Europe IoT Market is Booming and Predicted to Hit $12.30 Billion by 2031

The Europe IoT market size was valued at $2.19 billion in 2021, and is projected to reach $12.30 billion by 2031, growing at a CAGR of 19.0% from 2022 to 2031.

The cloud-based segment is expected to experience the fastest growth in the coming years, owing to higher adoption of the cloud platform. Organizations are developing and deploying new applications in cloud and moving existing assets at an increasing rate, which is expected to provide effective IoT solutions and maximize the market growth during the forecast period.

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Advancements in industrial-grade digital technology, increase in inclination toward cloud-based IoT software, and rise in need for improved supply chain & customer relation management majorly contribute toward growth of the IoT market across Europe. IoT helps people live and work smarter, as well as gain complete control over their lives in addition to offering smart devices to automate homes, which is becoming primary need of customers. Furthermore, IoT provides businesses with a real-time look into how their systems really work, delivering insights into everything from the performance of machines to supply chain and logistics operations.

Moreover, IoT enables companies to automate processes and reduce labor costs. It further cuts down on waste and improves service delivery, making it less expensive to manufacture and deliver goods, as well as offering transparency into customer transactions, which will creative lucrative opportunities for the Europe IoT market growth.

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COVID-19 has negatively impacted industries and both supply and demand had significantly decreased production volumes or stopped operations. For instance, all major automotive OEMs in Europe have shut down their production networks, breaking entire value chains. Where a business has continued, physical-distancing measures are dramatically altering operations, employee responsibilities, and staffing.

Italy was the first Western country to experience the COVID-19 emergency with a spiral of infections and deaths placing the country at the top of the international rankings, overtaking China in March 2020. Such changes were mirrored in aspects such as changes to the overall energy consumption, or long periods of sustained inactivity inside public buildings. The IoT industry was also drastically affected by the pandemic. The major players operating in the Germany Internet of Things (IoT) Market are Intel Germany GmbH, IBM Germany, Amazon Web Services Germany, Robert Bosch GmbH, SAP SE and more. Major companies started developing advanced technologies and launching new services to stay competitive in the Europe IoT market.

The market players operating in the IoT market include Amazon Web Services, Inc., Bosch.IO GmbH, Google Corporation, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft, NortonLifeLock Inc., SAP SE, Sophos Ltd. and Thales. These major players have adopted various key development strategies such as business expansion and new product launches, which help to strengthen their foothold in the Europe IoT market.

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