Internet of Everything (IoE) Market Projected to Grow at Over 16% CAGR through 2020

According to the new report titled “Internet of Everything (IoE) Market: Global Industry Analysis and Opportunity Assessment 2014 – 2020” added recently into the vast database of Market Research Reports Search Engine (MRRSE), the global market for internet of everything (IoE) is estimated to perform in terms of value from US$ 2,426.8 billion in 2013 to US$ 7,130.4 billion by the end of 2020. With this projected value, the report calculates that the global market for internet of everything is expected to exhibit a robust CAGR of 16.4% during the assessment period from 2014 to 2020.

Over the years, internet has gone through rapid advancements enabling smart devices to communicate with each other effectively via network connectivity leading to rise of internet of everything. With the high demand in managing huge data and enhanced customer experience from sectors such as banking & financial services and telecom & media will grow the demand for adoption of internet of things in near future.

The informatory report begins with executive summary providing key information on the internet of everything market such as CAGR. Next section provides introduction to smart technology, its evolution, applications and then introduction to the internet of things as well as its ecosystem.

The report has been segmented into two verticals that are consumer and business to business (B2B). Through its analysis of historical trends, report finds that consumer vertical reached a value of US$ 624.3 billion during 2013 holding 25.7% share of internet of everything market. With this, the report forecasts market and states that the internet of everything market is predicted to lose on 190 BPS to business to business vertical by the end of 2020.

For detailed analysis, report has segmented the vertical business to business segment into communication & media sector, healthcare sector, BFSI (banking, financial services and insurance) sector, transportation sector, retail sector, manufacturing sector, utility sector and public sector. The report analyzes that manufacturing sector in B2B vertical of internet of everything market has been dominating the market and held a share of 34.1% during 2013 followed by public sector with 20.3%. Also healthcare sector is predicted to be the fastest sector globally that is predicted to exhibit a CAGR of 20% during 2017 to 2020.

The readers will also find profile of some of the key companies operating in the internet of everything market. These companies are Apple Inc., Accenture Inc., Hewlett-Packard Company, IBM Corporation and Cisco SystemsInc.

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Internet of Everything (IoE) Market Analysis Till 2020

Internet of Everything (IoE) MarketInternet of Everything (IoE) is a systematic connection of data, things, processes and people. It enables the convergence of previously unconnected physical and digital domains. IoE is drastically changing the way business organizations function. It is affecting not just technological areas of enterprises but also crucial business strategies.

Market Growth Drivers
The worldwide Internet of Everything (IoE) market is expected to grow substantially in the future. It is likely to observe a CAGR of more than 16% during 2014 to 2020. The market would exceed USD 7,000 billion by 2020.

Accelerated internet penetration, proliferation of connected devices and growing expenditure on technology across the globe will be the crucial drivers of the worldwide Internet of Everything (IoE) market. IoE is being adopted by various public and private institutions, like educational establishments; non-governmental organizations; healthcare bodies; federal & state governmental agencies, etc.

Faster networks, internet security equipments and high speed processors are also estimated to propel the demand for the Internet of Everything (IoE) Market. The emergence of big data analytics would prove favorable for the market. Moreover, the rising demand for Information and Communications Technology (ITC) products, particularly in Asia Pacific, is also anticipated to escalate the sales of the Internet of Everything (IoE) market.

Market Restraints
Internet security issues are likely to hamper the future prospects of the Internet of Everything (IoE) market. Lack of high-speed connectivity in many regions will pose a challenge for high-traffic data transfer, thereby restricting further growth of the market.

The success of the Internet of Everything (IoE) market depends on some factors. These are compatibility of hardware and software; proper synchronization; improvements in wired and wireless infrastructure; advancements in data mining; and analysis; etc.

Business Verticals – Insights
The Internet of Everything (IoE) market can be divided into two business verticals – business to business (B2B) and consumer.

B2B can be further spit into retail; manufacturing; transportation; banking; financial services & insurance; utility; healthcare; public; and communication & media. Within the B2B vertical, the highest demand for IoE services was generated by the manufacturing sector.

Manufacturing captured a share of over 30% in 2013. Public followed manufacturing and was valued at 20% of the worldwide Internet of Everything (IoE) market. Healthcare, with a CAGR of more than 20% from 2014 to 2020, is foreseen to grow most rapidly.

The consumer business vertical registered income worth about USD 624 billion in 2013.

Regions – Outlook
The key regional segments in the Internet of Everything (IoE) market are Asia Pacific, Latin America, Middle East & Africa, Japan, North America, Eastern Europe and Western Europe. North America assumed leadership in 2013. It accounted for more than 33% of the total revenue. The region is likely to grow strongly at a CAGR of 14% by 2020.

It was followed by Western Europe. Western Europe and Asia Pacific together, contributed approximately 20% of the worldwide Internet of Everything (IoE) market revenue in 2013. Asia Pacific is anticipated to grow the fastest. It would expand at a CAGR of more than 18.5% from 2014 to 2020.

Components – Overview
Based on components, the Internet of Everything (IoE) market is categorized into infrastructure enablement spending; intelligent systems; and services enablement spending. Intelligent systems were worth USD 1,500 billion in 2013.

They are expected to grow at a CAGR of 15% from 2014 to 2020. Infrastructure enablement spending is likely to be the fastest growing component by 2020. It is estimated to register revenue worth around USD 1,160 billion in 2020.

Competitive Profile
Some of the participants of the Internet of Everything (IoE) market are Ericsson, Cisco Systems Inc., Oracle Inc., Vodafone Group Plc., Google Inc., and Hewlett-Packard Company. The others are IBM Corporation; Apple Inc.; Samsung Electronics Co. Ltd.; and Accenture Inc; among others.

These players focus on technological advancements to grow and stay competitive. Consolidation through mergers, acquisitions and strategic alliances are common among them.

Susan Hill is a Digital Marketer by professional and she has a great experience in blogging, content writing and SEO.