Connected Machines Market size is likely to expand at significant growth rate during the forecast period i.e., between 2024-2036.
Extensive research associated with connected machines in western countries, along with the increasing focus on remote monitoring in support of work from home initiative is expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the increase in the adoption of technologies, such as artificial intelligence, internet of things and machine learning, there are 127 new IoT devices connecting to the internet every second. Moreover, by 2020, the number of connected machines in homes will rise to 12.86 billion.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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Regional Scope |
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The market is segmented based on component into hardware, software and services out of which, the hardware sub segment is estimated to grab the largest market size owning to 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. Moreover, software sub-segment is projected to hold the significant market share owning to the increasing demand for IoT-connected machines and focus on their supply chain network to be equipped with close convergence for making end-to-end visibility and collaboration a reality. The market could experience a high positive impact due to the emergence of big data as connectivity between machines. Furthermore, a greater emphasis is laid on secure backend and production floor operations.
Our in-depth analysis of the global market includes the following segments:
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By Component |
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By Industry |
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Geographically, the connected machines market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. North America industry is predicted to account for largest revenue share by 2036, due to growing prominence of Internet of things and rising application of connected devices. The growth of the regional market could be supported by the early adoption of latest technologies and digitalization practiced in several industry verticals. On the other hand, Commercial users in Asia Pacific region are projected to surge the demand for IoT connected machines owing to strong initiatives introduced to improve IT infrastructure and rising adoption of the leading technologies.
Author Credits: Abhishek Verma
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