Wilmington, Delaware, United States, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - A recent IoT connected devices forecast underscores the trend of rapidly growing numbers of IoT devices in the automotive, medical and healthcare, and manufacturing sectors. Expanding consumer knowledge of how to connect IoT devices with next-gen machine-to-machine (M2M) architecture has led to a spurt of opportunities in vehicle-to-infrastructure applications, mobile healthcare, and smart city projects. The global IoT connected machines market is projected to advance at a CAGR of 15.4% during 2022–2031.
IoT device companies in the market are putting high bets on strategic investments in IoT software and next-gen connectivity standards notably 5G. They are likely to leverage these to offer digitized experience to customers and enable and support digital transformation for industries. Thus, commercialization of such next-gen IoT solutions based on these will help them augment IoT market share.
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Key Findings of IoT Connected Machines Market Study
- Application of IoT in Smart Manufacturing Underpins Profitable Avenues: Especially in manufacturing sector, the use cases of IoT have proliferated over the years, used to connect machines with other industrial assets, and eventually leading to vast productivity improvements.
- Adoption of Advanced M2M Technology in Various Automotive and Healthcare Applications to Generate Abundant Opportunities: Products in IoT connected machines market are gathering traction in mobile patient care by being incorporated in spate of wearable medical devices. IoT connectivity is also offering several benefits in hospital operations management such as in pharmacy operations and general administration tasks, such as environment monitoring and asset management. Growing clinical prospects of IoT connected machines in patient care will open up new revenue streams. Apart from healthcare, automotive industry has witnessed enormous demand for IoT connected machines for use in V2V/V2I applications. Over the past few years, application of IoT technology in fleet management has created incredible avenues in the IoT connected machines market.
- Incorporation of 5G Connectivity Expanding Revenue Possibilities: Rise in 5G subscriptions in recent years and penetration of machine learning language (ML) and machine-to-person (M2P) have extended the canvas for industry players in the IoT connected machines market. Growing use cases of IoT in commercial applications will open up new frontiers.
IoT Connected Machines Market: Key Drivers
- Growing penetration of advanced connectivity and internet of things (IoT) technologies in industrial sectors such as AI, 5G, and cloud computing is a key driver of the IoT connected machines market.
- Advancement in M2M infrastructure pivoting on back of incorporation of advanced sensor and actuation technologies has paved the way to digitalization in industrial processes. Growing usage of IoT in smart manufacturing operations has spurred the demand.
IoT Connected Machines Market: Regional Dynamics
- North America is projected to hold a major share of the global IoT connected machines market during the forecast period. Proliferating use of IoT devices in mobile healthcare has propelled the revenue generation in the regional market.
- Asia Pacific is a potentially lucrative region in IoT connected machines market, and the regional market is anticipated to expand at the most attractive CAGR during the forecast period. Rising adoption of IoT connected machines in multiple industries will generate enormous revenue streams. Massive uptake of IoT platforms in some emerging economies has created profitable avenues, notably in China.
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IoT Connected Machines Market: Competition Landscape
Key players in the IoT connected machines market are leaning on expansion of product portfolio to garner competitive edge over others. Some of the key players are Schneider Electric, Schneider Electric, Rockwell Automation, Inc., IBM, Honeywell International, Inc., General Electric, Cisco Systems, Inc., Advantech Co., Ltd., Beckhoff Automation, ABB, and AT&T.
IoT Connected Machines Market Segmentation
- Component
- Hardware
- IoT Kits
- Gateways
- Software
- Services
- Consulting
- Integration
- Support
- Hardware
- End-use Industry
- Automotive
- Oil & Gas
- Manufacturing
- Energy & Utility
- Transportation
- Healthcare
- Others (Building Automation, Mining, and Agriculture)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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