IoT Connected Machines Market – Huge Potential in Healthcare Industry
Internet of Things (IoT) has opened up a plethora of opportunities in the healthcare industry. When machines and devices are connected to the Internet, they collect valuable information and provide insights about the symptoms that help patients get a comprehensive understanding about their health condition for further treatment. Thus, sensors and wearable devices help collect and monitor data that can be sent for processing in real time.
IoT connected machines in healthcare are embedded with health monitors that convey analytics to doctors who can provide appropriate diagnosis to patients. With the influx of smartphones and digital media, consumers are also becoming more tech savvy. Thus, stakeholders are innovating on mobile applications and virtual assistants, as they are becoming commonplace for IoT connected machines in the healthcare industry. Further innovations in the IoT connected machines market have led to the development of smart cars, which can store information and transmit this data to other devices while on the go. As such, IoT connected machines market will find applications from the healthcare industry, as these systems assist in storing data on the cloud, and also send alerts to healthcare providers in case of emergencies.
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One of the most critical aspects in the IoT connected machines market will be the evolution of IoT gateways. IoT gateways are growing and connecting billions of devices across countries. An IoT gateway compiles sensor data, analyzes sensor protocols, and processes it before deploying it for further use.
In the IoT connected machines market, IoT hardware has helped leverage the technical capabilities of numerous connected projects. IoT gateways are required to manage and control complex processes when several protocols, increased connected models, and the highly dispersed nature of IoT systems are run on a parallel network of connected machines. Such trends in the IoT connected machines market and improved technological developments are helping stakeholders build elaborate controlling systems that connect through Wi-Fi (Wireless Fidelity), Bluetooth, serial ports, and Ethernet. Thus, each IoT connected machine is interlinked with different control environments in an organization, and has a range of models for security and management.
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Automotive Industry to Undergo Major Transformations in the Golden Era of IoT
The IoT connected machines market is highly fragmented, thus increasing the scope for new market players to strengthen their business position in the landscape.
However, the implementation of IoT also comes along with many challenges. IoT connected machines are undergoing several innovations in the automotive industry. Stakeholders are integrating IoT to tackle the alarming problem of traffic congestion in cities across various countries. Incorporating IoT connected machines in the automotive landscape is not just cost-effective but also helps manage traffic lights and plays a vital role as far as smart parking solutions are concerned. In spite of limitations such as security breaches, stakeholders are increasing research & development to overcome basic infrastructural problems that hinder the smooth functioning of IoT connected machines in the automotive landscape.
Stakeholders in the IoT connected machines market are increasing focus on industries such as automotive and telecommunications. For instance, in February 2019, AT&T – a leading American telecommunication company, and Vodafone Group Plc – a British multinational telecommunication conglomerate, announced a collaboration to develop enhanced connected vehicle technology to provide greater safety and better connectivity through entertainment and telematic solutions for customers.
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IoT Connected Machines Market in Brief
- The global IoT connected machines market is expected to register a CAGR of ~24% between 2019 and 2027. The global IoT connected machines market is projected to be driven by the adoption of cloud solutions and increasing penetration of Internet of Things (IoT) technology.
- The global IoT connected machines market is expected to reach ~US$ 1.3 trillion by 2027, from ~ US$ 233 Bn in 2019.
- North America holds a major share of the IoT connected machines market, and is anticipated to dominate the market during the forecast period, followed by Europe.
- North America remains the leading region in the IoT connected machines market, with revenues in 2019 estimated at ~US$ 91 Bn.
- The IoT connected machines markets in Asia Pacific and the Middle East & Africa are expected to show moderate growth during the forecast period.
- Asia Pacific is projected to expand at the highest CAGR in the global IoT connected machines market during the forecast period.
IoT Connected Machines Market – Definition
- The IoT connected machines market report provides analysis of the global IoT connected machines market for the period 2017–2027, wherein, 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- The study on the IoT connected machines market would help clients in understanding the adoption analysis of IoT connected machines among different sizes and verticals, and reduce the workload in industries by automating processes.
- IoT connected machines are universally adopted across various industries to eliminate the tedious manual process at industries, and give customers a better and digitized experience. IoT connected machines address the requirements of people seeking to develop a user-friendly enterprise environment for good business practices.
North America IoT Connected Machines Market – Snapshot
North America is seen as the growth hub for new technology driven enterprise business models, for its start-up ecosystem, and quick adoption of technology solutions by enterprises in the region. For the same reason, North America is expected to see the highest opportunity addition for the IoT connected machines, with Europe being the next closest region.
IoT Connected Machines Market – Competitive Landscape
- Siemens AG is expanding MindSphere application centers globally. In 2018, the company launched four MindSphere centers in India to expand offerings of industry 4.0.
- Schneider Electric SE’s next generation of EcoStruxure is designed to connect core layers of the company’s technology stack: from connected products to applications, analytics, and edge control. EcoStruxure enables end-users and partners to develop converged and scalable IT/OT solutions, leveraging the data and connectivity to create actionable business insights.
- Robert Bosch Gmbh is collaborating with companies to provide innovative IoT solutions. In February 2017, the company announced collaboration with IBM Corporation to provide innovative solutions to end-users.
IoT Connected Machines Market – Company Profile Snapshot
- AT&T Inc.
AT&T Inc. is a global telecom operator that provides digital entertainment and communication services. AT&T Communications provides wireless and wireline telecom, video, and broadband and Internet services. The AT&T Latin America segment offers video entertainment and audio programming services. WarnerMedia segment primarily produces, distributes, and licenses television programming and feature films. The Xandr segment provides digital advertising services.
- Cisco Systems, Inc.
Cisco System Inc. is a multinational conglomerate with interests in manufacturing and selling multiline products and services. The company has secured an efficient product line, manufacturing electrical, electronic, networking, and high technology products. Cisco Systems, Inc. operates in more than 65 countries, and is listed on the New York Stock Exchange.
- Dell Technologies Inc.
Dell Inc. is a multinational company that develops and provides IT hardware, software, and service solutions. The company’s core products include personal computers & accessories, laptops, printers, data storage devices, and networking products. Dell Inc. offers a wide range of IoT solutions that include hardware and software for various applications such as smart energy & utilities, smart retail, smart home, and others.
Other major players operating in the global IoT connected machines market and profiled in the report include
- Advantech Co., Ltd.
- B&R Industrial Automation GmbH
- Beckhoff Automation GmbH & Co. KG
- General Electric Company
- Honeywell International, Inc.
- IBM Corporation
- Robert Bosch GmbH
- Rockwell Automation, Inc.
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