Internet of Everything (IoE) Market is Expected to Reach US$ 5.0 billion by 2033. FMI Estimation
NEWARK, Del, Oct. 10, 2023 (GLOBE NEWSWIRE) -- 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. – opines 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. 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.
Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global Internet of Everything (IoE) market, providing historical data from 2018 to 2022 and forecast statistics between 2023 and 2033.
To understand opportunities in the Internet of Everything (IoE) market, the market is segmented based on component(IoE Hardware, IoE Software, Services), Network Technology (Wi-Fi, Bluetooth, NFC, Others ), Applications (Smart Homes, Mobile & Wearable Devices, Connected Cars, Smart Cities, Others) Verticle (BFSI, Manufacturing, Transportation & Logistics, Healthcare, IT & Telecom, Retail, Energy & Utility, Others) and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, the Middle East, and Africa).
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Internet of Everything Industry Survey
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
- Professional
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
Author 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.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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