According to the report published by Allied Market Research, REACH USD USD USD 12.30 billion in 2031 | Grow by 19.0% CAGR. The report offers an extensive analysis of changing market dynamics, important segments, value chain, competitive scenario and regional landscape. This research offers valuable competent guidance for leading players, investors, shareholders and startups in the preparation of strategies for sustainable growth and gaining a competitive advantage in the market.
The European IoT market size was valued at USD 2.19 billion in 2021 and is expected to reach USD 12.30 billion by 2031, growing with a CAGR of 19.0% from 2022 to 2031.
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Driving factors Europe IoT Market
The IoT market in Europe experiences considerable growth, driven by various important factors. Progress in industrial digital technology, in combination with a growing preference for cloud-based IoT software, are paramount in this expansion. Moreover, there is an increasing demand for improved supply chain and solutions for customer relationship management, which further propells the growth of IoT technologies in the region.
The convergence of industrial digital technology, cloud-based IoT solutions and the increasing demand for improved business processes stimulates robust growth in the IoT market throughout Europe.
IoT is able to live and work more intelligently and offers them complete control of their lives through smart devices that automate different aspects of their houses. This trend is increasingly becoming a primary need for customers, which makes the adoption figures higher.
Market segmentation of the IOT market in Europe
The Europe IoT market is segmented on the basis of component, implementation, organization size, platform, technology, vertical industry and country. The market is subdivided into solution and services per component. Depending on the implementation, it is separated in on-premise and cloud. Based on the organization size, it is split into large companies and small and medium -sized companies. According to the platform, it is fragmented in device management, application management and network management.
Important players in the IoT market in Europe
The market players who are active on the IoT market are Amazon Web Services, Inc., Bosch.io GmbH, Google Corporation, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft, Nortonlifelelock Inc., SAP SE, Sophos Ltd. And Thales.
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According to the organization size, the large business segment dominated the market in 2021, and it is expected that this trend will continue during the prediction period, due to an increase in acceptance of IoT software to integrate this software into their existing stocks. Conversely, it is expected that the small and medium-sized business segment will grow with the highest CAGR during the prediction period, due to the acceptance of cloud-based IoT software, because it offers a cost-effective and efficient solution for SMEs.
The cloud -based segment is expected to experience the fastest growth in the coming years, due to a higher acceptance of the cloud platform. Organizations develop and implement new applications in the cloud and move existing assets with an increasing pace, which are expected to offer effective IoT solutions and maximize market growth during the forecast period.
According to technology, the differentiated radio frequency identification, pressure sensors, network communication, data processing and communication in the vicinity of the field. The industry is vertically categorized in retail & e-commerce, energy and utility, health care, transport and logistics, IT & Telecom, production and others. In terms of land, the market is analyzed in the United Kingdom, Italy, Germany, Spain, Greece, the Czech Republic, Portugal, Romania, Hungary and Ireland.
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Important findings of the IoT market in Europe
● Cloud-based segment was responsible for the largest IoT market share in Europe in 2021 per implementation model.
● Depending on the company size, large company generated the highest turnover in 2021.
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