According to a new market report pertaining to the global IoT connected machines market published by Transparency Market Research, the global IoT connected machines market is projected to reach a value of ~US$ 1.3 trillion by 2027, expanding at a CAGR of ~24% from 2019 to 2027. Growth of the IoT connected machines market can be attributed to the high demand for automation in industry verticals. North America is anticipated to lead the global IoT connected machines market, followed by Europe, during the forecast period.
Increasing Use of Cloud Computing Accelerating the IoT Connected Machines Market
IoT can benefit M2M infrastructure with unlimited storage capabilities and resources of cloud to compensate its technological constraints such as processing, storage, and energy. The cloud also offers solutions to implement IoT connected machine service management and applications that can process the data produced. Hence, the increasing use of cloud computing is expected to further lead to the growth of the Internet of Things (IoT) connected machines market.
Cloud computing is a model that was introduced to provide IT services to businesses. The three levels of cloud computing (IaaS, PaaS, and SaaS) cover a huge range of services. Apart from service delivery and computing model of storage infrastructure, various models such as software application, data, and programming are also applicable to cloud computing.
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Increasing Urbanization, Globalization, and Ease of Communication Driving Use of IoT Connected Machines
Urbanization, globalization, and complexity of communication have made consumers more informed with access to product information, and they are able to compare prices and seek reviews. Keeping this in mind, retailers are leveraging IoT connected machines to offer omni-channel experiences. Unlike traditional retail shops that lacked the environment to get real-time information access, information is readily available with retailers, which is enabled by connected devices.
Cities around the world can change the way in which they deliver services to residents, operate public transportation, manage the flow of road traffic, and manage real estate resources, by using network connectivity for collaboration, urban planning, communication, and other activities.
Increasing penetration of broadband in the U.S. since 2009, which has almost approached saturation, is expected to create a more accessible connected devices market. Also, the growing number of wireless technologies such as Wi-Fi, Bluetooth, Zigbee, Z-Wave, Insteon, DECT, and Thread have led to the growth of the market.
IoT Connected Machines Market: Segmentation
- The global IoT connected machines market has been segmented based on component, industry, and region.
- In terms of component, the IoT connected machines market has been segmented into hardware, software, and services. The hardware component segment has been sub-segmented into IoT kits and gateway, while the services component segment is bifurcated into consulting, integration, and support services. The hardware component is expected to account for the largest share at ~72% of the global IoT connected machines market in 2019. The software component segment is projected to expand at a high CAGR of ~26% during the forecast period.
- Based on industry, the IoT connected machines market has been divided into automotive, aviation, oil & gas, transportation, power generation & utility, manufacturing, healthcare, retail, transportation, and others (mining, agriculture). The healthcare segment is expected to see the highest adoption of IoT connected machines during the forecast period, at a CAGR ~26%.
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IoT Connected Machines Market: Regional Outlook
In terms of region, the global IoT connected machines market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America leads the global IoT connected machines market, accounting for a substantial share in 2018, with the U.S. and Canada being major markets in the region. The North America IoT connected machines market is expected to hold a share of ~39% during the forecast period. The Asia Pacific IoT connected machines market is expected to rise at a high CAGR of ~28% during the forecast period.