Europe IoT Market Growing at 19.0% CAGR to Hit USD 12.30 Billion by 2031
The report offers a detailed segmentation of the global Europe IoT market based on component, deployment model, organization size, and region.
PORTLAND, PORTLAND, OR, UNITED STATE, February 20, 2023 /EINPresswire.com/ — According to the report published by Allied Market Research, the Europe IoT market generated $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 report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape.
The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Breakthroughs in industrial-grade digital technology and an increase in preference for cloud-based IoT software to boost the global IoT trends in Europe. IoT enables companies to automate processes and reduce labor costs, thereby creating lucrative growth avenues for the global market. On the basis of deployment mode, the on-premise segment held the largest market share in 2021. Component-wise, the solution segment held the major market share in 2021.
On the basis of deployment mode, the on-premise segment held the largest market share in 2021, accounting for nearly three-fifths of the Europe IoT market share, and is expected to maintain its leadership status during the forecast period. Nonetheless, the cloud segment is expected to cite the highest CAGR of 20.2% during the forecast period.
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Based on components, the solution segment held the major market share in 2021, holding two-thirds of the Europe IoT market share, and is expected to maintain its leadership status during the forecast period. However, the service segment, is expected to cite the fastest CAGR of 20.4% during the forecast period.
In terms of enterprise, the large enterprises segment held the largest market share in 2021, accounting for nearly two-thirds of the Europe IoT market share and is expected to maintain its leadership status during the forecast period. Nevertheless, the SMEs segment, is expected to cite the highest CAGR of 20.2% during the forecast period.
The key players analyzed in the Europe IoT market report includes 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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The report analyzes these key players in the l Europe IoT market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
COVID-19 Scenario:
• The outbreak of the COVID-19 pandemic had negatively impacted the growth of the Europe IoT market, owing to the shutdown of production networks by major automotive OEMs.
• During the COVID-19 pandemic, supply chain activities were massively disrupted leading to hindrances in the growth of the IoT industry in Europe.
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