Internet of Everything (IoE) Market Size Expected to Reach $4,205.50 Billion by 2030

According to a new report published by Allied Market Research, titled, “Internet of Everything (IoE) Market," The internet of everything (IoE) market size was valued at $928.11 billion in 2020, and is estimated to reach $4,205.50 billion by 2030, growing at a CAGR of 16.5% from 2021 to 2030.

Increase in government initiatives to adopt IoE technologies, introduction of smart sensors & devices, rise in adoption of cloud-based IoT solutions, evolution of business models across end user industries, and rise in inclination of industries, such as manufacturing and mining towards process automation are all factors that have a significant impact on the global Internet of Everything market. For instance, in February 2022, the Indian government drafted a draught IoT policy with the goal to create a connected and smart IoT-based system for the country's economy, society, environment, and global requirements. This policy established the Smart City initiative, with a goal of building 100 smart cities across the country and a budget of INR 7,060 crores ($93.13 USD). The establishment of the Digital India Program is a continuation of this effort, with the goal to transform the Indian society into a digitally enabled society and boost the IoT sector. Thus, driving the growth of the Internet of Everything industry.

By component, the hardware segment acquired major share in the Internet of Everything industry. The growth of this industry is fueled by increase in smartphone penetration and the use of 4G and 5G networks. To meet the rise in customer demand, major firms are progressively manufacturing low-cost sensors and other components. The market for hardware components is predicted to develop in tandem with the adoption of cloud computing and big data applications.

Region-wise, North America dominated the market in 2020, and is expected to maintain this trend during the forecast period. The expansion of IoE in this region has been facilitated by technology improvements and a rise in the number of linked devices for every home. The use of IoE solutions in the region is dominated by the manufacturing and government industries.

The demand for Internet of Everything applications has increased considerably during the COVID-19 pandemic. This is attributed to increase in digitization of businesses and adoption of IoE in the medical sector. Digi solutions, which links hospitals, medical offices, and other health institutions with remote patients at home while maintaining complete security and Health Insurance Portability and Accountability Act (HIPAA) compliance for faster care and improved patient outcomes, has given the market a significant boost. Moreover, reduction in maintenance and increase in efficiencies by using wireless systems and sensors in remote locations have increased the adoption of IoE across various industry verticals. Thus, these factors promote the growth of the Internet of Everything industry during the pandemic situation.     

KEY FINDINGS OF THE STUDY

• By component, the hardware segment led the highest Internet of Everything market share, in terms of revenue in 2020.
• By industry vertical, the healthcare segment is expected to exhibit the fastest growth rate during the Internet of Everything market forecast period.
• Region-wise, North America generated the highest revenue in 2020.  

The key players operating in the Internet of Everything market analysis include, Amazon Web Services, Inc., AT&T Intellectual Property, Bosch.IO GmbH, Cisco Systems, Inc., FUJITSU, Google, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft, SAP SE. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.