The global Internet Of Everything market in 2020 is estimated for more than US$ 754.9 Bn and expected to reach a value of US$ 1,662.0 Bn by 2028 with a significant CAGR of 10.4%
Global Internet of Everything Market, by Component (Hardware, Services (Professional Services, Managed Services), & Software), By Technology (Wifi, Bluetooth, Cellular Technologies, GPS/GNSS, NFC Device & Tags, RFID Tags (Active & Passive), LPWAN, Fixed Line, Satellites, Other Wireless Technologies), By Application (Connected Car, Smart Home, Wearable Computing & Mobile Devices, Smart Cities & Buildings, Smart Metering, Others), By End User (Government, Retail, BFSI, Healthcare, IT & Telecom, Manufacturing, Energy & Utilities, Transportation & Logistics, Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a double-digit CAGR for the period between 2020 and 2028.
The global Internet Of Everything market in 2020 is estimated for more than US$ 754.9 Bn and expected to reach a value of US$ 1,662.0 Bn by 2028 with a significant CAGR of 10.4%.
As per the report, the internet of everything can be defined as a network of embedded computing devices that connect with the help of the internet. Presently, IoE is at the introduction stage in terms of the product life cycle and expected to be used in various industries and applications such as, in the healthcare industry IoE can be used in various medical devices. Similarly, it can be used in digital sensors and mobile devices, and various other different applications.
Increasing demand for smart sensors and smart devices in various industries such as automotive, healthcare, fintech and others is one of the major factor which is expected to boost the market in the near future. The development in robotization of assembling and operational procedures over the mechanical part has supported the interest for smart sensors and gadgets.
Also, upgrading the Internet of Everything (IoE) segment suppliers to think of cutting edge sensors, frameworks, and answers to meet client desire. For example, in 2016, ABB Ltd. in collaboration EM Microelectronic built up keen sensor equipment that is utilized to change customary engines into smart sensors. It enables operators to get regular reports with respect to the working states of the motor and scheduled repair and maintenance.
Furthermore, Meridian Market Consultants (MMC) Study identifies that, in 2018, North America is accounted to hold the largest market share in comparison to others. Owing to the availability of advanced technology and the availability of key players in the market.
On the basis of components, the internet of everything market is segmented into Hardware, Services, & Software. In 2018, the software segment accounted to hold largest market share in terms of revenue and expected to maintain the same during the forecast period, due to the high demand for software in the internet of everything mainly for network connectivity, data analytics, management, and automation, security, management of connectivity and others.
Furthermore, the internet of everything is gaining interest in both large and medium-sized enterprises which is also one of the major factors that is expected to drive the growth of IoE around the globe.
MMC Study identifies some of the key participating players in the Internet of Everything market globally are Cisco System Inc., AT& T Inc., Nokia Corporation, Juniper Networks, Ericsson AB, Huawei Technologies Co Ltd., SAMSUNG, Robert Bosch AG, Koninklijke Philips N.V., Qualcomm, Infineon Technologies, Texas Instruments, SAP SE, Amazon Web Services, and others.
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