IoT Connected Machines Market to Surpass USD 606.98 Billion by 2030 owing to Growing Demand for Remote Monitoring and Emergence of Industry 4.0 and Digital Transformation

The SNS Insider report indicates that the IoT connected machines market reached a valuation of USD 145.96 billion in 2022 and is anticipated to surge to USD 606.98 billion by 2030, exhibiting a remarkable Compound Annual Growth Rate (CAGR) of 19.5% during the period from 2023 to 2030.

Pune, Aug. 03, 2023 (GLOBE NEWSWIRE) -- According to SNS Insider analysis, the increasing demand for remote monitoring and control capabilities in various sectors is a crucial driver for the IoT connected machines market. In industries such as healthcare, energy, and transportation, remote monitoring allows real-time tracking of critical parameters, facilitating timely decision-making and prompt responses to emergencies. The pandemic further accelerated the adoption of remote monitoring solutions, emphasizing the importance of connected devices in ensuring business continuity and public safety.

Market Report Scope

IoT connected machines refer to a network of intelligent devices, appliances, and equipment that are embedded with sensors, software, and connectivity capabilities, enabling them to collect, analyze, and exchange data with other connected devices and central systems. These machines can range from simple household appliances like smart refrigerators and thermostats to complex industrial equipment such as manufacturing robots, autonomous vehicles, and agricultural sensors.

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Market Analysis

The IoT connected machines market is set to witness substantial growth, driven by the convergence of technological advancements, rising demand for efficiency, and the need for digitization. As industries across the globe recognize the potential of IoT in transforming their operations, investments in connected machines are likely to soar. Embracing this technology will not only foster growth but also unlock untapped opportunities for innovation and sustainable development in various sectors.

Ambient Lighting Market Overview & Scope:

Report AttributesDetails
Market Size in 2022USD 145.96 billion
Market Size by 2030USD 606.98 billion
CAGRCAGR of 19.5% from 2023 to 2030
Key SegmentsBy Component (I/O Modules, IoT Gateways, IoT Sensors, and Others)

By Industry (Retail, Aerospace & Defense, Automotive, Healthcare, Logistics & Transportation, Manufacturing, Oil & Gas, Power and Utilities, and Others)
Regional Analysis/CoverageNorth America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands,Rest of Europe), Asia-Pacific (Japan, South Korea,China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
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Impact of Recession

The impact of a recession on the IoT connected machines market is complex and multi-faceted. While some businesses might delay or abandon IoT initiatives, others may see it as an opportunity to optimize costs and drive digital transformation. IoT providers should be prepared to weather the storm by focusing on cost savings, emphasizing quick ROI, and aligning their offerings with shifting industry priorities.

Impact of Russia-Ukraine War

The Russia-Ukraine War has cast a long shadow over the IoT connected machines market, resulting in complex challenges and uncertainties. Supply chain disruptions, geopolitical uncertainty, increased cybersecurity risks, changing market dynamics, and evolving regulations have collectively impacted the growth and development of the IoT industry. To mitigate the risks and capitalize on opportunities, companies operating in the market need to proactively adapt their strategies.

Key Regional Development

The IoT connected machines market is experiencing robust growth across different regions, each with its unique dynamics and challenges. While North America and Europe are already well-established, Asia-Pacific, Latin America, and the Middle East and Africa offer significant growth opportunities. As the market matures, the focus will shift towards ensuring data privacy, enhancing cybersecurity measures, and developing interoperable solutions to realize the full potential of IoT-connected machines in diverse industries.

Key Takeaway from IoT Connected Machines Market Study

  • Retailers are leveraging IoT technologies to reimagine the shopping experience and gain a competitive edge in an increasingly digital world. Meanwhile, IoT Gateways are the backbone of IoT ecosystems, enabling secure, efficient, and reliable connectivity between devices and the cloud.
  • As the market continues to expand, collaboration and innovation in these segments will be crucial for unlocking the full potential of IoT-connected machines across industries. With the increasing adoption of IoT technologies, we can expect to witness a transformative impact on overall industry efficiency in the years to come.

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Recent Developments Related to IoT Connected Machines Market

  • In a groundbreaking partnership, Elevāt, a leading technology solutions provider, and Cummins, a global leader in power solutions, have joined forces to deliver the next generation of IoT connected services.
  • Skylo, a leading provider of innovative IoT solutions, has joined forces with Beetel, a renowned technology company, to revolutionize the way we connect billions of machines, devices, and sensors across the globe.

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 Impact of Russia- Ukraine War

4.2 Impact of Ongoing Recession

4.2.1 Introduction

4.2.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. IoT Connected Machines Market Segmentation, by Component

8.1 I/O Modules

8.2 IoT Gateways

8.3 IoT Sensors

8.4 Others

9. IoT Connected Machines Market Segmentation, by Industry

9.1 Aerospace & Defense

9.2 Automotive

9.3 Healthcare

9.4 Logistics & Transportation

9.5 Manufacturing

9.6 Oil & Gas

9.7 Power and Utilities

9.8 Others

10. Regional Analysis

10.1 Introduction

10.2 North America

10.3 Europe

10.4 Asia-Pacific

10.5 Middle East & Africa

10.6 Latin America

11 Company Profile

11.1 IBM Corporation

11.1.1 Company Overview

11.1.2 Financials

11.1.3 Product/ Services Offered

11.1.4 SWOT Analysis

11.1.5 The SNS View

11.2 Siemens AG

11.3 Honeywell International Inc.

11.4 Intel Corporation

11.5 General Electric Company

11.6 Hitachi Ltd.

11.7 PTC Ltd.

11.8 ABB Ltd.

11.9 Rockwell Automation

11.10 Schneider Electric

12. Competitive Landscape

12.1 Competitive Benchmarking

12.2 Market Share Analysis

12.3 Recent Developments

12.3.1 Industry News

12.3.2 Company News

12.3.3 Mergers & Acquisitions

13. USE Cases and Best Practices

14. Conclusion

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