Global Internet of Everything Market Expected to expand at a CAGR of 27.8% By 2028 | Growth Market Reports
PUNE, India, May 17, 2021 /PRNewswire/ -- According to a recent market study published by Growth Market Reports titled, "Internet of Everything Market by Components (Hardware, Software, and Services), Industry Verticals (Government, Healthcare, BFSI, Retail, IT & Telecom, Energy & Utilities, Manufacturing, Transportation & Logistics, and Others), and Region: Size, Share, Trends and Opportunity Analysis, 2018-2028", the market size was estimated to be USD 172 billion in 2017 is projected to expand at a robust CAGR of 27.8% during the forecast period, 2021 – 2028. The growth of the market is attributed to the advancement in the field of automation technology, artificial intelligence (AI), and Internet of things (IoT).
Key Market Players Profiled in the Report
- Cisco
- Bosch
- Ericsson
- Intel
- Oracle
- IBM
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
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This report also includes a complete analysis of industry players that cover their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the Internet of Everything Market
On the basis of components, the market is divided into software, hardware, and services. The software segment is projected to constitute a significant market share during the forecast period. IoE technology is used for network connectivity, data analytics, management & automation, and security and connectivity management. Increasing expenditure of small and medium businesses and large enterprises on IoE is expected to drive the segment growth. Furthermore, rising demand for connectivity and network security software improves the consumer experience and ensure protection against cyberattacks.
Based on industry verticals, the market is divided into government, healthcare, BFSI, retail, IT & telecom, energy & utilities, manufacturing, transportation & logistics, and others. The healthcare segment is anticipated to represent a considerable market share during the forecast period. IoE devices offer mobile medical applications or wearables that allow health experts to get access of patients' health data. Hospitals use these devices to provide value-based care to patients. Thus, rising adoption of healthcare connected devices is expected to drive the healthcare segment growth during the forecast period. However, privacy and security of data and reliability of healthcare devices may pose a challenge to the segment growth.
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is projected to account for a large market share owing to increasing applications of IoE devices and solutions in the manufacturing, government, and retail sectors. Growing use of technologies such as Wi-Fi and Bluetooth along with decreasing price of intelligent sensors has encouraged the adoption of IoE technology in the retail and healthcare sectors. Moreover, increasing technological advancement in the telecom sector and growing investments in the government sector are expected to spur the regional market growth during the forecast period.
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Market Drivers, Restraints, Trends, and Opportunities
- IoE creates unprecedented opportunities for individuals, organizations, countries, and communities. Thus, the growing awareness about its benefits is expected to boost the market growth during the forecast period.
- Growing demand for high network speed and speed processors and Internet security equipment is anticipated to foster the Internet of Everything market.
- Increasing use of Internet across the globe is expected to drive the market growth.
- The Internet of Everything market is still in its initial stage, which is expected to create lucrative opportunities in the coming years.
- Rising adoption of IoE by state, federal and local governments, educational institutions, healthcare organizations, utilities, and non-governmental organizations (NGOs) is anticipated to create new market avenues during the forecast period.
- The introduction of big-data analytics in wireless-enabled IoE applications and services is projected to drive the market demand during the forecast period.
- Growing awareness regarding issues such Internet security is expected to hamper the market growth.
- High data traffic is expected to create need for high-speed Internet, which can restrain the market growth. However, rising investment in 5G technology and wireless systems is expected to surmount the obstacle in the projected timeline.
- Ongoing technological advancements in ultra-low power wireless and standardized technologies is expected to boost the Internet of everything market.
- Increasing demand for IoE from Industry 4.0 is anticipated to positively impact the Internet of Everything market.
Read 144 Pages Research Report with Detailed ToC on "Internet of Everything Market by Components (Hardware, Software, and Services), Industry Verticals (Government, Healthcare, BFSI, Retail, IT & Telecom, Energy & Utilities, Manufacturing, Transportation & Logistics, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa)"
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Segments Covered in the Report
The global Internet of Everything Market has been segmented on the basis of
Components
- Hardware
- Software
- Services
Industry Vertical
- Government
- Healthcare
- BFSI
- Retail
- IT & Telecom
- Energy & utilities
- Manufacturing
- Transportation & Logistics
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
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