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Global IoE market worth US$23.97 trillion by 2020

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Hydrocarbon Engineering,

Research and Markets have announced the addition of the 'Global Internet of Everything (IoE) Market, By Technologies, Services, Applications, Devices, Verticals, & Regions - Trends & Forecast, 2015 - 2020' report to their offering, forecasting the worth of the Internet of Everything (IoE) market to grow to US$23.97 trillion by 2020.

The evolution of technology is making the once unimaginable, more than possible in the modern world with the growth of portable devices such as laptops and smartphones, supporting the new technology evolution. In the 21st century, IoE technology is making the lives of the people, enterprises and consumers much easier and is set to be a heterogeneous platform for some time. By 2020, more than 50 billion devices will connect to the internet. Government initiatives, increasing spending on ICT and digitalisation concepts, demand from enterprises and consumers, will all drive the market forward.

The IoE has brought enormous opportunities for enterprises ranging from large to small-medium enterprises (SMEs), and even for start ups. The IoE market growth is dominated by North America and Western Europe, and emerging markets such as Asia Pacific, India and China, and Latin America will see a high growth in the next five years.

The adoption of the IoE market is in its nascent stage but growing rapidly. The large enterprises are considering the IoE as the objective and strategy. They would also look to go for strategic acquisitions to remain competitive in the market. Major players such as Cisco, PTC Inc., QUALCOMM, Apple and Google are all planning to create innovative products and services that will support IoE market growth, while smaller players have also shown more interest and are interested in supporting similar avenues of growth.

Adapted from press release by Francesca Brindle

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