Report: IoE to ‘see’ double digit growth globally
A recent report from Future Market Insights estimates that the Internet of Everything (IoE) market is 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 enable market growth.
The growing application of IoE in healthcare will drive market growth during the forecast period — improving patient care through remote monitoring, telehealth, and wearable devices, enabling healthcare providers to offer more accessible and efficient services.
The growth of urban populations and the growing need for smarter, more sustainable cities is also boosting market demand. The 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 are also positive growth drivers. Increasing government investment in IoE projects to improve public services, infrastructure, and overall quality of life for citizens will further fuel market growth.
Key takeaways from the report include:
- From 2018 to 2022, the Internet of Everything 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 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 market is anticipated to record a CAGR of 14.8% during the forecast period.
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 included:
- Cisco, a major player in the IoE space, has been developing IoE products 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.
These insights are based on a report on the Internet of Everything Market by Future Market Insights.
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