Global IoT Connected Machines Market Report and Forecast 2024-2032

Global IoT Connected Machines Market Outlook

The global IoT connected machines market is expected to grow in the forecast period of between 2024 and 2032 at a CAGR of 15.20%, driven by the rise in adoption rate of IoT connected machines by several industries.

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Key Trends in the Market

IoT connected machines is a technology employed to manage and connect physical machines, and devices, among other equipment employing the Internet of Things (IoT). It helps different organisations and end-users control, optimise, and monitor equipment and machines in an integrated manner. Businesses collect data from such devices or machines to obtain insights into their operations and improve the performance by connecting equipment and machines to the internet.

• The increasing usage IoT connected machines in product flow monitoring, factory digitalisation, and logistic and inventory management among others, are driving the IoT connected machines market growth, facilitating rising transformation in the manufacturing industry.

• With the surging adoption of 5G technology in several industries and the increasing inclination for cloud computing solution, the market demand for IoT connected machines is expected to fuel the over the coming time frame.

• The growing government initiative toward creating smart cities in various regions using IoT technology is a key trend likely to boost market growth of IoT connected machines across the globe. With IoT connected machines, management and operations of smart cities can be improved and simplified.

Market Analysis

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Based on the type, the IoT connected machines market can be segmented into hardware, software, and service. On the basis of application, the market is categorised into aviation, oil and gas, automotive, power generation and utility, transportation, and manufacturing, among others. The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global IoT connected machines market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• Dell Technologies, Inc.

• Schneider Electric SE

• ABB Ltd.

• B&R Industrial Automation GmbH

• General Electric Company

• IBM Corporation

• Cisco Systems, Inc.

• Others

Market Share by Application

Manufacturing applications are witnessing robust growth in the IoT connected machines market share across the globe as business leaders are implementing new waves of technological transformation with industry 4.0. IoT connected machines help in managing and monitoring production lines and factories remotely which further aids enterprises to improve their operations along with better product quality. The surging inclination of cloud computing solutions in manufacturing applications is likely to fuel the segment growth in the market share of IoT connected machines.

Automotives are expected to be another significant application of IoT connected machines in the coming years, as such machines are implemented in automotive manufacturing as well as post-sale usage. IoT connected machines can help improve the safety and security of automotives, reducing the chance for human error.

Market Share by Region

Geographically, the North American region is expected to augment the IoT connected machines market share as the region is considered the hub for the high adoption of innovative technology and advanced business models with supreme technologies. IoT connected machines are increasingly being used in power generation and utility, aviation, transportation, and automotive industries in the North America region.

Meanwhile, Europe is expected to propel the market growth of IoT connected machines on account of the growing initiatives of projects associated with smart cities such as Vienna, Amsterdam, Helsinki, London, and Barcelona among others. In London, the United Kingdom government launched a new smart city strategy called London 2.0 focusing on improved digital inclusion based on IoT technology. This is further expected to push forward the market growth of IoT connected machines.

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Competitive Landscape

Dell Technologies, Inc. is a United States-based top tech company established in 1984. It focuses on the sales of network servers, personal computers, software, and data storage solutions. It is known as a leading technology company across the globe aiding to change the life of people and aiming to change the digital landscape globally.

Schneider Electric SE was established in 1836 and is based in France. It is a multinational company that deals in energy management and digital automation. It caters to buildings, homes, infrastructures, industries, and data centres, offering real-time automation, services, software, and energy technologies. The company aims to inspire everyone to get the most out of their energy and resources, bridging progress and sustainability for everyone.

ABB Ltd. was founded in 1988 and is a leading technology company across the globe. It focuses on strengthening the transformation of society as well as industry to attain a more sustainable and productive future. The company pushes the limits of technology to enhance performance through its robotics, electrification, automation, and motion portfolios.

Other market players include B&R Industrial Automation GmbH, General Electric Company, IBM Corporation, and Cisco Systems, Inc., among others.

Key Highlights of the Report

IoT Connected Machines Market Report Snapshots

IoT Connected Machines Market Size

IoT Connected Machines Market Share

IoT Connected Machines Market Analysis

IoT Connected Machines Companies