The global internet of everything, or IoE, industry generated $928.11 billion in 2020 and is expected to reach $4,205.50 billion by 2030, witnessing a 16.5% compound annual growth rate from 2021 to 2030, according to Allied Market Research.
The IoE market growth is driven by the rise in demand for connected devices, affordability of cloud computing services, improved internet access and low sensor and processor costs. Limitations with security, integrity and privacy date in connected devices can restrain the market growth, but governments in various countries investing in information and communications technology, or ICT, is creating future opportunities.
North America held nearly two-fifths of the global IoE market and is expected to maintain its status in terms of revenue by 2030 because of the increase in investments in the government sector and technological advancements in the telecom industry. Asia-Pacific is projected to portray the fastest CAGR of 20.4% because of the rise of the manufacturing industry in the region that require the supply chain connectivity, asset monitoring, workplace safety management and energy management.
With the rise in smartphones and 3G and 4G networks usage, the hardware segment held more than half of the global internet of everything market in 2020 and is projected to maintain its leadership status during the forecast period. The services segment is expected to show a 19.5% CAGR from 2021 to 2030 because of an increase in adoption of IoE technologies and solutions across B2B verticals such as retail, health care, public and manufacturing sectors.
The manufacturing segment contributed to more than one-fourth of the global internet of everything market and is expected to maintain its lead position during the forecast period because of an increase in investments by manufacturers in IoE technology and solutions to. The health care segment is projected to register a 19.8% CAGR from 2021 to 2030 because of advancements in medical technology, high adoption of health care connected devices and the need to track the location of medical devices, patients and personnel.
IoE applications surged during the COVID-19 pandemic as companies adapted to the remote working culture. As the industry grows, IoE applications will continue to allow companies to ensure seamless operations and improve productivity while maintaining lower costs.
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Edited by
Erik Linask
