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The internet of things, or IoT, is an advanced system of interconnected computing devices, digital and mechanical machines and objects. These devices and machines and linked with the help of various connecting technologies such as Bluetooth, Wi-Fi, RFID, GSM network and satellite. These interconnected machines are equipped with machine learning capabilities and are connected to an IoT hub or a server. IoT connected machines are widely used in applications where monitoring and analysis of real-time data are required. Some of the key applications where IoT connected machines are used are factory digitalisation, product flow monitoring, logistic and inventory management and others.
Further, with the increasing investment for smart city projects in various countries such as India, Amsterdam, Berlin among others, is expected to drive the growth of overall IoT connected machines market during the forecast period. For the establishing of smart cities, various smart devices and machines are used in across different application such as smart parking, smart building, smart traffic and others. According to various published studies, in 2018, in India, around USD 106.11 Billions of investment was completed by the government to initiate 534 projects in 100 countries.
Key Market Driver -
Key Market Driver – • Growth of 5G technology, AI and cloud computing solutions • Increasing government projects of smart cities in various countries
Key Market Restraint -
Key Market Restraint – Lack of skilled professional to operate the machines and high complexity in up-gradation
Increasing adoption of 5G technology, cumulative preference of cloud computing solutions in the industrial and manufacturing sector are some of key factors expected to drive the growth of the market.
Moreover, the growth of AI (Artificial intelligence) and big data technology and developing implication of machine learning language (M2M (machine to machine), M2P (machine to person)), are some of the expected drivers of the global IoT connected machines market. Global players in this industry are focused on investing immensely for the development of IoT and other core technologies. For instance, in 2018, Samsung Electronics has invested around USD 22 Billion for the development of technologies such as machine learning language, IoT and AI.
Some of the key players in global IoT connected machines market are Dell Inc., General Electric Company, Robert Bosch GmbH, Cisco Systems, Inc., Advantech Co., Ltd., B&R Industrial Automation GmbH, Beckhoff Automation, Honeywell International Inc., Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, ABB Ltd and others.
Europe is estimated to grow with a significant CAGR during the forecast period in IoT connected machines market. The growth in this region is due to increasing initiatives of projects related to smart cities in European countries such as Amsterdam, Vienna, London, Helsinki, Barcelona and others. For instance, in 2016, the government of London launched London 2.0, a new smart city strategy focused on IoT technology-based augmented digital inclusion. Similarly, in Helsinki, government established a smart innovation in city, Kalasatama, to build smart traffic and related services backed with IoT connected machines. The government of Helsinki is currently working on more than 25 innovative infrastructure buildings and experimental projects. Also, during 2018, government of Europe implemented “Digital Single Market Strategy” that comprises use of IoT technology in various applications that would drive Europe a step further in accelerating growth of the IoT connected machines market.
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Further, in the Asia Pacific, countries such as China and India are expected to observe high IoT implementation during the forecast period. For example, in 2017, China’s government reported around 278 million IoT devices are installed and connected in the whole country and currently focused on building strong IoT network site.
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