PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1133433
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1133433
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According to Stratistics MRC, the Global IoT Connected Machines Market is accounted for $321.7 billion in 2022 and is expected to reach $800.14 billion by 2028 growing at a CAGR of 16.4% during the forecast period. IoT is a well-connected infrastructure where nearly every type of machine / device has basic inbuilt intelligence, which is used to transfer data and interact with other machines or devices.
According to the SAS Institute, the United Kingdom may benefit the most from the manufacturing sector, with IoT giving approximately around GBP 4,032 million of the total economy. Similarly, other economies are expected to invest heavily in the automation of the supply chain, thereby, driving the IoT adoption in the overall manufacturing sector. According to a study, around 34% of the manufacturers believe that it is extremely necessary that US manufacturers adopt IoT in operations. For manufacturers, IoT has become an ecosystem, where software, cloud computing, and analytics tools are combined, to turn raw data from different sources into meaningful predictions and present them in easy-to-use interfaces.
Rise in implementation of cloud computing
Businesses' are gradually using maximum advantage of cloud platforms to make their operations swift, accessible, and elastic. The cloud computing infrastructure permits IoT to give meaning to the inflatable volume of data generated. The range of services accessible by cloud computing platforms contains data storage, processing, and analyzing. IoT can benefit M2M infrastructure with unlimited storage capabilities and resources of the cloud to compensate for its technological constraints such as processing, storage, and low energy transmission. The cloud technology also offers solutions to appliance IoT connected machines service management and applications that can process the data produced. Hence, increase in usage of cloud computing is predictable to augment the market.
Lack of knowledge
IoT projects bring numerous advantages to industries and infrastructure advantages from the government in all areas comprising transportation, building, utilities, and citizen services. Industries must guide their resources to optimally use the welfares of IoT. In several industries, it is observed that a small workforce knows about the operations and benefits of IoT. This lack of mindfulness among the people is an important factor slowing the development of a smart ecosystem. Also, there is unawareness about smart city projects among citizens at many places and that lowers the level of impetus by the governments to implement smart solutions for the cities.
Development in healthcare sector
IoT connected machines in the healthcare sector are predictable to offer an opportunity to adapt their intellectual data analysis platform by placing foremost emphasis on health-related services and products. This data analysis is anticipated to optimize organizational performance, have better customer engagement, and gain cost efficiencies by efficiently managing patients through improved decision-making.
Data breach & dependence of technology
Having access to data is excellent. Unfortunately, personal data is more unprotected. A credit card number is the most compromised information, followed by a debit card number. Data breaches are stressful. Companies also worry about them and can lose trust if their details are compromised by their clients. The worst devices are said to be off-brand IoT gadgets, second-hand smart devices, and suspicious apps. On the other hand, people are become primarily dependent on the IoT's everyday usage. Business and private lives are also dependent on IoT. If they don't get access to the desired information quickly, they become upset, even about the most unnecessary content. IoT has contributed to the great decrease in our attention spans.
Impact of Covid- 19
The COVID-19 epidemic has had a significant impact on the market for IoT. All provinces of the world have had a drastic impact on the supply chain of IoT sensors. The deployment of IoT and sensors has been halted in many projects due to a reduced workforce and slowdown in hardware supply. As the supply chain was impacted by the pandemic, there was a reduction in production from many manufacturing plants, resulting in a slowdown of demand for IoT products among the manufacturing units. On other hand, the pandemic has resulted in a rapid transition to 'work from home' setups, which increased the demand for automation and remote management. More emphasis is now being placed on IoT systems, especially for ensuring operational efficiency and cost-saving with less manpower.
The Hardware segment is expected to be the largest during the forecast period
The hardware segment is expected to be the largest during the forecast period, hardware in market is a physical device that is used for storing, processing, and retrieving information. It can be in the form of an integrated circuit, a printed circuit board, or a microprocessor. Hardware forms the basis of any computing system and it is classified into three categories input devices, output devices, and storage devices.
The Transportation segment is expected to have the highest CAGR during the forecast period
The transportation segment is expected to have the highest CAGR during the forecast period. The transportation industry is another foremost application for IoT-connected machines. In this industry, IoT-connected machines are used to remotely monitor and manage trains, buses, and other vehicles. This helps businesses to optimize their operations and advance passenger safety.
Region with highest share:
North America is projected to hold the largest market share during the forecast period, owing to increase in demand for improved diagnostic facilities, also proliferation of big data analytics, and is predictable to propel the market in the province. Moreover, increase in mobile application of IoT in health monitoring devices is another factor expanding the market in North America. Additionally, proliferating use of IoT devices in mobile healthcare has propelled the revenue generation in the provincial market.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the upsurge in acceptance rate of IoT connected machines in the province. For instance, the Government of China reported the installation of around 278 million IoT devices in the country and improved the focus on building a strong IoT network site. Moreover, increasing acceptance of IoT connected machines in multiple industries will generate enormous revenue streams. Enormous uptake of IoT platforms in some developing economies has generated profitable avenues, notably in China.
Key players in the market
Some of the key players profiled in the IoT Connected Machines Market include Advantech Co., Ltd., AT&T, ABB, Beckhoff Automation, Cisco Systems, Inc., Dell Inc., General Electric, Honeywell International, Inc., IBM, Robert Bosch GmbH, Rockwell Automation, Inc., Schneider Electric, Siemens.
In February 2019, AT&T collaborated with Vodafone Group Plc, to develop advanced connected vehicle system, backed with IoT technology to offer enhanced safety and connectivity.
In November 2017, 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.
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Table17 Global IoT Connected Machines Market Outlook, By Healthcare (2020-2028) ($MN)