Press release
Europe IoT Market Reach USD 12.30 Billion by 2031 | Growing at 19.0% CAGR
The Europe IoT market size was valued at USD 2.19 billion in 2021, and is projected to reach USD 12.30 billion by 2031, growing at a CAGR of 19.0% from 2022 to 2031.
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Driving Factors Europe IoT Market
The IoT market in Europe is experiencing significant growth, driven by several key factors. Advancements in industrial-grade digital technology, coupled with a growing preference for cloud-based IoT software, are at the forefront of this expansion. Additionally, there is a rising demand for enhanced supply chain and customer relationship management solutions, further propelling the growth of IoT technologies across the region.
The convergence of industrial-grade digital technology, cloud-based IoT solutions, and the increasing demand for enhanced business processes is driving robust growth in the IoT market across Europe.
IoT is empowering individuals to live and work more intelligently, offering them complete control over their lives through smart devices that automate various aspects of their homes. This trend is increasingly becoming a primary need for customers, driving adoption rates higher.
Market Segmentation of Europe IoT Market
The Europe IoT market is segmented on the basis of component, deployment, organization size, platform, technology, industry vertical, and country. By component, the market is divided into solution and services. Depending on deployment, it is segregated in to on-premise and cloud. On the basis of organization size, it is bifurcated into large enterprises and small & medium size enterprises. As per platform, it is fragmented into device management, application management, and network management.
Key Players in 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.
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By organization size, the large enterprises segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to increase in adoption of IoT software to integrate this software into their existing inventories. Conversely, the small- & medium-sized enterprises segment is expected to grow at the highest CAGR during the forecast period, owing to surge in adoption of cloud-based IoT software, as it provides cost-effective and efficient solution for SMEs.
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.
According to technology, it is differentiated radiofrequency identification, pressure sensors, network communications, data processing, and near-field communications. By industry vertical, it is categorized into retail & e-commerce, energy & utility, healthcare, transportation & logistics, IT & telecom, manufacturing, and others. Country wise, the market is analyzed across the UK, Italy, Germany, Spain, Greece, Czech Republic, Portugal, Romania, Hungary, and Ireland.
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Key Findings Of Europe IoT Market
● By deployment model, cloud-based segment accounted for the largest Europe IoT market share in 2021.
● Depending on enterprise size, large enterprise generated the highest revenue in 2021.
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