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The US and the UK are set to lead the Internet of Everything market until 2033, with a market size of US$ 4.3 billion and US$ 4.1 billion, respectively.
NEWARK, DELAWARE, UNITED STATES OF AMERICA, November 30, 2023 /EINPresswire.com/ — The internet of everything (IoE) market is estimated to be worth US$ 1.2 billion in 2023 and is projected to be valued at US$ 5.0 billion in 2033. Between 2023 and 2033, the market is expected to register a growth rate of 15.2%. The rapid increase in connected devices, including smartphones, sensors, wearables, and IoT devices, is expected to boost the IoE growth during the forecast period.
The proliferation of 5G, technological advances in telecommunication, and increased use of machine learning artificial intelligence (AI) are anticipated to drive market growth. The growing application of IoE in healthcare drives the market growth during the forecast period. IoE improves patient care through remote monitoring, telehealth, and wearable devices. It allows healthcare providers to offer more accessible and efficient services.
The growth of urban populations and the growing need for smarter, more sustainable cities boost the market demand. IoE is used in smart city initiatives, improving urban services, transportation, energy management, and public safety. The proliferation of consumer IoT devices, such as smart speakers, home automation systems, and wearables, and increased consumer awareness and familiarity with IoE concepts propel the market’s growth. Increasing government investment in IoE projects to improve public services, infrastructure, and overall quality of life for citizens further fuels the market growth.
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Key Takeaways:
From 2018 to 2022, the Internet of Everything (IoE) market demand expanded at a CAGR of 12.8%
Based on application, the smart cities segment is expected to account for a market share of 56.6% during the forecast period.
Global Internet of Everything (IoE) demand in Germany is predicted to account for a value share of 34.6% from 2023 to 2033.
In the United States, the market is expected to account for a CAGR of 15.1 % between 2023 and 2033.
A growth rate of 14.6% is estimated for the healthcare segment over the forecast period.
China is projected to expand by a value CAGR of 14.5% between 2023 and 2033.
By 2033, India’s Internet of Everything (IoE) market is anticipated to record a CAGR of 14.8% during the forecast period.
“The increasing application of big data and machine learning technology and increased use of connected devices are the major factors boost market growth.” says an FMI analyst. – says Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.
Competitive Landscape:
To grow their market share, increase profitability, and stay competitive in the Internet of Everything (IoE) market, players have used new product launches and business expansion as key strategies.
Key Players:
Oracle
Cisco
GE
Microsoft
Some of the recent developments in the market are discussed below.
Cisco is a major player in the IoE space. The company has been developing IoE solutions for industries like healthcare, manufacturing, and smart cities. They have also been working on enhancing their networking and cybersecurity capabilities to support IoE deployments.
GE has been involved in the Industrial Internet of Things (IIoT) space, using data analytics and machine learning to optimize industrial processes, improve asset performance, and reduce downtime.
Microsoft provides various cloud and IoT services through Azure, enabling businesses to develop and deploy IoE solutions. They have been expanding their partnerships and offerings in the IoE ecosystem.
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Internet of Everything Industry Segmentation:
By Component:
IoE Hardware
Sensors
RFID Tags
Smart Devices
Others
IoE Software
Data Management
Device Management
Connectivity Management
Others
Services
Professional
Consulting
Implementation
Support & Maintenance
Managed
By Network Technology:
Wi-Fi
Bluetooth
NFC
Others
By Application:
Smart Homes
Mobile & Wearable Devices
Connected Cars
Smart Cities
Others
By Vertical:
BFSI
Manufacturing
Transportation & Logistics
Healthcare
IT & Telecom
Retail
Energy & Utility
Others
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
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IoT in Manufacturing Market Overview: The market is expected to expand its roots at a steady CAGR of 14.7% during the forecast period. The market is anticipated to cross a value of US$ 948.6 billion by 2033.
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