Dublin, March 03, 2023 (GLOBE NEWSWIRE) -- The "Global Internet of Everything Market Size, Share & Industry Trends Analysis Report by Vertical, Component, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Internet of Everything (IoE) Market size is expected to reach $2.7 Trillion by 2028, rising at a market growth of 16.4% CAGR during the forecast period.
Key Market Players
List of Companies Profiled in the Report:
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- AT&T Intellectual Property
- Bosch.IO GmbH (Robert Bosch GmbH)
- Cisco Systems, Inc.
- Fujitsu Limited
- Google LLC
- Hewlett-Packard Enterprise Company
- IBM Corporation
- Microsoft Corporation
- SAP SE
The Internet of Everything offers superior standards of security as well as other social and financial advantages. Businesses are implementing IoE to boost productivity and reduce costs, such as capital expenditures, energy, and labor. Mobile device use has made traveling easier and led to an increase in app creation.
This enables IoT companies to create apps that act as an interface between embedded systems and other smart devices, enabling the interchange of data and analytics.
Additionally, municipalities are increasingly using smart meters for electricity and water monitoring within commercial and residential properties to measure use and explore new ways to reduce costs. In the coming years, these aspects are anticipated to offer the industry profitable growth prospects.
IoE is characterized by four main components, including people, objects, data, and processes. In an IoE environment, users can access the internet via PCs, cellphones, tablets, and fitness trackers. User's interactions with various tools, websites, social networks, and applications produce data.
Additionally, smart tattoos, skin sensors, and smart clothing also produce data that offer vitally important personal insights into the users. People thus serve as a node on the IoE-enabled network that aids enterprises in solving pressing problems or making decisions by having an awareness of human issues.
COVID-19 Impact Analysis
The COVID-19 pandemic significantly affected the economy across the world. A number of businesses were majorly demolished as a result of the outbreak.
The COVID-19 pandemic had an extremely significant effect on society and the economy. The COVID-19 pandemic also had a major impact on the IoE system supply chain. Professional services saw a delay, and many IoE projects had their implementation paused. In the initial period of the outbreak, operations within a number of companies were hauled, due to which, the utilization of connected devices declined.
However, the pandemic also had a positive impact on the market in the second half of the year. The outbreak accelerated the adoption of numerous technologies since individuals are becoming more tech-savvy and adopting technology while working from home. Examples of these technologies include IoT, IoE, Artificial Intelligence, Machine Learning, and others.
Market Growth Factors
Increasing consumption of the internet by people across the world
A variety of significant services and materials that are necessary for daily life are available on the internet. People can advance in almost all aspects of their life by leveraging the internet. Because it is a universal computer network structure, it can connect people from all over the world and build communities. It is an excellent way to share and obtain knowledge, and it is accessible practically anywhere.
It is a phenomenal way to exchange information around the world and save time because it's quick, accessible, and affordable. The world has become smaller because people no longer need to waste time looking for information as it is now readily available on computer displays through the Internet. Therefore, the adoption of the Internet of Everything is also rising. This factor is propelling the growth of the market
An upsurge in the adoption of cloud-based solutions in companies
Small and medium-sized businesses and major corporations are among the user groups that have contributed to the expansion of the cloud industry by increasing the need for affordable data storage, backup, as well as protection. Utilizing the mobile workforce with convenient data collection, archiving, access, and recovery facilities improves corporate operations.
The adoption of cloud-based IoT software and platforms all over the world rises as end-user enterprises switch to cloud computing technologies.
For example, Sam's West, Inc., a subsidiary of Wal-Mart Stores, Inc., granted a contract to Salesforce.com in 2016 for the deployment of a customer success platform to transform its current business membership purchase and engagement process into a digital process to enhance membership experience across SAM's 650 clubs. Thus, this factor is augmenting the growth of the Internet of Everything market.
Market Restraining Factors
Prevalence of malware, including Distributed DoS Attacks, Botnets, and ThingBots
One of the major risks to connected devices is the threat of malware. When Mirai infected a significant number of IoT devices all over the world, including printers, routers, and real-time cameras, security vulnerabilities for IoTs were initially identified as an alarming concern.
In order to overwhelm the servers and prevent users from accessing the website, the attackers connected and targeted a website using every device that was infected with the Mirai malware at once.
The worst effect of a Mirai attack is that it can completely destroy any IoT device that has been improperly set up. As the IoE is an upgrade to IoT technology, it is also vulnerable to these threats. This factor is impeding the growth of the Internet of Everything market.
Scope of the Study
Market Segments Covered in the Report:
By Vertical
- Manufacturing
- Retail
- IT & Telecom
- BFSI
- Healthcare
- Others
By Component
- Hardware
- Software
- Services
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/za1shk
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