Global IoT Connected Machines Market is valued at approximately USD 8.19 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 6.9% over the forecast period 2022-2029. IoT-connected machines are non-consumer electronics used by businesses, governments, utilities, manufacturing facilities, and defense institutions to enhance daily operations. The primary purpose of these machines is to increase productivity, efficiency, and safety throughout the entire operation by minimizing hazardous and non-hazardous waste. Additionally, IoT-connected machines assist in dealing with large data, mass volumes of data, and AI (Artificial Intelligence). The market is driven by factors such as surge in demand for connected medical machines, rapid adoption of digitalization and automation, coupled with the rising inclination towards IoT-enabled predictive maintenance solutions across industries.
The increasing deployment of 5G, cloud computing, and AI technologies is playing a vital role that is bolstering the demand for IoT-connected machines during the estimated period. For instance, the IEEE ComSoc estimates that in 2021, public spending on cloud computing increased to USD 332.3 billion, up around 23.1% from USD 270 billion in 2020. As a result, these elements are stimulating market demand. Also, according to the GSMA, the overall investment in 5G networks is expected to reach USD 1 trillion worldwide by the year 2025. Therefore, the growing trend of opting the emerging technologies is exhibiting a positive influence on market growth over the forecasting period. Moreover, rising investment in the development of advanced technology, as well as the growing demand for wireless communication is presenting various lucrative opportunities over the forecasting years. However, the high cybersecurity risk associated with connected machines and high cost associated with the implementation of IoT-connected machines are challenging the market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global IoT Connected Machines Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America dominated the market in terms of revenue, owing to the increasing demand for wireless communication, growing focus on automation, along with rising government initiatives. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the growing investment in industrial infrastructure, as well as rapid digitalization of industries in the market space.
Major market players included in this report are:
Honeywell International Inc.
General Electric Company
Recent Developments in the Market:
- In September 2022, ABB Ltd. announced that the company upgraded its India-based smart power factory by incorporating the upgrade of industrial IoT. The smart factory connects overall industrial robots, machines, and other equipment, which supports industrial digitalization.
- In August 2022, Elevat – an OEM solutions provider declared that the company entered into a partnership with Cummins Inc. in order to integrate Cummins Connected Diagnostics application and Machine Connect IoT platform of Elevat. The main objective of this partnership is to help the customers with a single dashboard machine view rather than multiple components.
Global IoT Connected Machines Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Component, Industry, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Logistics & Transportation
Rest of the World