Internet of Everything Market Size

Internet of Everything Market Overview

The Internet of Everything Market Size was valued at USD 390.4 Billion in 2022. The Internet of Everything market industry is projected to grow from USD 490.7 Billion in 2023 to USD 2,899.4 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 28.89% during the forecast period (2023 - 2030). Scalability, Easy installation and maintenance, Reliability, IoT security, and Integration are some of the crucial factors driving the market of the Internet of Everything (IoET).

Figure 1: Internet of Everything Market Size, 2023-2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review 

Internet of Everything Market Trends

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  Easy installation and maintenance boost IOET market growth.

  
  

Easy installation and scale are the foremost requirements for a smart structure. The most crucial benefit of IoT is its hardware, which includes gateways and integrated sensors, making them easy to install and user-friendly for technicians. For example, wireless sensors such as proximity, movement, temperature, and liquid sensors can easily be mounted to ceilings, walls, under tables, etc., in a matter of seconds and validate the connectivity with a smartphone. Also, IT infrastructure should be optional when connecting devices with mobile gateways.

When implementing or designing different IoT solutions, there should be a focus on the time needed to install a sensor, as it will impact the overall cost. The instructions provided by the hardware vendors or project managers play a vital role in the success of any IoT structure. Therefore nowadays, many hardware companies are training end-user employees to make IoT user-friendly and easy to run. This easy installation process drives the market of IoET through the forecast period.

Figure 2: IOET impact on industries in 2022, in % terms, Globally

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The most highly impacted sector due to IoET is BFSI sector. With increasing technological advancements in payment solutions, security, and many other factors, the demand has seen a tremendous surge in this sector, with an impact of 60% in 2022. While due to increasing online sales of the retail sector and restructuring of the offline retail sector after COVID had increased demand of IoT implementation with an impact score of 55% in 2022.

Internet of Everything Market Segment Insight

Internet of Everything by End-User Insights

Based on end-user type, the Internet of Everything Market segmentation includes manufacturing, transportation, healthcare, retail, energy and utilities, residential, government, and insurance. The healthcare segment dominates the market with a share of 22.32% in 2023 and is expected to grow at a CAGR of 29.76% through the forecast period. IoET devices provide wearable or mobile medical applications that give access to patient health data to medical professionals. Hospitals use these tools to give patients value-based care. As a result, it is anticipated that the growing use of connected healthcare devices will fuel the expansion of the healthcare segment throughout the forecast period. However, the reliability of healthcare devices, data security, and privacy concerns can be a barrier to the segment's expansion.   

Figure 3: Internet of Everything Market, by Component Type, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Moreover, the present trend of healthcare wearables is also new. A wearable, such as a smartwatch or smart ring, these devices enable the user to keep track of their health-related facts. These elements are causing this market segment's growth to pick up speed.     

The retail sector is the second-largest segment, growing at a CAGR of 29.41% through the forecast period. This is due to retail divisions investing more money in IoE technology and solutions to optimize operations, deliver the best results, and meet the growing demands of consumers.

February 2023: - During Mobile World Congress Barcelona, KORE, a leader in IoT connectivity-as-a-service and Internet of Things solutions, will introduce and showcase MODGo, a new technology that offers an integrated, digital approach to IoT asset management. This cutting-edge solution offers a streamlined approach to managed services and is created to assist enterprises in overcoming the implementation and management issues of the Internet of Things.  

February 2023 - IoT national roaming network launched by BT. Leading telco in the UK claims that this will be a significant boost for businesses and that it will shake up the B2B internet of things (IoT) sector by keeping smart devices connected wherever they are. Businesses all around the UK now have access to BT's IoT national roaming SIMs, enabling them to keep smart devices constantly linked no matter where they are.

Internet of Everything by Component Type Insights

Based on component type, the Internet of Everything Market segmentation includes hardware, software/platform, connectivity, and services. The hardware segment accounted for the largest share of this market and is also anticipated to grow at a CAGR of 26.7% through the forecast period. The market is expanding due to a surge in smartphone adoption and the use of 3G and 4G networks. Major manufacturers are increasingly creating inexpensive sensors and other components to fulfill rising customer demand. Also, a rise in smartphone uses and the utilization of 3G and 4G networks contribute to the market's expansion. Major manufacturers are rapidly producing affordable sensors and other components to fulfill the growing client demand. Also, several little devices with many functions are quickly being put on the market. As a result, it is predicted that this aspect will significantly spur the growth of this market sector.       

The major players are progressively creating inexpensive sensors and other hardware components to fulfill increasing consumer demand. Over the projected period, the services segment is anticipated to develop fastest. Many loET services have emerged due to the growing use of loE technologies and solutions across large and new B2B verticals like the healthcare, retail, public, and manufacturing sectors, mainly consultancy, implementation & integration services.       

Throughout the forecast period, the software segment is also anticipated to grow at the fastest rate, with a commendable CAGR of 31.2% through the forecast period. Network connectivity, data analytics, administration and automation, security, and connectivity management all employ IoE technologies. The segment is anticipated to grow as small and medium-sized firms, and significant corporations increase spending on IoET. Also, growing consumer demand for network security and connectivity software enhances the customer experience and ensures protection from cyber-attacks.       

Internet of Everything Regional Insights

This market has been segmented by region into North America, Europe, Asia-Pacific, and the rest of the world. The North American region is dominating the market with a share of 44.8% in 2023 and is expected to grow at a CAGR of 27.4% through the forecast period. Additionally, the deployment of connected cars, innovative energy projects, home automation, and a focus on smart manufacturing are driving the expanding role of IoT among the region's crucial revenue-generating end-user industries. This region is expected to be a prominent market. The expansion of IoT in this area has also been aided by fast digitalization across industry sectors and technological breakthroughs.    

However, the Asia-Pacific region is expected to grow fastest, with a CAGR of 32.91% through the forecast period. The Internet of Things market in the Asia Pacific region is anticipated to have profitable growth prospects due to factors such as the region's developing industrialization and rising 5G technology utilization. India's IoE market is anticipated to proliferate after China's. Consumer electronics and transportation are only two examples of the fields in which this nation has made technological advancements. Consumers' needs and wants to increase utility, utility, and efficiency is what drive these technological improvements.     

Figure 4: Internet of Everything Market, By Region, 2022 and 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Furthermore, some market drivers include the growing use of M2M systems, the appearance of several disruptive innovations, and rising computer software. The need for IoE has increased due to the necessity for swift and accurate data transfer across industries.      

Internet of Everything Key Market Players & Competitive Insights

Due to the enormous number of small and medium businesses competing in domestic and international markets, the Internet of Everything (IoET) market is fragmented. Due to so many technology behemoths, the market is becoming more mature in developed countries but has huge potential in developing countries. Product innovation, customer acquisition, creating awareness by training or advertising, and mergers and acquisitions are most essential factors showing the pathway for IOET market development.

Major players in the internet of everything market, including Cisco Systems, Inc., Google, Inc., IBM Corporation, Microsoft Corporation, Huawei Technologies Co., Ltd., and others, are focusing on developing their business strategies.        

Key Companies in the Internet of Everything market includes

• Cisco Systems, Inc.


• Google, Inc.


• IBM Corporation


• Microsoft Corporation


• Huawei Technologies Co. Ltd


• Fujitsu Limited


• Qualcomm Technologies, Inc.


• Honeywell International, Inc.


• Accenture PLC


• ARM Limited


• Amazon Web Services, Inc.


• SAP SE


• Zebra Technologies


• Texas Instruments, Inc

Internet of Everything Industry Developments

Aug-2022: Infotech Microsoft has partnered with Larsen & Toubro. The focus of the partnership is to introduce high-value cloud solutions for enterprises. Additionally, LTI will also create a Microsoft business unit dedicated to developing and delivering end-to-end digital transformation solutions.

Jun-2022: Unilever, a British multinational consumer goods company, and SAP have become partners. In this way, the corporations desired to test-run SAP’s GreenToken so as to amplify their openness plus traceability in the worldwide palm oil supply chain of Unilever.

Jun-2022: Telefonica, a Spanish multinational telecommunications operator, collaborates with Cisco. Consequently, the firms are targeting the initialization of freshly managed services across the world, including integrated security and connectivity offers for SMBs as well as large companies.

May 2022: Amazon subsidiary called Amazon Web Services (AWS) joined forces with Fujitsu Limited. This collaboration aims to accelerate the digitalization journey for customers in the retailing and financial sectors. Besides, Fujitsu would also offer new services based on AWS that will be deployed in Japan by Fujitsu or globally.

May 2022: Google Cloud Suite has formed an alliance with SAP, a German software corporation. Thus, these companies seek to enable their customers to attach essential SAP software designed for operating all mission-critical processes over the cloud.

May 2022: HCL Technology Ltd teamed up with SAP Systems Integration AG. In order to fast-track Industry 4.0-driven transformations while expediting and streamlining complex, fragmented solution stacks faced by businesses today, HCL bundles relevant SAP software along with hardware and services.

May 2022: STMicroelectronics (ST), a global semiconductor leader, collaborated with Microsoft Corporation (MS). With this move, both companies aimed to enhance security and safety in emerging IoT applications.

May 2022: Asus IoT entered into a pact involving Google Inc., an American multinational technology company. The pact entails leveraging Asus IoT’s capabilities to expand the reach of its inferencing and AI capability into hardware. Additionally, this deal allows Google to scale the manufacturing and distribution of Coral and provide support for Coral.

Internet of Everything Market Segmentation

Internet of Everything Component Outlook

• Hardware


• Software


• Connectivity


• Services


• Others

Internet of Everything End-User Outlook

• Manufacturing,


• Transportation


• Healthcare


• Retail


• Energy and Utilities


• Residential


• Government


• Insurance  

Internet of Everything Regional Outlook

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  North America

  
  
  
  
  • US
  
  
  • Canad
  
  
  
  


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  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America