The Europe Internet of Things (IoT) Market would witness market growth of 16.9% CAGR during the forecast period (2021-2027).
IoT is performing an important role in process automation and boosting the operational efficiency of retail stores. It gives energy optimization, supervision and security, inventory optimization, supply chain optimization, and management of the workforce. IoT is also adding on capabilities in cold chain monitoring for temperature-sensitive grocery and pharmaceutical goods. Retailers use IoT to escape security pitfalls and position IoT-enabled systems that can repel blockages in their warehouses and stores. For example, in 2020, RELX based in the UK launched its very first flagship store in China included with facial recognition cameras that can send an alert signal to staff when a suspicious person steps inside the store.
Additionally, IoT is also portioning retailers to offer a much better customer experience, so spooning in gaining profit margins. For example, US-based retailer Walgreens has been doing trials with IoT-permitted displays on refrigerator doors that use face detection technology to demonstrate ads based on approximate age and gender. A significant amount of retailers in Europe are also installing small, customizable, IoT-connected dashboards or buttons to collect feedback from customers and utilize those insights to improve customer experiences
The rapid pace of digitalization across different sector of the regional market would create opportunities for the advanced technologies and solutions like IoT. Germany, the UK, France, Italy, Spain, and the Netherlands comes as driving force for European IoT adoptions, however, Eastern Europe and Nordic countries are lagging closely. To completely endorse an aspiring initiative for collaborative work advancement in microelectronics associated with connected vehicle solutions, the European Commission announced in January 2017 that it had authorized the use of USD 2 billion in public funds from the UK, Germany, France, and Italy.
The Germany market dominated the Europe Internet of Things (IoT) Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $50,672 million by 2027. The UK market is anticipated to grow at a CAGR of 15.9% during (2021 - 2027). Additionally, The France market would display a CAGR of 17.7% during (2021 - 2027).
Based on Component, the market is segmented into Solution and Services. Based on Technology, the market is segmented into Network Communications, Radiofrequency Identification, Near-field Communication, Data Processing, and Others. Based on Platform, the market is segmented into Network Management, Device Management, and Application Management. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on Organization Size, the market is segmented into Large Enterprises, and Small & Medium Enterprises (SMEs). Based on Vertical, the market is segmented into Manufacturing, Retail, E-commerce, & Consumer Electronics, Telecom & IT, Transportation & Logistics, and Healthcare & Life Sciences. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Internet of Things (IoT) Market Size will Hit $806.3 Billion by 2027, at a CAGR of 17.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, IBM Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, Google LLC, Amazon Web Services, Inc. (Amazon.com, Inc.), Cisco Systems, Inc., Intel Corporation, and Qualcomm, Inc.
By Component
By Technology
By Deployment Mode
By Organization Size
By Vertical
By Country
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