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.
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.
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.
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
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.
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.
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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.
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.
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