Report : Europe IoT Market Forecast to 2030 - COVID-19 Impact and Regional Analysis - by Component [Hardware, Software (Device Management, Application Management, Data Management, and Network Management), and Services], Enterprise Size (Large Enterprises and SMEs), and Application (Building & Automation, Smart Energy & Utilities, Smart Manufacturing, Connected Logistics, Banking & Financial Services, Aerospace & Defense, and Others)
At 29.5% CAGR, the Europe IoT Market is speculated to be worth US$ 1,319.75 billion by 2030, says Business Market Insights
According to Business Market Insights’ research, the Europe IoT market is expected to grow from US$ 216.29 billion in 2023 to US$ 1,319.75 billion by 2030, registering a CAGR of 29.5% from 2023 to 2030. Increase in number of smart city projects, low cost of connected devices and increase in investments in IoT and rise in implementation of IoT in automotive sector are the critical factors attributed to the Europe IoT market expansion.
Automotive is one of the largest sectors in terms of IoT implementation that supports various applications such as self-driving cars, security features, data analytics, in-vehicle infotainment, predictive maintenance, real-time monitoring, and dashboard. Moreover, the high level of competition in the automotive sector is propelling companies to adopt IoT, AI, and other advanced technologies. Audi, BMW, General Motors, and Mercedes-Benz are a few major automakers offering advanced infotainment systems for cars integrated with various technologies. Moreover, the growing demand for connected vehicles and rising investments in autonomous cars boost the adoption of IoT and efficient communication technologies, such as 4G and 5G. For instance, in April 2021, Vodafone Idea announced the launch of its integrated IoT solution for the automotive sector. With this product launch, the company further strengthened its IoT portfolio. Automotive systems that can be enhanced with IoT include logistics management, fleet management, telematics, sensor sharing, advanced driver assistance systems, infotainment, and autonomous driving. Furthermore, due to the increasing demand for dynamic messaging, parking sensors, real-time occupancy data of parking spots, and vehicle parking spots, several government agencies are promoting smart city programs and implementing smart parking to ensure smooth traffic in the city. Therefore, the rise in the implementation of IoT in the automotive sector is driving the IoT software market. This is expected to drive the Europe IoT market during the forecast period.
On the contrary, data security and interoperability Issues hurdles the growth of Europe IoT market.
Based on component, the Europe IoT market is categorized into hardware, software, and services. The hardware segment held 46.0% market share in 2023, amassing US$ 99.56 billion. It is projected to garner US$ 589.11 billion by 2030 to expand at 28.9% CAGR during 2023–2030. Further, software segment is divided into device management, application management, data management, and network management.
Based on enterprise size, the Europe IoT market is bifurcated into large enterprises and SMEs. The large enterprises segment held 73.0% market share in 2023, amassing US$ 157.93 billion. It is projected to garner US$ 918.32 billion by 2030 to expand at 28.6% CAGR during 2023–2030.
Based on application, the Europe IoT market is categorized into building & automation, smart energy & utilities, smart manufacturing, connected logistics, banking & financial services, aerospace & defense, and others. The smart manufacturing segment held 19.3% share of Europe IoT market in 2023, amassing US$ 41.72 billion. It is projected to garner US$ 310.90 billion by 2030 to expand at 33.2% CAGR during 2023–2030.
Based on country, the Europe IoT market has been categorized into Germany, France, Italy, the UK, Russia, Sweden, Belgium, Netherlands, Switzerland, and the Rest of Europe. Our regional analysis states that Germany captured 22.6% share of Europe IoT market in 2023. It was assessed at US$ 48.88 billion in 2023 and is likely to hit US$ 358.71 billion by 2030, exhibiting a CAGR of 32.9% during the forecast period.
Key players dominating the Europe IoT market are Amazon Web Services Inc.; Cisco Systems Inc.; Google LLC; Software AG; International Business Machines Corp; Intel Corp; Microsoft Corp; Oracle Corp; Siemens AG; and SAP SE among others.
- In Dec 2022, KORE has formed a strategic alliance with Google Cloud to deliver comprehensive IoT solutions.
- In April 2022, Software AG Extends Sponsorship and Technology Partnership with Electric Racing Academy for Data-Driven Racing Excellence.
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