allows analog or external data to be put into a piece of hardware and output that allows a piece of software to be put into the software.

Market Statistics:

The global internet of everything (IoE) market is expected to surpass US$ 18,210.1 Bn in terms of value by the end of 2028.

Market Driver

Increased budget for technology in developed countries is expected to support growth of the global internet of everything (IoE) market during the forecast period. The technology budget in developed countries has increased significantly in the recent past. According to the Network Readiness Index (NRI) ranking, leading countries such as Finland, Singapore, Sweden, Netherlands, the U.S., and the U.K. have increased technology budgets. Moreover, these courtiers are making a dynamic shift towards innovative and advanced IT solutions. For instance, in 2014, the U.K. Government allocated US$ 56.2 billion to support IoE technology adoption in the industrial sector.

Market Opportunities

Constant merger and acquisition activities can provide lucrative growth opportunities for market players. Major companies in the market focused on mergers and acquisitions, in order to enhance the market presence. For instance, in 2014, Google Inc. acquired Nest Labs, a producer of thermostats and smart smoke alarms for homes for US$ 3.2 billion. In 2014, Vodafone Group Plc acquired Grupo Corporativo ONO, S.A., one of the largest next-generation networks in Spain, in order to enhance its unified communications products and services portfolio and strengthen its presence in the telecom market in Spain. Furthermore, in 2014, Hewlett-Packard Co. acquired Aruba Networks Inc., a wireless mobility solution company, to strengthen HP Inc.’s products and services portfolio in enterprise mobility and networking.

Global Internet of Everything (IoE) Market: Recent Developments

  • In January 2020, Cisco launched security architecture under its security intelligence group Cisco Talos. This will improve IT and operational technology and visibility.
  • In March 2020, Cisco Systems and Microsoft collaborated to integrate their loT hub solution with Cisco-Edge-to Microsoft-Azure. It will help to create various apps for enterprises.
  • In July 2021, Telefónica Tech acquired Cancom UK&I to build up a leader in cloud and digital services in Europe

Key companies in the market are focused on partnerships and collaborations, in order to enhance the market presence. For instance, in September 2017, Apple Inc. partnered with Accenture plc to help customers build and deploy enterprise applications on the iOS platform.

Market Restraint

High initial cost and privacy issues are expected to hinder the global internet of everything (IoE) market growth over the forecast period. Installation of B2B devices requires high initial investment, which is expected to hinder its adoption.  For instance, cost of smart consumer appliances, such as refrigerators and air conditioners, is around US$ 3,500 to US$ 4,500. Moreover, challenges regarding data privacy and system security threats have increased in the IoE technology ecosystem. Some of the IoE applications have sensitive information about customers, such as their e-payment transactions, movement, and locations, which is vulnerable to the threat of hacking.

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

Since the outbreak of COVID-19 pandemic, the global internet of everything (IoE) market has been impacted significantly. With stringent lockdown policies and regulations on physical distancing, the market witnessed major disruption in routine operations. Many countries suspended their international travel and trade, which led to sharp economic decline. However, IoE has played a critical role during the pandemic, especially in the healthcare sector. IoT-powered telemedicine has enabled remote patient monitoring (RPM) solutions where it gathers health data from one patient and transmit to healthcare providers for assessment and recommendations. IoE-enabled drones have been used to deliver lifesaving items including PPE kits, masks, medicines, and test kits.

To know the latest trends and insights prevalent in the Global Internet of Everything (IoE) Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/internet-of-everything-market-3099

Key Takeaways:

  • The global internet of everything (IoE) market was valued at US$ 5,560.8 Bn in 2020 and is forecast to reach a value of US$ 18,210.1 Bn by 2028 at a CAGR of 16.6% between 2021 and 2028. This is owing to the rising demand for high network speed, high speed processors, and internet security devices across various industries.
  • The manufacturing segment held dominant position in the market and accounted for 31% share in the global internet of everything (IoE) market in 2020. The segment is expected to reach US$ 5,736.2 Bn in 2028, owing to the growth in automation of manufacturing and operational processes across the sector.

Market Trends

Intelligent systems are finding their way to various B2B verticals due to the ongoing advancement and development in business processes aimed at enhancing productivity and customer experience. RFID has been witnessing increased application in the retail industry for apparel tagging and efficient inventory management. In the utility sector, smart devices such as intelligent monitoring and FLIR systems are being increasingly deployed to avoid power theft and loss. Upcoming wearable devices such as smartwatches, wearable fitness devices for personal fitness, head-up displays and smart clothing are likely to create huge potential for smart consumer devices in the consumer space over the next few years.

Increasing number of internet users has led to increased online transactions through mobile devices and intelligent systems. This, in turn, is boosting the demand for smart solutions and devices that connect to the internet, cellular, and satellite networks. Furthermore, various verticals such as BFSI, retail, public, and utility have been adopting IoE technology to provide enhanced customer experience to their end-users at all the customer touchpoints to gain a competitive advantage.

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.

Existing Clientele

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients

Our Trusted Patner

Subscribe Newsletter

Kindly subscribe for our latest news & articles.