The global IoT connected machines market size was US$ 149.69 billion in 2022. The global market size is estimated to reach a valuation of US$ 727.24 billion by 2031, growing at a compound annual growth rate (CAGR) of 19.2% during the forecast period from 2023 to 2031.
A technique called IoT connected machines is used to control and link real machines, devices, and other equipment that uses the Internet of Things (IoT). It supports integrated equipment and machine management, optimization, and monitoring across many enterprises and end users. By connecting equipment and machines to the Internet, businesses gather data from these devices or machines to gain insights into their operations and improve efficiency.
Market Driving Factors
With the introduction of automation and digitalization, the healthcare sector is going through significant changes globally. The demand for connected machines is increasing owing to the current trend of remote patient monitoring, telemedicine, electronic medical records, and more. In order to gather real-time data and offer timely services to patients, healthcare providers are investing in linked machines. 88% of U.S. healthcare institutions are investing in a remote patient monitoring system, according to the Evolve ETF 2021 research. Thus, this factor will drive the IoT connected machine market growth during the forecast period.
The high cost of IoT adoption could impede the market's overall growth.
Solutions for preventive maintenance that are IoT enabled across sectors to accelerate market growth. Predictive maintenance continuously monitors the status, performance, and health of an asset. In order to reduce the likelihood of an unexpected machine failure, the Industrial Internet of Things continuously examines the state of the machines while they are performing their routine functions. Manufacturers can boost production through preventative and predictive maintenance with the upgraded IIoT asset sensor solutions.
Market Segmentation Insights
By Component Insights
The IoT gateways segment is anticipated to gain the largest segment share over the forecast period. It provides total floor connectivity, which facilitates the flow of machine data. In addition to helping industries with floor visibility, condition monitoring, production tracking, and other things, it builds a bridge between edge devices and the cloud.
By Industry Insights
Due to its early adoption of linked machines, the manufacturing segment is likely to obtain a significant share during the projected period. The market expansion is due to the manufacturing sectors' need for automation and digitalization to keep up with demand and the supply chain.
The healthcare segment is predicted to rise quickly during the projected period. This is due to the rising demand for smart healthcare devices. In addition, seamless remote patient monitoring through connected machines at healthcare institutions will fuel the segment growth from 2023 to 2031.
Regional Overview
In 2022, North America controlled the highest revenue share and is likely to generate the highest revenue share during the forecast period. As the region is regarded as the hub for the high adoption of innovative technology and advanced business models with superior technologies, the IoT connected machines market share will increase in the region. In the North American region, the use of IoT-connected devices is expanding in the power and utility, transportation, aviation, and automotive sectors.
On the other hand, Europe is likely to witness the highest growth rate during the forecast period. This is due to the expanding initiatives of projects related to smart cities, including those in Vienna, Amsterdam, Helsinki, London, and Barcelona, among others. The United Kingdom government has unveiled London 2.0, a new smart city strategy that focuses on enhancing digital inclusion utilizing IoT technologies. This is likely to accelerate the expansion of the IoT-connected machines market.
List of Prominent Companies Profiled
Segmentation Outline
The global IoT connected machines market segmentation focuses on Component, Industry, and Region.
By Component
By Industry
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL IOT CONNECTED MACHINES MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: IOT CONNECTED MACHINES MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL IOT CONNECTED MACHINES MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL IOT CONNECTED MACHINES MARKET, BY COMPONENT
5.1 OVERVIEW
5.2 IOT GATEWAYS
5.3 I/O MODULES
5.4 IOT SENSORS
5.5 OTHERS (PLCS)
6 GLOBAL IOT CONNECTED MACHINES MARKET, BY INDUSTRY
6.1 OVERVIEW
6.2 AUTOMOTIVE
6.3 AEROSPACE & DEFENSE
6.4 LOGISTICS & TRANSPORTATION
6.5 MANUFACTURING
6.6 POWER AND UTILITIES
6.7 HEALTHCARE
6.8 OIL & GAS
6.9 OTHERS
7 GLOBAL IOT CONNECTED MACHINES MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL IOT CONNECTED MACHINES MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 SIEMENS AG
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 HONEYWELL INTERNATIONAL INC.
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 GENERAL ELECTRIC COMPANY
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 INTEL CORPORATION
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 HITACHI LTD.
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 ABB LTD.
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 PTC LTD.
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 ROCKWELL AUTOMATION
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 SCHNEIDER ELECTRIC
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 IBM CORPORATION
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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