Internet of Everything Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028
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Internet of Everything Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028
The Internet of Everything Market is segmented by ComponentType (Hardware, Software, and Services), Network Technology Type (Wi-Fi, Bluetooth, NFC), Vertical (BFSI, Manufacturing, Transportation & Logistics, Healthcare, IT & Telecom, Retail, Energy & Utility), and Region – (North America [The USA, Canada, and Mexico], Europe [Germany, France, The U.K., Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, Israel, and Others]) - Russia-Ukraine War Impact Analysis and Forecast to 2028.
The Internet of Everything Market is segmented by Component...
The Internet of Everything Market is expected to grow from USD 976.52 billion in 2021 to USD 2,613.75 billion by 2028 at a CAGR of 15.1% during the forecast period.
The Internet of Everything (IoE) is the intelligent relation of people, processes, data, and things that connects billions of devices with sensors to detect, measure, and access the status over a public or private network. IoE is a concept that stresses machine-to-machine (M2M) communications to report a more complicated system that also binds people and processes.
IoE is a cohesive system that increases the abilities of the participating organization and brings in network intelligence to enable smarter making and easy data exchange. It creates new capabilities, richer experiences, and unique opportunities for individuals, businesses, and countries. It has several applications such as traffic management, smart cities, smart water management, and smart homes.
The IoE market is predicted to grow significantly in the upcoming future, owing to the increasing demand for connected devices, greater affordability of cloud computing services, enhanced internet access, and lower sensor and processor costs. These are some of the key factors for the IoE market growth. Because of the increasing Information and Communications Technology (ICT) investments by governments in many developed and emerging economies, including North America, Europe, and Asia-Pacific, the global IoE market is anticipated to grow rapidly over the forecast period.
However, concerns related to security, data integrity, and privacy in the connected devices ecosystem restrain the growth of the market. This allows IoT solution developers to build apps that serve as an interface between embedded devices and other smart devices, allowing data to be exchanged and analyzed.
Furthermore, smart meters for power and water consumption monitoring in residential and commercial buildings are increasingly being adopted by municipalities which helps them cut expenses. These factors are expected to provide lucrative opportunities for the market vendors to grow in the coming years.
Market Dynamics
Proactive government initiatives
Government organizations in developed and emerging countries, such as Germany, China, India, Mexico, and Brazil are focused on bringing in different IT projects to encourage end users to increase expenditures on innovative technologies to improve customer experience. For instance, an initiative of "Smart Nations" by the Singapore Government aims to use technology to enhance communication, including connected homes, smart transportation, and smart cooling.
Manufacturing and Mining Firms’ willingness toward automation
Large manufacturing and mining companies are focusing on implementing industrial loE technologies to improve process efficiency and business output. Growing device production and the increased ubiquity of technology have boosted the consumer demand for mobility. For instance, in October 2022, Emerson signed a five-year agreement with LANXESS, a specialty chemicals company, to optimize LANXESS's operational performance and support sustainability targets through advanced automation technologies.
Similarly, in April 2022, Cisco and General Motors announced a collaboration to deploy Cisco wireless backhaul technology for real-time and high-speed performance testing of General Motors’ pre-production vehicles.
Internet of Everything Market Report Overview
Market Size in 2028
USD 2,613.75 billion
Market Size in 2021
USD 976.52 billion
Market Growth (2022-2028)
15.1% CAGR
Base Year of Study
2021
Trend Period
2016-2020
Forecast Period
2022-2028
Use of Smart Sensors in Supply Chain
The utilization of smart sensors is growing in the supply chain processes as these sensors help to increase the degree of automated collection and analysis of data and provide broader management visibility throughout the supply chain. This helps businesses to enhance asset efficiency, decrease operational costs, decrease labor logistics, and quality control costs. Smart sensors allow touch-free identification and monitoring of items and offer higher accuracy and real-time inventory monitoring at a low cost. This gives greater inventory traceability and decreases the risk of inventory loss or shrinkage.
Smart sensors offer omnichannel retailing by giving customers multiple options in the buying process through real-time data flow. Smart sensors also provide insights into customer behavior and preferences that allow businesses to build more responsive products. Deployment of smart sensors throughout the supply chain process helps to reduce operating costs, enhance demand and planning, provide crucial insights regarding customer preferences, and increase asset efficiency.
Cybersecurity risks
Some of the major risks associated with connected devices are the threat of malware, botnets, DDoS attacks, and ThingBots. When Mirai had infected a large number of IoT devices worldwide, including routers, printers, and real-time cameras, security vulnerabilities for IoTs were initially recognized as a crucial concern. To overwhelm the servers and stop website services, the attackers targeted them using every device that was infected with the Mirai malware.
The worst consequence of a Mirai attack is that it can completely damage any IoT device that has been improperly manufactured or installed. As the IoE is an upgraded version of IoT technology, it is also vulnerable to these cyber threats. This factor is restraining the growth of the IoE market.
Segments Analysis
The hardware segment held the major share of the IoE market in 2021
The increasing penetration of smartphones and the introduction of 5G cellular technology drive the growth of this market. The major players are increasingly developing low-priced sensors and other hardware components to cater to the increasing consumer demand. The services segment is expected to witness the highest growth rate over the forecast period.
The increasing adoption of loE technologies and solutions across major and emerging B2B verticals such as healthcare, retail, public, and manufacturing sectors has given rise to various loE services, especially consulting, and implementation & integration services.
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North America accounted for the largest share of the IoE market
Growing investments in the government sector and technological developments in the telecom industry are expected to drive the loE market growth over the forecast period. Asia-Pacific is expected to exhibit the highest growth rate over the forecast period.
Growth in the manufacturing industry, which involves asset monitoring, supply chain connectivity, energy management, and workplace safety is also expected to boost the loE market growth over the forecast period.
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Key Players
The major players operating in the global Internet of Everything market are:
IBM Corporation
Cisco Systems, Inc.
Google LLC
Qualcomm
General Electric
Microsoft Corporation
Oracle Corporation
Schneider Electric
Apple Inc.
SAP SE
Samsung Electronics
Accenture PLC
Amazon
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth Analysis of the Internet of Everything Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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10% free customization
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With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
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Detailed profiling of additional market players (up to three players)
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Competitive Benchmarking
Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances
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Recent Developments
In December 2022, IBM signed an agreement to acquire Octo, a US-based IT modernization and digital transformation services provider. Octo was exclusively serving the US federal government which includes defense, health, and civilian organizations.
In December 2022, Microsoft and LSEG entered into a 10-year strategic partnership for next-generation data and analytics and cloud infrastructure solutions. Microsoft makes equity investments in LSEG through the acquisition of shares.
In December 2022, Qualcomm unveiled the Lowest Power IoT-Optimized LTE Modem with integrated positioning support for better connectivity, location tracking, and computation features both on the device and at the edge.
In May 2022, SAP and HCL Technologies partnered to accelerate Industry 4.0-driven smart IoT technologies.
In April 2022, Cisco and General Motors announced a collaboration to deploy Cisco wireless backhaul technology for real-time and high-speed performance testing of General Motors’ pre-production vehicles. Cisco’s industrial wireless networking enables General Motors’ engineers to quickly analyze crucial vehicle data to make faster and data-driven decisions.
In January 2022, Intel launched 28 new 12th Gen Intel Core mobile and 22 desktop processors for laptops and desktops, enterprise systems, and IoT applications.
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North America accounted for the largest share of the IoE market. Growing investments in the government sector, along with technological developments in the telecom industry, are expected to drive the Internet of Everything market growth over the forecast period.
Asia-Pacific is expected to exhibit the highest growth rate over the forecast period. Growth in the manufacturing industry, which involves asset monitoring, supply chain connectivity, energy management, and workplace safety is also expected to boost the loE market growth over the forecast period.
The major players operating in the global Internet of Everything market are IBM Corporation, Cisco Systems, Inc., Google LLC, Qualcomm, General Electric, Microsoft Corporation, Oracle Corporation, Schneider Electric, Apple Inc., SAP SE, Samsung Electronics, Accenture PLC, and Amazon.
