IoT-connected machines are extensively used across a huge range of industries, sizes, and verticals to reduce workload by automating processes, eradicate monotonous activities, and give a greater and more digitized experience. IoT connected machines are also essential in dealing with large amounts of big data, big data, and AI. Huge growth in the healthcare industry is projected to increase the demand for IoT, since data collected from IoT can help physicians detect the best treatment process for improved patient outcomes.
According to Data Bridge Market Research the Global Internet of Things (IoT) Connected Machines Market was valued at USD 274 billion in 2021 and is expected to reach the value of USD 1591.8 million by 2029, at a CAGR of 24.6% during the forecast period of 2022 to 2029.
“Deployment of 5G Technology Augment the Market Growth”
The wide use of 5G technology has led to a wave of IoT applications, thus growing the market share. The 5G IoT helped in connecting a large number of IoT devices at a higher speed. It has introduced a lower latency that has largely benefited several industrial plants by rising the use of sensors. Smart traffic mobility, smart parking technologies, and smart grid automation are some of the solutions that are visible to quantify and depict the material impact of 5G and IoT. For instance, Ericsson AB’s Mobility Report estimates that there will be around 550 million 5G subscriptions in 2022. This factor is helping 5G to increase innovation across several industries, therefore allowing the deployment of emergent technologies (IoT).
What restraints the growth of Global Internet Of Things (IoT) Connected Machines Market?
“Increasing Risks of Cyber Attacks”
Robots cause cybersecurity issues as they can be connected to IoT networks and the Internet with remote-control technologies. The Internet is full of possibilities for cybercriminals to hack a business and its industrial equipment, including robots. This cyberattack damages bespoke robotic manufacturing equipment requires costly repairs and a long downtime which may significantly impact business revenues. Also, unplanned stoppage of production lines can be serious for on-time delivery processes.
Segmentation: Global Internet of Things (IoT) Connected Machines Market
The internet of things (IoT) connected machines market is segmented on the basis of component and industry.
- Based on component, the IoT connected machines market is segmented into hardware, software and services. Hardware is further sub-segmented into IoT kits and gateways. Services segment is further sub-segmented into consulting, integration, and support services.
- Based on industry, the IoT connected machines market is divided into automotive, aviation, oil and gas, transportation, power generation and utility, manufacturing, healthcare, retail and other
Regional Insights: North America is expected to dominate the Global Internet of Things (IoT) Connected Machines Market
North America dominates the market because of the technological advancement, growing initiatives of projects associated with smart cities and increasing demand from various end-use industries in this region. Increase in mobile application of IoT in health monitoring devices is another major factor increasing the market growth.
Asia-Pacific is expected to grow in the forecast period of 2022-2029 due to the mounting government support for the development of strong IoT network site in this region. The increase in adoption rate of IoT connected machines is also boosting the growth in the region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-iot-connected-machines-market
Recent Developments in Global Internet of Things (IoT) Connected Machines Market
- In 2022, Beckhoff Automation introduced a flexible automation solution to help modernize a prosthetic tooth factory. The cloud-connected IPC permits lot-size-1 dental manufacturing. The company increases multiple Industrial PC (IPC) and TwinCAT 3 automation software solutions in precision milling for prosthetic tooth manufacturing.
- In 2019, ABB and Hewlett Packard Enterprise (HPE) declared their collaboration to make a deal on wireless connectivity for a large industrial customer. The collaboration permits the connection of the ABB sensors linked to industrial equipment and the cloud through HPE gateways. It also aids to develop an infrastructure-as-a-service and location-based service for customers.
The Prominent Key Players Operating in the Global Internet of Things (IoT) Connected Machines Market Include:
- Beckhoff Automation (U.S.)
- Dell Inc. (U.S.)
- Honeywell International Inc. (U.S.)
- Advantech Co., Ltd. (Taiwan)
- AT&T (U.S.)
- B&R (India)
- Cisco (U.S.)
- General Electric (U.S.)
- IBM (U.S.)
- Robert Bosch GmbH (Germany)
- ABB (Switzerland)
- Siemens (Germany)
- Rockwell Automation, Inc. (U.S.)
- Schneider Electric (France)
- Capgemini (France)
- Microsoft (U.S.)
- Huawei Technologies Co., Ltd. (U.S.)
- Google LLC (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global internet of things (IoT) connected machines market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Internet of Things (IoT) Connected Machines Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
