Europe IoT Market Research & Forecast Report: Industry Size to Exceed USD 12.30 Billion by 2031
Digitalization, smart solutions demand, sustainability focus, data privacy laws, and government support drive Europe’s IoT market.
PORTLAND, OREGON, UNITED STATES, July 27, 2023/EINPresswire.com/ — The Europe IoT Market was estimated at $2.19 billion in 2021 and is anticipated to increase at a CAGR of 19.0% from 2022 to 2031 to reach $12.30 billion.
The development of industrial-grade digital technology, rising interest in cloud-based IoT software, and increasing need for better supply chain and customer relationship management all significantly contribute to the expansion of the IoT market in Europe. Along with providing smart gadgets to automate houses, which are a growing number of consumers’ top needs, the Internet of Things enables people to live and work more intelligently and to have total control over their life.
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IoT adoption is witnessing rapid growth across diverse sectors in Europe. Industries such as manufacturing, healthcare, transportation, and agriculture are integrating IoT technologies to optimize operations and enhance productivity. From smart factories to connected healthcare devices and intelligent transportation systems, IoT is revolutionizing how businesses operate and deliver services.
European cities are embracing IoT to become smarter and more sustainable. IoT-enabled smart city initiatives are enhancing urban living through efficient energy management, optimized public transportation, and better waste management. By leveraging data from IoT devices and sensors, cities can improve resource allocation, reduce environmental impact, and enhance the overall quality of life for residents.
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The volume of data generated by IoT devices can be overwhelming, necessitating efficient data processing solutions. Edge computing has emerged as a prominent trend, enabling data analysis and decision-making closer to the source, reducing latency and bandwidth consumption. European businesses are increasingly adopting edge computing to gain real-time insights and respond promptly to changing conditions.
As IoT applications expand, ensuring data privacy and security remains a top priority. European organizations are stringent about compliance with data protection regulations such as the General Data Protection Regulation (GDPR). IoT solution providers in the region are focusing on implementing robust security measures to safeguard sensitive data, build trust among consumers, and mitigate potential cybersecurity risks.
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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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David Correa
Allied Analytics LLP
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