IoT Connected Machines Market Size Worth USD 510.85 Billion by 2029 | Report by Fortune Business Insights
As per the report by Fortune Business Insights, the global IoT Connected Machines Market size is projected to reach USD 510.85 Billion in 2029, at a CAGR of 19.2% during the forecast period, 2022-2029
Pune,India, Jan. 16, 2023 (GLOBE NEWSWIRE) — The global IoT Connected Machines Market Size was valued at USD 128.05 billion in 2021. The market is projected to grow from USD 149.69 billion in 2022 to USD 510.85 billion by 2029, exhibiting a CAGR of 19.2% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “IoT Connected Machines Market, Forecast, 2023-2029.”
Key Industry Development:
The industrial IoT was updated by ABB Ltd. for its smart power facility in India. All industrial robots, machinery, and other devices that facilitate industrial digitalization are connected via the smart factory.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 19.2% |
| 2029 Value Projection | USD 510.85 Billion |
| Base Year | 2021 |
| IoT Connected Machines Market Size in 2021 | USD 128.05 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
| Segments covered | Component, Industry and Geography |
| IoT Connected Machines Market Growth Drivers | Increasing Connected Medical Machines to Drive Market Growth |
| Cybersecurity Risk Associated with Connected Machines Likely to Hamper Market Growth |
Key Takeaways
- IoT solutions are being deployed to improve remote monitoring, tracking, and maintenance of industrial equipment in the manufacturing operations chain during production.
- The various applications of connected medical devices and their increasing demand is expected to grow the market for IoT-connected machines.
- Enhancement in the acceptance of connected machines will result in positive growth in demand of IoT sensors worldwide.
- The automotive segment is expected to show promising growth owing to increased investments in connected cars and vehicles.
- IoT Connected Machines Market Size in North America was USD 43.41 Billion 2021
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Drivers and Restraints:
- Increasing Connected Medical Machines to Drive IoT Connected Machines Market Growth
- Due to the introduction of automation and digitalization, the healthcare business is going through significant changes worldwide.
- The demand for connected machines is being driven by 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.
- Any technology’s adoption and use come with an increasing amount of danger. End customers in this sector are worried about data security due to multiple attack vectors.
Regional Insights:
North America to Lead Backed by Adoption of 5G Technology in the U.S.
During the projection period, North America is expected to increase the IoT connected machines market share the most. The surge in 5G adoption is anticipated to increase the need for wireless communication. As more and more sectors, including healthcare, automotive, aerospace and defense, manufacturing, and others, grow, the U.S. is the leading country in the adoption of IoT connected machines.
The markets in the European nations are developing tremendously. The leading EU nations for IoT and Industrial IoT adoption are the U.K., Germany, and the Netherlands, closely followed by the Nordic nations.
Asia Pacific is expected to witness rapid growth rate during the forecast period. Manufacturing, power and utilities, aerospace and defense, automotive are the market-leading industries in the APAC market.
Competitive Landscape (2023-2029)
Important Business-related Announcements by Key Players to Influence Market Dynamics
Fundamental companies in the market often make crucial announcements regarding some business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch new products, engage in partnership deals, sign contracts with government organizations, and so on.
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Leading Segments:
Rapid Adoption of Cloud-based Solution to Fuel IoT Gateways
Based on component, the market is divided into IoT gateways, I/O modules, IoT sensors, and others. IoT gateways segment is expected to gain maximum share during the forecast period as it offers complete floor connectivity.
Growing Automation to Fuel Growth Rate of Manufacturing
Based on industry, the market is divided into automotive, aerospace & defense, logistics & transportation, manufacturing, power and utilities, healthcare, oil & gas, and others.
Manufacturing is expected to gain dominant segment share during the forecast period as it is an early adopter of IoT connected machines.
In terms of region, the market is studied across North America, South America, Europe, the Middle East & Africa, and Asia Pacific. They are further segmented into countries.
List of Key Players Mentioned in the Report:
- Siemens AG (Germany)
- Honeywell International Inc. (U.S.)
- General Electric Company (U.S.)
- Intel Corporation (U.S.)
- Hitachi Ltd. (Japan)
- ABB Ltd. (Switzerland)
- PTC Ltd. (U.S.)
- Rockwell Automation (U.S.)
- Schneider Electric (France)
- IBM Corporation (U.S.)
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Major Table of Contents:
- Global IoT Connected Machines Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- IoT Gateways
- I/O Modules
- IoT Sensors
- Others (PLCs, etc.)
- By Industry (USD)
- Automotive
- Aerospace & Defense
- Logistics & Transportation
- Manufacturing
- Power and Utilities
- Healthcare
- Oil & Gas
- Others (Chemicals, etc.)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America IoT Connected Machines Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- IoT Gateways
- I/O Modules
- IoT Sensors
- Others (PLCs, etc.)
- By Industry (USD)
- Automotive
- Aerospace & Defense
- Logistics & Transportation
- Manufacturing
- Power and Utilities
- Healthcare
- Oil & Gas
- Others (Chemicals, etc.)
- By Country (USD)
- United States
- Canada
- Mexico
- South America IoT Connected Machines Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- IoT Gateways
- I/O Modules
- IoT Sensors
- Others (PLCs, etc.)
- By Industry (USD)
- Automotive
- Aerospace & Defense
- Logistics & Transportation
- Manufacturing
- Power and Utilities
- Healthcare
- Oil & Gas
- Others (Chemicals, etc.)
- By Country (USD)
- Brazil
- Argentina
- Rest of South America
TOC Continued…!
Related Report:
Internet of Things (IoT) Market Size, Share, Industry Report, 2022-2029
5G IoT Market Size By Component, By Type, 2029
Internet of Medical Things (IoMT) Market Growth, 2029
Artificial Intelligence (AI) Market Revenue Growth Forecast to 2029
Smart Hospitals Market Size, Share, Revenue And Growth Rate Till 2029
FAQ:
How big is the IoT Connected Machines Market?
The market is projected to grow from USD 149.69 billion in 2022 to USD 510.85 billion by 2029, exhibiting a CAGR of 19.2% during the forecast period.
How big is IoT Connected Machines Market In North America?
The market in North America stood at USD 43.41 billion in 2021 and is expected to gain a huge portion of the market share in the coming years.
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