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The global IoT connected machines market size was valued at USD 128.05 billion in 2021 and is projected to grow from USD 149.69 billion in 2022 to USD 510.85 billion by 2029, exhibiting a CAGR of 19.2% during the forecast period. Based on our analysis, the global IoT connected machines market exhibited an average growth of 15.4% in 2020 as compared to 2019.
IoT connected machines refer to non-consumer devices used by manufacturing facilities, companies, organizations, governments, utilities, and defense facilities to improve conventional operations. Its function is to escalate productivity, efficiency, and safety by reducing hazardous/non-hazardous waste during the whole operation. The rapid adoption of digitalization and automation across industries is expected to expand the IoT connected machines market share. Similarly, the increasing applications of artificial intelligence and machine learning language are expected to fuel market growth. Various market players are keen on offering industry-specific and innovative industrial IoT connected machines that can help in enhancing the industry process. For instance,
Digitization of Supply Chain Amid COVID-19 to Augment Market Expansion
The unprecedented pandemic has significantly transformed connectivity demands and has rapidly evolved digital transformation. Businesses and societies had to instantly adopt and change in order to maintain operations by enabling virtual working through techniques such as adopting unified communication solutions and migrating to the cloud. Connected machines amid the pandemic have digitized the supply chain, where manufacturers have complete visibility and control of all products. It enabled them to predict component failures and then rectify them, shelving count inventory and thereby easing the process.
The pandemic has escalated the rise of digital health. A broader concept includes solutions for connected devices, teleconsultation and telemedicine, remote monitoring, digital health platforms, and health apps that emerged worldwide amid the pandemic. The connected machines made remote monitoring in the healthcare industry seamless by unleashing the potential to keep patients safe and healthy. It empowered physicians to deliver excellent care by remotely monitoring patients’ health, helping it reduce the length of hospital stay and prevent re-admissions. Similarly, technologically connected machines have been proven to help manufacturers or vendors effectively and efficiently supply their solutions to their consumers. However, the limited supply of machines during the pandemic impacted the growth rate of the market. Thus, its adoption showcased gradual growth for a short-term. However, in the long term, the market of IoT connected machines is expected to witness strong growth.
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IoT Enabled Predictive Maintenance Solutions Across Industries to Boost Market Growth
Predictive maintenance directly tracks an asset's status, health, and performance in real-time. The combination of real-time data provided by the Industrial Internet of Things continuously analyzes the condition of machines during normal functions to lower the possibility of sudden machine failure. With the enhanced IIoT asset sensor solutions, manufacturers can increase productivity through preventative and predictive maintenance.
When industrial machine providers integrate IIoT-based predictive maintenance into their systems, consumers can gain valuable process insights and maximize productivity. Companies have been utilizing predictive maintenance to monitor performance abnormalities, project and determine equipment health, minimize disruption, maximize equipment uptime, and optimize resource management.
These IoT solutions are applied to improve the manufacturing industry’s remote monitoring, tracking, and maintenance of industrial devices in the operation chain during production. This is expected to boost the IoT connected machines market growth.
Increasing Connected Medical Machines to Drive Market Growth
The healthcare industry worldwide is experiencing drastic changes with the introduction of automation and digitalization. The present trend of remote patient monitoring, telemedicine, electronic medical record, and more is surging the demand for connected machines. Healthcare providers are investing in connected machines to collect real-time data and in providing prompt services to patients. According to the Evolve ETF’ 2021 report, 88% of the U.S. healthcare institutes are investing in a remote patient monitoring system. This is expected to boost the demand for IoT connected machines during the forecast period.
With connected machines, healthcare providers are able to offer personalized care to their patients. Patients are also aware and keen on adopting smart devices to track daily health updates. Thus, key companies in the market are significantly investing in offering connected machines specifically for the healthcare industry. For instance,
Thus, the market of IoT connected machines is expected to grow, considering various applications of connected medical machines and their growing demand.
Cybersecurity Risk Associated with Connected Machines Likely to Hamper Market Growth
As any technology advances, the risk associated with its deployment and application increases. In this market, the end-users are concerned about data safety considering various threat vectors. According to the World Economic Forum’s 2020 Global Risk Report, cyber threats in IoT are expected to grow double. Thus, many industries are not fully implementing connected machines to secure their confidential data. This is expected to hamper the market growth during the forecast period.
However, as per the PWC report, 94% of management executives stated that the advantages of IoT will outweigh the associated risk.
Rapid Adoption of Cloud-based Solution to Fuel IoT Gateways
Based on component, the market is divided into IoT gateways, I/O modules, IoT sensors, and others.
IoT gateways segment is expected to gain maximum segment share during the forecast period. It offers complete floor connectivity that helps in transferring machine data. It creates a bridge between edge devices and the cloud that helps industries with floor visibility, condition monitoring, production monitoring, and more.
In connected supply chain, warehouse assisting IoT sensors help in tracking the movement of every on-floor equipment, which helps to monitor inventory levels and lowers pilferage. These sensors, when integrated into machines, constantly collect information about the functioning of the system, enabling manufacturers to monitor them in real-time. These capabilities have been enhancing the adoption of connected machines, further promising the positive growth of IoT sensors.
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Growing Automation to Fuel Growth Rate of Manufacturing
Based on industry, automotive, aerospace & defense, logistics & transportation, manufacturing, power and utilities, healthcare, oil & gas, and others have been studied to understand the market.
Manufacturing is expected to gain a dominant segment share during the forecast period as it is an early adopter of connected machines. The demand for automation and digitalization in the manufacturing industries to meet the demand and supply chain is expected to foster the market growth during the forecast period.
Healthcare is likely to witness rapid growth during the forecast period, owing to the increasing demand for smart healthcare devices. Seamless remote monitoring of patients through connected machines at healthcare facilities is likely to drive the market.
Similarly, the power and utilities segment is expected to showcase significant CAGR during the forecast period considering the growing adoption of connected machines such as smart meters, smart grids, and other smart IoT sensors. Automotive segment is likely to gain promising growth with the growing investments in connected cars and vehicles.
North America IoT Connected Machines Market Size, 2021 (USD Billion)
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In terms of region, the market is studied across North America, South America, Europe, the Middle East & Africa, and Asia Pacific. They are further segmented into countries.
North America is anticipated to gain the highest market share during the forecast period. The boom in 5G adoption is expected to surge the wireless communication demand. The U.S. is the dominant adopter of IoT connected machines as industries such as healthcare, automotive, aerospace, defense, manufacturing, and more are expanding. According to the 2019 McKinsey report, the U.S. manufacturing is expected to grow by 20%, and is thus expected to boost the market growth.
The market in European countries is progressing enormously. The U.K., Germany, and the Netherlands are the leading EU countries for IoT and Industrial IoT adoption, followed by Nordic countries very closely. According to the Centre for the Promotion of Imports from developing countries (CBI), European Ministry of Foreign Affairs, Europe is the 3rd largest adopter of IoT.
Asia Pacific is to witness a rapid growth rate during the forecast period. Industries such as manufacturing, power and utilities, aerospace and defense, and automotive are the market-leading industries in the APAC market. China, South Korea, India, Japan, and more are highly investing in industrial infrastructure to cater to the rapidly increasing component and electronic devices demand. For instance,
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Similarly, with growing investments in automation in the Middle East & Africa and South America, the market is expected to witness significant growth. Thus, rapid digitalization of industries is driving the adoption of connected machines.
Focus on Business Expansion to Fuel Key Players’ Market Share
Key IoT connected machines players operating in the market are entering into strategic partnerships and collaborations with technology providers. The key players adopt this strategy to support and fuel connected devices demand. Also, through acquisitions of service provider firms, the companies are gaining expertise and expanding their business by reaching a mass customer base. The enhancement and expansion of the existing product portfolio uplift the position of vendors in the market. This strategy adopted by the key players helps them to cope with the rapidly changing preferences of consumers and attract new customers as well.
An Infographic Representation of IoT Connected Machines Market
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The study on the market includes prominent areas worldwide to get a better knowledge of the industry. Furthermore, the research report provides insights into the most recent industry and market trends, as well as an analysis of technologies that are being adopted quickly worldwide. The study covers key players of IoT connected machines to estimate the market revenue. It also emphasizes some of the growth-stimulating restrictions and elements, allowing the reader to obtain a thorough understanding of the industry.
Value (USD billion)
By Component, Industry, and Region
The market is projected to reach USD 510.85 billion by 2029.
In 2021, the market stood at USD 128.05 billion.
The market is projected to grow at a CAGR of 19.2% in the forecast period (2022-2029).
By component, the IoT gateways segment is likely to lead the market.
Increasing connected medical machines is likely to drive the market growth.
Siemens AG, Honeywell International Inc., General Electric Company, Intel Corporation, Hitachi Ltd., ABB Ltd., and PTC Ltd. are the top players in the market.
North America is expected to hold the highest market share.
By industry, manufacturing segment is expected to grow with the highest CAGR over the forecast period.
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