High adoption rate of IoT devices in various end-use industries is driving the growth of IoT market in Europe: According to Goldstein Research, “Emerging trend of connected devices in end user industries is raising the demand for advance services eventually powering the growth of IoT based services in Europe. Usage of devices such as drones, embedded camera and robots are improving the efficiency and productivity of end-user industries such as manufacturing, energy and agriculture. Moreover, increasing government investments and initiatives are also contributing in the expansion of Europe IoT market.”
Europe IoT Market Analysis
Europe IoT market is segmented on the basis of components, by software, by end-user and by application. Software segment is further categorized into data management software, network management software, real time streaming analysis, software security software and remote monitoring software. Among these segments of software, data management is projected to dominate the IoT based software market over the forecast period. Rising complexities of infrastructures and internet traffic are driving the growth of data management software in European market. Europe data management software market valued value of USD 13.25 billion in 2016 and is projected to grow at a CAGR of 19.17%.
Based on countries, Sweden is expected to be the dominating market in healthcare sector. Swedish government is investing on innovative technologies for healthcare industries. Sweden is also growing into microelectronics and organic sensors market. Sweden IoT market is expected to reach approximately USD 54.10 billion by the end of 2024. However, Germany is the dominating country in Europe IoT market and is estimated to reach USD 106.04 billion in 2024.
Healthcare Sector: Potential market for Software and Platform
Huge requirement of software as a service (SaaS) and hardware as a service (HaaS) in healthcare industry is driving the demand for IoT based platforms. Execution of cost effective solutions using mhealth technologies are boosting growth for IoT in healthcare sector in European Union. Huge investment in R&D of medicine and bioscience are bolstering the implementation of advanced technologies and IoT in healthcare industry. However, fewer acceptances by European population towards healthcare devices are inhibiting the business expansion of IoT in the region. As devices are connected with internet thus it increases the risk of malfunctioning of health devices. European consumers are not accepting IoT devices due to health security concerns.
“Europe Internet of Things (IoT) Market Outlook 2024” contains detailed overview of the Europe IoT market in terms of market segmentation by components, by software, by end-user and by application.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Europe IoT market also provides competitive outlook of some of the major players of Europe IoT market which includes profiling of companies such as Cisco Systems Inc., Intel Corporation, IBM Corporation, Amazon Web Services, Google, Microsoft Corporation, Qualcomm Incorporated, PTC, Oracle Corporation, SAP SE, General Electric (GE), Arm Holdings, Centrica plc, Robert Bosch GmbH, AT&T Inc., Hewlett Packard Enterprise, Rockwell Automation, Dell Inc. and Fujitsu Ltd. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the Europe IoT market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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