Internet of everything (IoE) 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 internet of everything 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 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 internet of everything market growth over the next few years.
Surging demand across several entities including, high network speed, high speed processors and internet security equipments 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 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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