According to a report, the global Internet of Things (IoE) industry will generate $928.1 billion in 2020 and is expected to reach $4.2055 trillion by 2030, growing at a CAGR of 16.5 from 2021 to 2030. % is expected.
Surge in demand for connected devices, affordability of cloud computing services, improved internet access, and low cost of sensors and processors are driving the growth of the global Internet of Everything (IoE) market. However, limitations related to security, integrity, and privacy data of connected devices restrain the market growth. On the other hand, increased investment in information and communication technology (ICT) by governments in many developed and emerging countries will create new opportunities in the coming years.
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Hardware segment to maintain leadership position during forecast period
Based on component, the hardware segment will hold the highest market share in 2020, accounting for more than half of all global Internet markets, and is projected to maintain its leadership position during the forecast period. This is due to the prevalence of smartphones and increased usage of 3G and 4G networks. However, the services segment is expected to exhibit the highest CAGR of 19.5% from 2021 to 2030. This is due to the increasing adoption of his IoE technologies and solutions in major and evolving B2B verticals such as retail, healthcare, public and manufacturing sectors.
Manufacturing segment to maintain lead position during forecast period
Based on industry verticals, the manufacturing segment accounted for the largest market share in 2020, contributing to more than a quarter of all global internet markets, and is expected to maintain its leading position during the forecast period. This is expected as manufacturers increasingly invest in IoE technologies and solutions to simplify processes, obtain optimal results and meet growing customer requirements. However, the healthcare segment is projected to register the largest he CAGR of 19.8% from 2021 to 2030. This is due to advances in medical technology, high adoption of healthcare connected devices, and the need to track the location of medical equipment, patients, and personnel.
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North America to maintain revenue dominance by 2030
Based on region, North America will contribute the highest market share in terms of revenue in 2020, accounting for almost two-fifths of the global IoE market and will maintain its dominance in terms of revenue by 2030. expected. This is due to increased investment. With technological advances in government departments and the telecommunications industry. However, Asia-Pacific is projected to portray the fastest CAGR of 20.4% during the forecast period, owing to the rise of manufacturing in the region requiring supply chain connectivity, asset monitoring, workplace safety management, and energy management. It has been.
major market players
• Amazon Web Services, Inc.
• AT&T Intellectual Property
• Bosch.IO GmbH
• Cisco Systems, Inc.
• Hewlett Packard Enterprise Development LP
• IBM Corporation
• SAP SE
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Key Findings of the Railway Management System Market:
• By component, the hardware segment led the Internet of Everything market share in 2020 revenue.
• By vertical, the healthcare segment is expected to exhibit the fastest growth rate during the forecast period for the Internet of Everything market.
• By region, North America generated the highest revenue in 2020.
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