Introduction
Rapid advancements in internet in which smart devices can communicate
with each other by sending and receiving data through network
connectivity have given rise to disruptive technology termed as
“Internet of Everything” (IoE). The term IoE is a superset of
machine to machine (M2M) communication and internet of people (IoP).
M2M communication technology is typically used in remote monitoring
of connected machines and to turn them into intelligent assets. Key
components included in M2M communication technology are intelligent
sensors, radio-frequency identification (RFID), cellular network, and
connectivity platforms. The Internet of people is a term that
includes all the electronic systems and devices that connect to
internet and communicate data with end-users inputs.
Market
Value and Forecast
The global IoE market was valued at US$ 2,426.8 billion in 2013 and
is expected to reach US$ 7,130.4 billion by 2020, reflecting a CAGR
of 16.4% during forecast period, 2014 - 2020. In 2013, connected IoE
devices represented 10.2% of overall IoE installation base across
globe. Increased technology budgets by governments and proliferation
of connected devices are some of the prominent factors driving the
demand for IoE solutions. Also, introduction of new technologies for
enterprise mobility and big data analytics by key players such as
Cisco, Accenture and IBM are expected to boost the market growth,
thereby increasing competitiveness in the market.
IoE
Market: Key Verticals
FMI has segmented global IoE market into two major verticals:
consumer and business to business (B2B). Consumer vertical stood at
US$ 624.3 billion with 25.7% of overall IoE market in 2013, however
it is expected to lose 190 BPS to B2B vertical by 2020. The B2B
vertical segment has been sub-segmented into manufacturing sector,
public sector, retail sector, transportation sector, BFSI (banking,
financial services and insurance) sector, healthcare sector,
communication & media sector and utility sector. Among all the
aforementioned IoE B2B verticals, manufacturing sector dominated the
market and accounted for 34.1% market share in 2013, followed by
public sector with 20.3% share of global IoE market. However,
healthcare sector is expected to be the fastest growing market across
all the regions, reflecting a CAGR over 20% during the forecast
period.
Key
B2B IoE Components
In terms of components, the global IoE market can be sub-segmented
into intelligent system, infrastructure enablement spending and
services enablement spending. Among all the previously mentioned B2B
IoE components, intelligent system segment is the most dominant.
Valued at US $1,524.5 billion, this segment is forecasted to expand
at a CAGR of 15.1% from 2014 to 2020. However, from 2014 to 2020,
infrastructure enablement spending segment is estimated to exhibit
fastest CAGR of 24.1% to reach US $ 1,160.5 billion by 2020.
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IoE
Market: Key Regions
The global IoE market has been classified into seven major regions
which include North America, Western Europe, Asia-Pacific, Japan,
Eastern Europe, Latin America and Middle East & Africa. Of all
the regions, North America dominated the global IoE market with over
1/3rd of overall IoE market share in 2013; the IoE market in North
America is expected to expand at a CAGR of 14.3% during the forecast
period. Western Europe ranked second, followed by Asia-Pacific, with
both these regions accounting for more than 20% market share in 2013.
In addition, Asia-Pacific is anticipated to become the fastest
growing region in IoE market, reflecting a CAGR of 19.3% from 2013 to
2020.
Key
Players
Some of the key players identified in global IoE market are IBM
Corporation, Cisco Systems Inc., Apple Inc., Vodafone Group Plc.,
Accenture Inc., Google Inc., Telefonica S.A., Hewlett-Packard Company
and Samsung Electronics Co. Ltd. These key players follow the
strategy of acquisition and mergers to gain market share and enter
new markets.
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