In a recent published report, Kenneth Research has updated the market report for Internet of Everything (IoE) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Internet of Everything (IoE) Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Market Scenario
Internet of Everything (IoE) is an emerging technology comprising a broader scope by which every devices and products are connected through Internet. At present, IoE is at nascent stage and are likely to used in various application that include digital sensors, remote appliances, connected mobile devices, machine learning systems, and othersEmerging technologies such as big data, IoT are creating a significant impact on the world economy. In the year 2017, the market has witnessed more than 27 billion, out of which 4.3 billion and 5.2 billion connected devices comprises commercial & industrial sector and consumer electronics sectors.
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These numbers are likely to presumed to be rising with the commendable growth rate owing to rising investment of technological giants, advanced computing technologies that has transformed the information and communication (ICT) sectors across the economies. Thus, rise in number of connected devices are driving the Internet of Everything (IoE) market during the forecast period. Furthermore, rising cloud computing infrastructure services, emergence of disruptive technologies such as artificial intelligence, Big data analytics are also some of the driving forces of the IoE market.
Lack of reliable network infrastructure need for high speed connectivity, security, and privacy concerns are some of the barriers for the IoE market growth. However, increased investment to develop high IoT platforms are considered to high potential areas where the market is likely to count on during the assessment period. Furthermore, improving congestion management and reducing carbon emissions, smart city applications are some other new revenue streams for the IoE market. Also, predictive maintenance, self-optimization, automated inventory management are some of the other forefront uses cases of the IoE market.Globally, the Internet of Everything (IoE) market is gain a significant market growth with a CAGR of 19.5% during the forecast period 2018-2023.
Segmentation
The IoE market is broadly classified into component, network technology, application, and end user.Based on component, the IoE market is segmented into hardware, software, and services. The services categorized into professional services and managed services. The services further categorized into consulting services, implementation services and others.
The network technologies segregated into Wi-Fi, Bluetooth, cellular technologies,802.15.4, GPS/GNSS, NFC devices & tags, RFID tags (active & passive), low-power wide area network (LPWAN), fixed line, satellite, other wireless technologies. Furthermore, the market is categorized into application areas namely connected car, smart home, wearable computing & mobile devices, smart cities & buildings, smart metering, and others. Lastly, based on end-user, government, retail, BFSI, healthcare, IT & telecom, manufacturing, energy & utilities, transportation & logistics, and others.
Key Players
Since the global Internet of everything (IoE) market is a fusion of ecosystems comprising Internet of Things, people and process. Therefore, companies include are application providers, communcation providers, platform providers, and others.
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Some of the key players include Cisco System Inc (US), AT& T Inc. (US), Nokia Corporation (Finland), Juniper Networks (US), Ericsson AB (Sweden), Huawei Technolgies Co Ltd.(China), SAMSUNG (South Korea), Robert Bosch AG (Germany), Koninklijke Philips N.V (Netherlands), Qualcomm (US), Infineon Technolgies (US), Texas Instruments (US), SAP SE (France), Amazon Web Services (US), and Other incumbent companies.
Some other new age companies that also gained a significant market share in the IoE market include Nest Labs (US), Mesh systems LLC (US), ThinxNet GmbH (Germany), Sigfox (France), Cloudera (US), resin.io (US), IOTA computing Inc.(US), and other new age companies.
Regional Analysis
The geographical analysis of global Internet of everything (IoE) market is studied for North America, Europe Asia-Pacific and the rest of the world.Europe region is expected to be the fastest growing Internet of Everything (IoE) market. The market growth is due to the presence network giants and increasing adoption Narrowband IoT modules and applications. Additionally, the North America is expected to be the leading region in the market share in the global Internet of everything market and likely to be remain the dominating region during the forecast period. The market growth in the due to advanced network infrastructure and increased IoT expenditure among the leading industrial giants. However, the Asia-Pacific region is expected to gain a gradual growth. The market growth is attributed to rapid development of building efficient-network infrastructure and reducing cost MEMS sensors is likely to gain pace for the market growth.
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Target Audience
Government agencies, Research Firms
IoT chipset developers
Technology manufacturers
Consulting companies
Handset manufacturers, IoT Platform providers, network service providers
Industry Associations, telecom services regulators
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