Global Internet of everything market is expected to witness substantial growth as it creates unprecedented opportunities for individuals, organizations, countries and communities to realize greater value from networked connections among data, people, processes and things. Increasing internet usage is expected to be a key factor driving IoE market growth over the next few years. The market is still in its nascent stage and offers benefits such as enhancing operational efficiency and decision-making, which is further expected to drive internet of everything market growth. It represents confluence of multiple technology trends such as cloud computing, mobility, social networks and data analytics; via inexpensive, intelligent sensors. Increased adoption by state, federal, and local governments; educational institutions, healthcare organizations, utilities; and non-governmental organizations (NGOs) provide several opportunities for IoE (internet of everything) market growth over the next few years.
Internet of Everything is about improving interactions between people as well as between people and devices; which will have an enhanced and empowered impact on communications between man and machine, and this will positively boost the efficiency of the way things are done in the modern world. IoE also helps in streamlining data and making it useful to gather crucial insights. These insights help businesses to take correct decisions. Due to this reason, demand from new businesses from industry 4.0 around the world is expected to increase and positively influence the Internet of Everything Market.
Processing the accumulated data also forms a big part of IoE. Data, when aligned with analysis is striving to change the way business is done. IoE plays a major role in changing the business models in the world. Nike is a major brand in fitness and sports, however, with crucial insights and correct decisions, it is striving to make its mark in Healthcare industry. Similarly, Google is an IT company, but its smart cars are set to revolutionize the automobile industry. These set of growing interlinkages across diverse sectors is going to drive the growth in IoE market.
Surging demand across several entities including, high network speed, high speed processors and internet security equipment’s has played a key role in creating a niche market. Issues such as internet security may pose a challenge to internet of everything market growth. Furthermore, speed is expected to be a major constraint in an IoE environment owing to the need for high traffic data transfer and is expected to hamper market growth. Internet of everything (IoE) is being enabled by advancements in ultra-low power wireless and standardized technologies and is also expected to fuel market growth over the next few years. Furthermore, emergence of big-data analytics has potentially taken wireless-enabled IoE applications and services to a whole new level and is expected to drive market demand.
A few key industry players include Cisco, Bosch, Ericsson, Intel, Oracle and IBM. Technological advancement is a key growth strategy adopted by major market participants.
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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.