IoT Connected Machines Market (Updated Version Available)

Key Market Overview:

The High Pressure Laminate (HPL) Market was valued at USD 7289.768 Million in 2022, registering a CAGR of 4.60% during the forecast period (2022-2030), and the market isThe IoT Connected Machines Market was valued at USD 244.03 Billion in 2022, registering a CAGR of 18.6% during the forecast period (2022-2030), and the market is projected to be worth USD 656.44 Billion by 2030.

IoT connected machines are the computing devices that wirelessly connected to the network having ability to transfer data. These machines are remotely monitored to analyze real time data. Also, IoT connected machines are considered as fundamental demand for digital world which include industrial communication and machine-2-machine (M2M) technologies, to connect industrial assets with control systems. Further, these devices are used to transfer the data, vehicle connectivity and medical devices monitoring. Thus, increasing demand for IoT connected machines is driving the market.

IoT connected machines have application in various sectors such as manufacturing, transportation, healthcare, agriculture, construction, and energy & utilities. Hence, application of IoT connected machines increases production efficiency and provide solution for smart manufacturing. Additionally, IoT connected machines are associated with communication of various industries which helps manufacturers to create effective and affordable services. Thus, rising demand of artificial intelligence (AI) and cloud computing is expanding IoT connected machines market. Moreover, key players are rapidly investing for advancement of innovative industrial IoT connected machines to enhance industry process. For instance, in February 2022, Qualcomm Technologies Inc., announced a collaboration with Bosch Rexroth AG for research and development in digital transformation across industries.

IoT Connected Machines Market Scope:-

Report Attributes	Report Details
Study Timeline	2016-2030
Market Size in 2030 (USD Billion)	656.44 Billion
CAGR (2022-2030)	18.6 %
Base Year	2021
By Components	Hardware, Software, and Services
By Application	Automotive, Oil & Gas, Manufacturing, Energy & Utility, Healthcare, and Others
By Geography	Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey] North America [United States, Canada, Mexico] Middle East & Africa [GCC, North Africa, South Africa] South America [Brazil, Argentina, Columbia, Chile, Peru]
Key Players	Siemens, Capgemini, Rockwell Automation Inc., Microsoft, Huawei Technologies Co. Ltd., Google LLC, Beckhoff Automation, Cisco, Oracle, Honeywell International Inc., Advantech Co. Ltd., B&R, IBM, Robert Bosch GmbH, ABB

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Market Dynamics:

Driver:

1. Rising demand for artificial intelligence (AI) and cloud computing has augmented the growth of IoT connected machines market.
2. Expansion in Healthcare sector is driving the growth of IoT connected machines market.

1. Rising demand for artificial intelligence (AI) and cloud computing has augmented the growth of IoT connected machines market.

Businesses and industries are increasingly adopting cloud computing platform for smooth and flexible operations which involve enabling of IoT connected machines for large volume of data transfer. IoT connected machines are considered as fundamental demand for digital world that include industrial communication and machine-2-machine (M2M) technologies, to connect industrial assets with control systems. Development of 5G technologies and growth of artificial intelligence (AI) in various sectors are driving the IoT connected machines market.

2. Expansion in healthcare sector is driving the growth of IoT connected machines market.

IoT connected machines have application in medical devices monitoring, risk analysis of specific drugs and performing clinical trials. IoT machines are designed to be connected to medical equipment such as wheelchairs and oxygen pump to assist real time monitoring. IoT connected machines are also used for management of pharmacy and inventory services. Thus, IoT connected machines market is rapidly growing in healthcare sector.

Restraint:

1. Risk associated with cybersecurity and data privacy is limiting the growth of IoT connected machines market.

1. Risk associated with cybersecurity and data privacy is limiting the growth of IoT connected machines market.
Industries are not implementing IoT connected machines for data transfer and to protect confidential data, thus cybersecurity is hindering the growth of IoT connected machines market. According to the World Economic Forum\'s 2020 Global Risk Report, cyber threats in IoT is expected to be double. Thus, risk associated with cybersecurity and data privacy is hampering the growth of IoT connected machines market.

IoT Connected Machines Market Segmentation:



By Components

The Components segment is divided into Hardware, Software, and Services.
Software segment demonstrate major share for IoT connected machines market due to rising adoption of cloud based system to monitor real time data. IoT connected machines are used to transfer the data, vehicle connectivity and medical devices monitoring. Sensors are the essential component of IoT connected machines that transfer data to cloud server for better decision making.

Software segment witness rapid growth of IoT connected machine market owing to its wide application in various industries such as automotive, healthcare, and manufacturing. Software based IoT connected machines are used in medical devices monitoring and clinical trials, telemedicine, imaging, and diagnostics.

By Application

The application segment is categorized into Automotive, Oil & Gas, Manufacturing, Energy & Utility, Healthcare, and Others.
Manufacturing segment holds major share for IoT connected machines market due to rising demand of automation and digitalization in manufacturing industries. IoT connected machines are used for tracking, data management, and supply chain management.

Healthcare segment anticipated fastest growth of IoT connected machines market owing to rising adoption and wide application of connected machine in medical devices monitoring and clinical trials, telemedicine, imaging, and diagnostics.

By Region

The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. In 2022, North America region is considered to contribute the largest revenue share owing to adoption of digitalization and technological development of cloud-based system.




Asia Pacific region witness fastest growth in IoT connected machines market due to technological advancements and rapid development of IT industries. Several countries such as India, Japan, China, Australia create numerous business opportunities and IT infrastructures with adoption of smart connected devices fuel the growth of IoT connected machines market.

IoT Connected Machines Market Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and application launches have accelerated the growth of the Global IoT Connected Machines Market. Key players in the market include-

• Siemens – Germany
• Capgemini – France
• Rockwell Automation Inc. – USA
• Microsoft – USA
• Huawei Technologies Co. Ltd. – USA
• Google LLC – USA
• Beckhoff Automation – USA
• Cisco – USA
• Oracle – USA
• Honeywell International Inc. – USA
• Advantech Co. Ltd. – Taiwan
• B&R – India
• IBM – USA
• Robert Bosch GmbH – Germany
• ABB – Switzerland