Leading developers in the Internet of Everything (IoE) market are experimenting extensively with artificial intelligence and automation functionalities, for customized solutions, as per end user needs.
DUBAI, UAE / ACCESSWIRE / July 30, 2020 / The Internet of Everything (IoE) market is projected to grow at a staggering 15.2% CAGR though to 2030. With the fast spread of the coronavirus pandemic, the industry has gained major growth opportunities in the healthcare sector in terms of hospital administration, tracking patient status, medication dosages, schedules of healthcare professionals, and patient data archiving among other things. The impending arrival of 5G networks will be critical in boosting the potential applications of IoE.
'The massive rise in the number of smartphone devices, coupled with the popularity of online transactions industry 4.0 practices, and a jump in government investment to integrate Internet of Everything (IoE) tech into infrastructure will bolster market growth post the end of the pandemic,' says FMI.
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Internet of Everything (IoE) - Primary Takeaways
- Wireless connectivity solutions in the Internet of Everything industry are key to revenue growth in the near future, supported by the advent of 5G technologies.
- Network security applications in the internet of everything market will witness high growth, owing to the prevalence of cyber threats.
- North America is a leading market for Internet of Everything, supported by the presence of preeminent market players in the region.
Internet of Everything (IoE) - Growth Factors
- Wireless IoE applications, coupled with advancements in big data analytics are key to growing demand.
- Increasing standardization of IoE technologies, and efforts towards regulations to govern IoE systems will aid market growth.
Internet of Everything (IoE) - Major Constraints
- Lack infrastructure, and high costs of installation to enable high-speed data transfer remains a key challenge to market players.
- Limitations in reliability of devices in IoE networks in terms of accuracy and sustained connections holds back market growth.
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The Projected Impact of Coronavirus
Numerous businesses have been allowing employees to work from home to contain the spread of the coronavirus contagion. The growing popularity of agile and flexible operations during the crisis period are generating key opportunities for Internet of Everything market players towards the development of software, wireless connection, and sensor technologies, particularly associated to healthcare management applications for the duration of the pandemic.
The Internet of Everything (IoE)s comprises players including but not limited to IBM Corp., Samsung Electronics, Hewlett Packard, Cisco Systems, Telefonica, Apple, and Google.
Market players are extensively investing in research and development endeavors to identify potential applications of internet of everything across multiple end user sectors including automotive, manufacturing, and consumer goods.
For instance, Nike has revealed its range of IoE based connected clothing and gear. Further, Google has been experimenting with completely automated transport and travel networks. Cisco is working on IoE software solutions including fog computing and decentralized cybersecurity solutions for non-distributed cloud systems.
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More About the Study
The FMI study provides detailed insights on Internet of Everything (IoE). The market is broken down in terms of component (hardware, software, and services), network technology (Wi-FI, Bluetooth, NFC, and others), application (smart homes, mobile & wearable device, connected cars, smart cities, and others) and vertical (BFSI, manufacturing, transport & logistics, healthcare, IT & telecom, retail, energy & utility, and others), across six key regions (North America, Latin America, Europe, East Asia, South Asia Pacific, and MEA).
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