IOT Connected Machines Market to Surpass 741.55 Billion by 2030 Drives Due to Increasing Adoption of Automation and Digitalization
SkyQuest projects that the IoTconnected machines market will attain a value of USD 741.55 billion by 2030, with a CAGR of 19.2% over the forecast period (2023-2030). The IoT connected machines market is undergoing significant transformations globally, driven by the adoption of automation and digitalization. One prominent trend shaping the industry is the increasing use of connected machines. These machines play a vital role in enabling remote patient monitoring, telemedicine, electronic medical record systems, and other digital healthcare solutions.
Westford,USA, Aug. 21, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, digital innovations are revolutionizing various sectors, including manufacturing, medical device monitoring, and vehicle connectivity. Machines and devices can communicate with each other, and autonomously execute processes through the power of the Internet of Things (IoT). This connectivity and automation enable faster and more agile decision-making, improving efficiency and productivity in the IoT connected machines market.
Browse in-depth TOC on the “IOT Connected Machines Market”
- Pages – 260
- Tables – 65
- Figures – 75
IoT-connected machines encompass a range of non-consumer devices utilized by manufacturing facilities, companies, organizations, governments, utilities, and defense facilities to enhance conventional operations in the IoT connected machines market. These machines are designed to increase productivity, efficiency, and safety by minimizing the generation of hazardous and non-hazardous waste throughout the entire operational process.
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Prominent Players in IOT Connected Machines Market
- Intel Corporation
- Cisco Systems, Inc.
- Siemens AG
- IBM Corporation
- Microsoft Corporation
- AT&T Inc.
- Honeywell International Inc.
- General Electric Co.
- Bosch GmbH
- Huawei Technologies Co. Ltd.
- Schneider Electric SE
- Amazon Web Services Inc.
- Oracle Corporation
- Google Inc.
- Hewlett Packard Enterprise Development LP
- SAP SE
- PTC Inc.
- Dell Technologies Inc.
- Hitachi Ltd.
- Fujitsu Limited
Healthcare Segment is Expected to Dominate the Market Due tothe Innovative Monitoring
Healthcare sector emerged as the dominant force in the global IoT connected machines market, generating an impressive revenue of USD 158 billion. IoT technology in healthcare has revolutionized patient care by introducing innovative monitoring and data collection solutions. IoT use cases in medicine are focused on modifying and improving patient care through real-time monitoring of their condition and collecting crucial health data.
The market inNorth America is expected to hold the highest market share in the IoTconnected machines market during the forecast period. The region’s dominance can be attributed to several factors, including the rapid adoption of 5G technology. The proliferation of 5G networks in North America drives the demand for wireless communication, which is essential for IoT connectivity.
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IoT Gateways Segment is Expected to Grow the Market Due to Enabling Seamless Machine Data Transfer in Various Industries.
The IoT gateways segment is anticipated to gain significant market sharein the IoT connected machines market during the forecast period. IoT gateways play a crucial role in establishing comprehensive floor connectivity, enabling seamless machine data transfer in various industries.
Regional markets in theAsia Pacific are poised to experience a rapid growth rate in the IoTconnected machines market during the forecast period. This growth is primarily driven by key industries such as manufacturing, power and utilities, aerospace and defense, and automotive, which are the market leaders in the region.
A comprehensive analysis of the major players in the IoTconnected machines market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the IOT Connected Machines Market
- Recently, ABB Ltd. took a significant step towards enhancing its India-based innovative power factory by upgrading industrial IoT capabilities. This upgrade enables the seamless connection and integration of all industrial machines, robots, and other equipment, fostering industrial digitalization.
- Elevat, an original equipment manufacturer (OEM) solutions provider, recently announced a strategic partnership with Cummins Inc. The collaboration focuses on integrating the Cummins connected diagnostics application with Elevat’s Machine Connect IoT platform.
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Key Questions Answered in IOT Connected Machines Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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