The global IoT Connected Machines Market is projected to reach USD 725.28 billion by 2031. This exponential growth is driven by the relentless adoption of automation and digitalization across various industries. These advancements are revolutionizing operational efficiency, productivity, and safety by minimizing waste and maximizing resource utilization. The SNS Insider report highlights a projected Compound Annual Growth Rate (CAGR) of 19.05% for the IoT Connected Machines Market from 2024 to 2031.
Growing Demand and Market Opportunities
IoT connected machines encompass non-consumer devices employed by diverse sectors such As manufacturing, healthcare, utilities, and defence. These machines play a Important role in Improving operational efficiency, safety, and productivity. The report delves into various aspects of the market, including its scope, growth factors, and opportunities. The integration of artificial intelligence (AI) and machine learning (ML) with IoT connected machines is expected to be a significant growth. This convergence allows for real-time data analysis, enabling predictive maintenance and optimizing resource management. The prominent players are actively developing industry-specific solutions, further Drive market expansion.
Predictive maintenance, a key application of IoT connected machines, empowers real-time monitoring of asset health and performance. By continuously analysing machine conditions, this technology minimizes the risk of sudden failures and optimizes maintenance schedules, leading to increased productivity and reduced downtime. The burgeoning IoT startup ecosystem with significant venture capital investments is another factor propelling market growth. The advancements in areas such as generative AI integration, enhanced security measures, 5G technology, and healthcare IoT are anticipated to further bolster the growth of the IoT connected machines market.
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Top Companies Featured in IoT Connected Machines Market Report:
– IBM Corporation
– Siemens AG
– Honeywell International Inc.
– Intel Corporation
– General Electric Company
– Hitachi Ltd.
– PTC Ltd.
– ABB Ltd.
– Rockwell Automation
– Schneider Electric
IoT Connected Machines Industry Segmentation as Follows:
By Component
- I/O Modules
- IoT Gateways
- IoT Sensors
- Others
The IoT gateways segment is expected to dominate the market during the forecast period. These gateways provide comprehensive floor connectivity, enabling efficient machine data transfer and facilitating seamless communication between edge devices and the cloud. This empowers industries with real-time insights into production processes, floor visibility, and condition monitoring.
By Industry
- Retail
- Aerospace & Defense
- Automotive
- Healthcare
- Logistics & Transportation
- Manufacturing
- Oil & Gas
- Power and Utilities
- Others
The manufacturing sector is anticipated to hold the dominant market share due to its early adoption of connected machines. The rising demand for automation and digitalization to streamline supply chains and meet production targets is further expected to Drive the market growth within the manufacturing segment. The healthcare sector is projected to witness significant growth, driven by the increasing demand for smart healthcare devices. Connected machines enable seamless remote patient monitoring in healthcare facilities, leading to improved patient outcomes and enhanced healthcare delivery.
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Recent Developments
– September 2022, ABB Ltd. upgraded its India-based smart power factory with advanced industrial IoT solutions, fostering greater industrial digitalization by interconnecting machines, robots, and other critical equipment.
– August 2022, Elevat, an OEM solutions provider, collaborated with Cummins Inc. to integrate Cummins Connected Diagnostics with Elevat’s Machine Connect IoT platform. This partnership offers customers a unified dashboard for comprehensive machine monitoring.
– October 2022, Infineon Technologies AG launched the XENSIV connected sensor kit, a new IoT sensor platform designed to support engineers in developing and prototyping IoT devices.
Impact of Global Disruptions
Russia-Ukraine War has disrupted global supply chains, particularly for essential semiconductor materials. Russia is a major supplier of palladium, a critical component in many electronic devices, while Ukraine is a significant producer of neon gas, important for chip manufacturing. This disruption has exacerbated the existing chip shortage, potentially hindering the production of IoT connected machines. The war has caused a Increase in energy prices, leading to increased operational costs for manufacturers. Moreover, sanctions imposed on Russia by various countries may restrict access to certain technologies and resources required for IoT development. A potential global economic slowdown reduces market growth by decreasing investments in industrial automation and digitalization projects. Businesses may prioritize short-term financial stability over long-term investments in advanced technologies such as IoT connected machines. Consumer spending on connected devices could also decline in an economic downturn, further impacting market growth.
Regional Developments
North America Region is anticipated to gain the highest market share during the forecast period. The growing in 5G adoption is expected to Increase the wireless communication demand required for efficient IoT operations. The U.S. is a dominant adopter of IoT connected machines due to the presence of established industries in healthcare, automotive, aerospace, defence, and manufacturing that are actively embracing automation and digitalization. The growing of mobile applications for health monitoring devices using IoT technology is another factor Driving market growth in North America. Asia Pacific Region is poised for a rapid growth rate during the forecast period. Industries such as manufacturing, power and utilities, aerospace, and defence, and automotive are at the forefront of IoT adoption in the APAC region. China, South Korea, India, and Japan are heavily investing in industrial infrastructure to meet the growing demand for electronic components and devices. Government initiatives promoting smart city development and industrial automation are further accelerating the adoption of IoT connected machines in the region.
Key Takeaways
- The report provides a detailed analysis of the market’s growth trajectory, including key drivers, restraints, and opportunities. It equips businesses with a clear understanding of the market landscape and future potential.
- The report offers a granular analysis of the market across various segments, including components, industries, and regions. This empowers businesses to identify niche markets and tailor their strategies accordingly.
- The report examines the potential impact of global disruptions such as the Russia-Ukraine war and economic slowdowns on the market. This allows businesses to make informed decisions and mitigate potential risks.
- The report provides insights into the competitive landscape, including key players, their strategies, and recent developments. This information helps businesses identify potential partners and develop competitive strategies.
Table of Content – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. IoT Connected Machines Market Segmentation, By Component
9. IoT Connected Machines Market Segmentation, By Industry
10. Regional Analysis
11. Company Profile
12. Competitive Landscape
13. USE Cases and Best Practices
14. Conclusion
Continued….
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