Connected machines market is estimated to grow with a high CAGR during the forecast period, i.e., 2021-2029. 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.
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.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. North America is estimated to secure a leading position in the market because of the 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.
The global connected machines market is further classified on the basis of region as follows:
Our in-depth analysis of the global connected machines market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing focus on remote monitoring in support of work from home initiative and increase in the adoption of technologies, such as AI, IoT, and ML are the key factors driving market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2020-2029.
Lack of skilled workforce and decline in industrial operation and manufacturing operations are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the growing prominence of IoT and rising application of connected devices.
The major players dominating the connected machines market are General Electric Company, Robert Bosch GmbH, Cisco Systems, Inc., Advantech Co., Ltd., Rockwell Automation, Inc., Siemens AG, ABB Ltd among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, industry and region.
With respect to application, the healthcare industry is anticipated to hold the largest market share owing to the rising need of health monitoring that convey analytics to doctors who can provide appropriate diagnosis to patients.
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