IOT Connected Machines Market

IOT Connected Machines Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Industry Vertical(Automotive, Consumer Electronics) - Industry Forecast 2024-2031


Report ID: SQMIG45I2160 | Region: Global | Published Date: July, 2001
Pages: 260 | Tables: 65 | Figures: 75

IOT Connected Machines Market Insights

IOT Connected Machines Market size was valued at USD 128.05 billion in 2019 and is poised to grow from USD 152.64 billion in 2023 to USD 741.55 billion by 2031, growing at a CAGR of 19.2% in the forecast period (2024-2031).

The internet of things, or IoT, is a sophisticated network of linked computers, electronic and mechanical devices, and physical items. These machines and gadgets are connected via a variety of connection technologies, including satellite, Bluetooth, Wi-Fi, RFID, and GSM networks. These networked devices include machine learning capabilities and are linked to a server or an IoT hub. Applications that need real-time data monitoring and analysis frequently use IoT-connected equipment. Factory digitalization, product flow monitoring, logistic and inventory management are a few of the major uses of IoT connected machinery.

Additionally, the expansion of the overall IoT linked machines market is anticipated to be fueled by the rising investment in smart city initiatives in a number of nations, including India, Amsterdam, and Berlin, among others, during the forecast period. Different smart machines and technologies are employed in a variety of applications, including smart parking, smart buildings, smart traffic, and others, to create smart cities. According to a number of studies that have been published, the government of India invested approximately US$ 106.11 billion in 534 projects across 100 nations in 2019.

Some of the major factors anticipated to propel the market growth include the growing usage of 5G technology and the industrial and manufacturing sector's desire for cloud computing solutions. A few other anticipated drivers of the global IoT connected machines market include the development of AI (artificial intelligence), big data technology, and the growing application of machine learning language (M2M [machine to machine] and M2P [machine to person]). Global businesses in this sector are concentrating their efforts on making significant investments in the development of IoT and other key technologies. For instance, Samsung Electronics invested around US$ 22 billion on the development of technologies including machine learning, the internet of things, and artificial intelligence in 2019.

The US IOT Connected Machines Market  is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 128.05 billion

Largest Segment

Hardware

Fastest Growth

Hardware

Growth Rate

19.2% CAGR

Global IOT Connected Machines Market ($ Bn)
Country Share for Europe Region (%)
Global IOT Connected Machines Market By Component ($ Bn)
Global IOT Connected Machines Market By Component (%)

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IOT Connected Machines Market Segmental Analysis

The iot connected machine market is segmented on the basis of component, industry vertical, and region. Based on component, the market is segmented into Hardware, Software, Services, and Others. Based on industry vertical, the IOT Connected Machines Market is segmented into Automotive, Consumer Electronics, Heavy Manufacturing, Healthcare, Oil & Gas, and Others. Based on region, the global iot connected machine market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

IOT Connected Machines Market Analysis by Industry Vertical

In 2021, the healthcare sector dominated the global  IoT-connected machines market and generated USD 158 billion. IoT use cases in medicine involve modifying patient care, monitoring their condition, and gathering crucial data. Such technologies offer information on the patient's current condition, track their changes, and immediately alert the user to prospective issues before they escalate. Device-based data analysis aims to improve patient condition diagnosis. Doctors can develop a comprehensive and pertinent picture of a patient's well being through constant patient monitoring.

Global IOT Connected Machines Market By Component, 2023 (%)

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IOT Connected Machines Market Regional Insights

The IoT connected machines market is anticipated to grow significantly in Europe over the forecast period. The expansion in this area is the result of more projects connected to smart cities being launched in European nations including Amsterdam, Vienna, London, Helsinki, Barcelona, and others. For instance, London 2.0, a new smart city strategy centred on IoT technology-based augmented digital inclusion, was introduced by the London government in 2016. Similar to this, the government of Helsinki created Kalasatama, a smart innovation in the city, to develop smart traffic and related services supported by IoT connected machinery. The Helsinki government is presently engaged in more than 25 cutting-edge infrastructure construction and experimental initiatives. Additionally, the European Union's government enacted its "Digital Single Market Strategy" in 2018, which includes the use of IoT technology in a variety of applications to advance Europe's efforts to speed up the growth of the market for IoT-connected devices. Additionally, during the forecast period, it is anticipated that Asia Pacific nations such as China and India will have increasing IoT implementation. For instance, the Chinese government claimed in 2017 that there were over 278 million installed and connected IoT devices throughout the nation, with current efforts concentrated on establishing robust IoT network sites.

Global IOT Connected Machines Market By Region, 2024-2031
  • Largest
  • Fastest

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IOT Connected Machines Market Dynamics

IOT Connected Machines Market Driver

  • IoT technology was first only partially adopted by companies due to the comparatively high cost of the sensors used in IoT devices. IoT adoption rates inside enterprises have, however, increased significantly as a result of the rapid decline in price of these sensors. Over the past ten years, there has been a dramatic decline in the price of some low-frequency passive RFID tags and sensors.
  • A key element influencing the market growth is the industrial and manufacturing sector's increasing desire for cloud computing solutions. The internet of things connected machines market is seeing increased demand as governments in various nations expand their smart city initiatives. The growth of the internet of things connected machines market will be accelerated by government initiatives to support AI-related technology.

IOT Connected Machines Market Restraint

  • The internet of things (IoT) connected machines market will see growth challenges due to the high implementation costs associated with these machines and the rising risks of cyberattacks on industrial machine robots and gadgets. Additionally, the market will face challenges from a dearth of experienced workers for operating machines and the complexity of adding internet of things (IoT) connected machine solutions. Other issues, such as lower consumer understanding of the fast evolving technology of internet of things (IoT) connected machines, will slow the market growth rate.

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IOT Connected Machines Market Competitive Landscape

The iot connected machines market is relatively fragmented, with a high level of competition. Few large players, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.

Top Players Profiled in Global 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

IOT Connected Machines Market Recent Developments

  • In January 2021, In order to provide improved safety and connection, AT&T worked with Vodafone Group Plc to develop an advanced connected car system supported by IoT technology.
  • In December 2020, ABB Ltd partnered with Hewlett Packard Enterprise with an aim to combine ABB’s digital offerings, “ABB Ability” with HPE’s hybrid information technology (IT) solutions. ABB Ltd is expected to provide an installed base of 70 million IoT connected devices.

IOT Connected Machines Key Market Trends

  • Organizations have a ton of options thanks to internet connectivity and linked devices to collect pertinent data on consumer behavior in retail stores for real-time marketing research, sensor-driven decision analytics, and instantaneous control response in sophisticated autonomous systems. IoT enables businesses and governments to access location-based data in real-time and connects them to all smart potentials, including smart cities, smart transportation, and smart utilities. Additionally, the availability of high-speed network connectivity has made it possible for various industries, including those in the energy, healthcare, transportation, and other utility sectors, to monitor and manage the infrastructure more effectively.

IOT Connected Machines Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, the global iot connected machines market research study focuses on major elements such as the competition landscape, product types, and distribution channels, and provides a complete analysis of market sizing. Aside from that, it provides market information and covers major industry developments. In addition to the variables listed above, the research includes various more aspects that have contributed to the market's recent expansion.

Report Metric Details
Market size value in 2023 USD 128.05 billion
Market size value in 2031 USD 741.55 billion
Growth Rate 19.2%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Component
    • Hardware, Software, Services
  • Industry Vertical
    • Automotive, Consumer Electronics, Heavy Manufacturing, Healthcare, Oil& Gas
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • 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
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on IOT Connected Machines Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on IOT Connected Machines Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the IOT Connected Machines Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the IOT Connected Machines Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the IOT Connected Machines Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the IOT Connected Machines Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

IOT Connected Machines Market size was valued at USD 128.05 billion in 2019 and is poised to grow from USD 152.64 billion in 2023 to USD 741.55 billion by 2031, growing at a CAGR of 19.2% in the forecast period (2024-2031).

The iot connected machines market is relatively fragmented, with a high level of competition. Few large players, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. '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'

  • IoT technology was first only partially adopted by companies due to the comparatively high cost of the sensors used in IoT devices. IoT adoption rates inside enterprises have, however, increased significantly as a result of the rapid decline in price of these sensors. Over the past ten years, there has been a dramatic decline in the price of some low-frequency passive RFID tags and sensors.

Organizations have a ton of options thanks to internet connectivity and linked devices to collect pertinent data on consumer behavior in retail stores for real-time marketing research, sensor-driven decision analytics, and instantaneous control response in sophisticated autonomous systems. IoT enables businesses and governments to access location-based data in real-time and connects them to all smart potentials, including smart cities, smart transportation, and smart utilities.

The IoT connected machines market is anticipated to grow significantly in Europe over the forecast period. The expansion in this area is the result of more projects connected to smart cities being launched in European nations including Amsterdam, Vienna, London, Helsinki, Barcelona, and others. For instance, London 2.0, a new smart city strategy centred on IoT technology-based augmented digital inclusion, was introduced by the London government in 2016. Similar to this, the government of Helsinki created Kalasatama, a smart innovation in the city, to develop smart traffic and related services supported by IoT connected machinery. The Helsinki government is presently engaged in more than 25 cutting-edge infrastructure construction and experimental initiatives. Additionally, the European Union's government enacted its "Digital Single Market Strategy" in 2018, which includes the use of IoT technology in a variety of applications to advance Europe's efforts to speed up the growth of the market for IoT-connected devices. Additionally, during the forecast period, it is anticipated that Asia Pacific nations such as China and India will have increasing IoT implementation. For instance, the Chinese government claimed in 2017 that there were over 278 million installed and connected IoT devices throughout the nation, with current efforts concentrated on establishing robust IoT network sites.

IOT Connected Machines Market size was valued at USD 128.05 billion in 2021 and is poised to grow from USD 152.64 billion in 2022 to USD 741.55 billion by 2030, growing at a CAGR of 19.2% in the forecast period (2023-2030).

The iot connected machines market is relatively fragmented, with a high level of competition. Few large players, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. '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'

  • IoT technology was first only partially adopted by companies due to the comparatively high cost of the sensors used in IoT devices. IoT adoption rates inside enterprises have, however, increased significantly as a result of the rapid decline in price of these sensors. Over the past ten years, there has been a dramatic decline in the price of some low-frequency passive RFID tags and sensors.

Organizations have a ton of options thanks to internet connectivity and linked devices to collect pertinent data on consumer behavior in retail stores for real-time marketing research, sensor-driven decision analytics, and instantaneous control response in sophisticated autonomous systems. IoT enables businesses and governments to access location-based data in real-time and connects them to all smart potentials, including smart cities, smart transportation, and smart utilities.

The IoT connected machines market is anticipated to grow significantly in Europe over the forecast period. The expansion in this area is the result of more projects connected to smart cities being launched in European nations including Amsterdam, Vienna, London, Helsinki, Barcelona, and others. For instance, London 2.0, a new smart city strategy centred on IoT technology-based augmented digital inclusion, was introduced by the London government in 2016. Similar to this, the government of Helsinki created Kalasatama, a smart innovation in the city, to develop smart traffic and related services supported by IoT connected machinery. The Helsinki government is presently engaged in more than 25 cutting-edge infrastructure construction and experimental initiatives. Additionally, the European Union's government enacted its "Digital Single Market Strategy" in 2018, which includes the use of IoT technology in a variety of applications to advance Europe's efforts to speed up the growth of the market for IoT-connected devices. Additionally, during the forecast period, it is anticipated that Asia Pacific nations such as China and India will have increasing IoT implementation. For instance, the Chinese government claimed in 2017 that there were over 278 million installed and connected IoT devices throughout the nation, with current efforts concentrated on establishing robust IoT network sites.

IOT Connected Machines Market size was valued at USD 128.05 billion in 2021 and is poised to grow from USD 152.64 billion in 2022 to USD 741.55 billion by 2030, growing at a CAGR of 19.2% in the forecast period (2023-2030).

The iot connected machines market is relatively fragmented, with a high level of competition. Few large players, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. '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'

Organizations have a ton of options thanks to internet connectivity and linked devices to collect pertinent data on consumer behavior in retail stores for real-time marketing research, sensor-driven decision analytics, and instantaneous control response in sophisticated autonomous systems. IoT enables businesses and governments to access location-based data in real-time and connects them to all smart potentials, including smart cities, smart transportation, and smart utilities. Additionally, the availability of high-speed network connectivity has made it possible for various industries, including those in the energy, healthcare, transportation, and other utility sectors, to monitor and manage the infrastructure more effectively.

The IoT connected machines market is anticipated to grow significantly in Europe over the forecast period. The expansion in this area is the result of more projects connected to smart cities being launched in European nations including Amsterdam, Vienna, London, Helsinki, Barcelona, and others. For instance, London 2.0, a new smart city strategy centred on IoT technology-based augmented digital inclusion, was introduced by the London government in 2016. Similar to this, the government of Helsinki created Kalasatama, a smart innovation in the city, to develop smart traffic and related services supported by IoT connected machinery. The Helsinki government is presently engaged in more than 25 cutting-edge infrastructure construction and experimental initiatives. Additionally, the European Union's government enacted its "Digital Single Market Strategy" in 2018, which includes the use of IoT technology in a variety of applications to advance Europe's efforts to speed up the growth of the market for IoT-connected devices. Additionally, during the forecast period, it is anticipated that Asia Pacific nations such as China and India will have increasing IoT implementation. For instance, the Chinese government claimed in 2017 that there were over 278 million installed and connected IoT devices throughout the nation, with current efforts concentrated on establishing robust IoT network sites.

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