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.
US, December 11, 2023 /EINPresswire.com/: According to a new report published by Allied Market Research titled “Internet of Everything (IoE) Market, by Component (Hardware, Software, Services), by Industry Vertical (Manufacturing, Retail, BFSI, IT and Telecom, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030,”
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.
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Increase in government initiatives to adopt IoE technologies, introduction of smart sensors and 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 of creating 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 of transforming Indian society into a digitally enabled society and boosting the IoT sector. Thus driving the growth of the Internet of Everything industry.
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Competitive Analysis:
The competitive environment of the Internet of Everything (IoE) industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Internet of Everything (IoE) market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
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, and many more
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 technological improvements and a rise in the number of linked devices in every home. The use of IoE solutions in the region is dominated by the manufacturing and government industries.
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The demand for Internet of Everything applications has increased considerably during the COVID-19 pandemic. This is attributed to the increased digitization of businesses and the 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, reductions in maintenance and increases 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.
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