Global IoT Connected Machines Market Size –By Component (Hardware, Software and Services), By Application (Predictive Maintenance, Remote Monitoring, Asset Management, Smart Manufacturing, Process Automation, Energy Management, Inventory Control, Quality Control, Safety and Security, Others), By Connectivity Technology (Cellular (4G, 5G), Wi-Fi, Bluetooth and BLE (Bluetooth Low Energy), LoRaWAN, Sigfox, NB-IoT, Ethernet and Others), By End-use Industry (Manufacturing, Healthcare, Energy & Utilities, Automotive, Transportation & Logistics, Oil & Gas and Others) & Region – Global Forecasts 2024 - 2034.
- PUBLISHED ON
- 2024-10-14
- NO OF PAGES
- 310
- CATEGORY
- Information Communication & Technology
Market Overview
The IoT Connected Machines market is predicted to develop at a compound annual growth rate (CAGR) of 15.6% from 2024 to 2034, when it is projected to reach USD 976.43 Billion in 2034, based on an average growth pattern. The market is estimated to reach a value of USD 265.37 Billion in 2024.
SOURCE: We Market Research
The IoT
Connected Machines Market refers to the integration of Internet of Things (IoT)
technologies in machines and industrial equipment, enabling these devices to
communicate, collect, and share data with each other, and often, with
centralized systems or the cloud. This connectivity enables automation,
predictive maintenance, performance optimization, and improved decision-making.
The Internet of
Things (IoT) connected machines market is a rapidly growing segment, driven by
the increasing need for data-driven decision-making, automation, and enhanced
operational efficiency across industries. IoT technology enables machines to
communicate with each other and with central systems, allowing for real-time
monitoring, control, and optimization of operations.
Market Scope
|
Report Attributes |
Description |
|
Market Size in 2024 |
USD 265.37 Billion |
|
Market
Forecast in 2034 |
USD 976.43 Billion |
|
CAGR % 2024-2034 |
15.6% |
|
Base
Year |
2023 |
|
Historic Data |
2016-2022 |
|
Forecast
Period |
2024-2034 |
|
Report USP
|
Production,
Consumption, company share, company heatmap, company production capacity,
growth factors and more |
|
Segments
Covered |
By Component,
By Connectivity Technology, By Application, By End-use Industry and By Region |
|
Regional Scope |
North America,
Europe, APAC, South America and Middle East and Africa |
|
Country
Scope |
U.S.; Canada;
U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia;
China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico;
Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
IoT Connected Machines Industry: Dynamics & Restrains
Market opportunity:
We Market
Research: IoT Connected Machines
Dashboard
Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool.
IoT Connected Machines Segmentation
Market- By Component Analysis
By component,
the IoT Connected Machines market is categories into Hardware, Software and Services.
Hardware dominate the market with the largest share, accounting for over 53% of
the market in 2023. The increasing demand for advanced sensors and
communication devices, as well as the proliferation of smart devices,
contribute significantly to the hardware market. The growth of 5G technology is
also driving hardware upgrades across various sectors.
The
following segments are part of an in-depth analysis of the global IoT Connected
Machines market:
|
Market Segments |
|
|
By Component |
·
Hardware o
Sensors o
Actuators o
Connectivity Modules o
Edge Devices/Computing Units o
Others ·
Software o
Device Management Software o
Data Analytics Software o
Edge Computing Platforms o
Others ·
Services o
Professional Services §
System Integration §
Consulting §
Support & Maintenance o
Managed Services |
|
By Connectivity
Technology |
·
Cellular (4G, 5G) ·
Wi-Fi ·
Bluetooth and BLE (Bluetooth Low Energy) ·
LoRaWAN ·
Sigfox ·
NB-IoT ·
Ethernet ·
Others |
|
By Application |
·
Predictive Maintenance ·
Remote Monitoring ·
Asset Management ·
Smart Manufacturing ·
Process Automation ·
Energy Management ·
Inventory Control ·
Quality Control ·
Safety and Security ·
Others |
|
By
End-use Industry |
·
Manufacturing ·
Healthcare ·
Energy & Utilities ·
Automotive ·
Transportation & Logistics ·
Oil & Gas ·
Others |
IoT Connected Machines Industry: Regional Analysis
North America Market Forecast
North America dominates the global IoT Connected Machines market, accounting for around 37% of the market share in 2023. North America holds the largest market share due to its advanced technological landscape and strong presence of key players. The region is at the forefront of IoT development, driven by significant investments and a focus on innovation. The presence of major technology companies, high adoption of IoT solutions across industries like manufacturing, healthcare, and transportation, and a robust infrastructure.
Europe Market Statistics
Europe is a
significant market for IoT Connected Machines. Europe closely follows, with a
focus on sustainability and regulatory support for digital transformation. The
market is characterized by strong demand in sectors like automotive and
healthcare. Strong regulatory support for IoT initiatives, particularly in the
UK, Germany, and France, as well as a focus on energy efficiency and
sustainability.
Asia Pacific Market Forecasts
Asia Pacific is
experiencing rapid growth due to industrialization and government initiatives
promoting IoT solutions. This region is poised for significant expansion as it
invests in technological infrastructure. Rapid industrialization in countries
like China and India, growing demand for automation, and a large pool of
manufacturers.
Middle East & Africa Market Statistics
Middle East
& Africa are emerging markets with a growing interest in IoT technologies.
However, challenges such as limited infrastructure and connectivity issues
hinder faster adoption. Increasing investments in smart city projects and a
growing focus on digital transformation in industries like oil and gas.
Key Market Players
The IoT Connected Machines Market
is dominated by a few large companies, such as
·
Cisco Systems, Inc.
·
Siemens AG
·
Schneider Electric
·
Texas Instruments
·
Advantech Co., Ltd.
·
Rockwell Automation, Inc.
·
PTC Inc.
·
IBM Corporation
·
Microsoft Corporation
·
Oracle Corporation
·
SAP SE
·
Amazon Web Services (AWS)
· Other
1.
Global
IoT Connected Machines Market Introduction and Market Overview
1.1. Objectives of the Study
1.2. Global IoT Connected Machines
Market Scope and Market Estimation
1.2.1. Global IoT Connected Machines Overall
Market Size (US$ Bn), Market CAGR (%), Market forecast (2024 - 2034)
1.2.2. Global IoT Connected Machines
Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034
1.3. Market Segmentation
1.3.1. Component of Global IoT
Connected Machines Market
1.3.2. Connectivity Technology of
Global IoT Connected Machines Market
1.3.3. Application of Global IoT
Connected Machines Market
1.3.4. Industry of Global IoT Connected
Machines Market
1.3.5. Region of Global IoT Connected
Machines Market
2.
Executive Summary
2.1. Demand Side Trends
2.2. Key Market Trends
2.3. Market Demand (US$ Bn) Analysis
2019 – 2023 and Forecast, 2024 – 2034
2.4. Demand and Opportunity
Assessment
2.5. Demand Supply Scenario
2.6. Market Dynamics
2.6.1. Drivers
2.6.2. Limitations
2.6.3. Opportunities
2.6.4. Impact Analysis of Drivers and
Restraints
2.7. Pricing Trends Analysis
2.8. Overview of Technology Developments
2.9. Porter’s Five Forces Analysis
2.9.1. Bargaining Power of Suppliers
2.9.2. Bargaining Power of Buyers
2.9.3. Threat of Substitutes
2.9.4. Threat of New Entrants
2.9.5. Competitive Rivalry
2.10. PEST Analysis
2.10.1. Political Factors
2.10.2. Economic Factors
2.10.3. Social Factors
2.10.4. Technology Factors
2.11. Value Chain / Ecosystem Analysis
2.12. Key Regulation
3.
Global IoT Connected Machines
Market Estimates & Historical Trend
Analysis (2019 - 2023)
4.
Global IoT Connected Machines
Market Estimates & Forecast Trend
Analysis, by Component
4.1. Global IoT Connected Machines
Market Revenue (US$ Bn) Estimates and Forecasts, by Component, 2019 - 2034
4.1.1. Hardware
4.1.1.1.
Sensors
4.1.1.2.
Actuators
4.1.1.3.
Connectivity
Modules
4.1.1.4.
Edge
Devices/Computing Units
4.1.1.5.
Others
4.1.2. Software
4.1.2.1.
Device
Management Software
4.1.2.2.
Data
Analytics Software
4.1.2.3.
Edge
Computing Platforms
4.1.2.4.
Others
4.1.3. Services
4.1.3.1.
Professional
Services
4.1.3.1.1.
System
Integration
4.1.3.1.2.
Consulting
4.1.3.1.3.
Support
& Maintenance
4.1.3.2.
Managed
Services
5.
Global IoT Connected Machines
Market Estimates & Forecast Trend
Analysis, by Connectivity Technology
5.1. Global IoT Connected Machines
Market Revenue (US$ Bn) Estimates and Forecasts, by Connectivity Technology, 2019
- 2034
5.1.1.Cellular
(4G, 5G)
5.1.2.Wi-Fi
5.1.3.Bluetooth
and BLE (Bluetooth Low Energy)
5.1.4.LoRaWAN
5.1.5.Sigfox
5.1.6.NB-IoT
5.1.7.Ethernet
5.1.8.Others
6.
Global IoT Connected Machines
Market Estimates & Forecast Trend
Analysis, by Application
6.1. Global IoT Connected Machines
Market Revenue (US$ Bn) Estimates and Forecasts, by Application, 2019 - 2034
6.1.1.Predictive
Maintenance
6.1.2.Remote
Monitoring
6.1.3.Asset
Management
6.1.4.Smart
Manufacturing
6.1.5.Process
Automation
6.1.6.Energy
Management
6.1.7.Inventory
Control
6.1.8.Quality
Control
6.1.9.Safety
and Security
6.1.10. Others
7.
Global IoT Connected Machines
Market Estimates & Forecast Trend
Analysis, by End-use Industry
7.1. Global IoT Connected Machines
Market Revenue (US$ Bn) Estimates and Forecasts, by End-use Industry, 2019 -
2034
7.1.1.Manufacturing
7.1.2.Healthcare
7.1.3.Energy
& Utilities
7.1.4.Automotive
7.1.5.Transportation
& Logistics
7.1.6.Oil
& Gas
7.1.7. Others
8.
Global IoT Connected Machines
Market Estimates & Forecast Trend
Analysis, by Region
8.1. Global IoT Connected Machines
Market Revenue (US$ Bn) Estimates and Forecasts, by Region, 2019 - 2034
8.1.1. North America
8.1.2. Eastern Europe
8.1.3. Western Europe
8.1.4. Asia Pacific
8.1.5. Middle East & Africa
8.1.6. Latin America
9.
North
America IoT Connected Machines Market: Estimates & Forecast Trend Analysis
9.1.
North
America IoT Connected Machines Market Assessments & Key Findings
9.1.1. North America IoT Connected
Machines Market Introduction
9.1.2. North America IoT Connected
Machines Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
9.1.2.1. By Component
9.1.2.2. By Connectivity
Technology
9.1.2.3. By Application
9.1.2.4. By End-use Industry
9.1.2.5. By Country
9.1.2.5.1. The U.S.
9.1.2.5.2. Canada
9.1.2.5.3. Mexico
10. Western Europe IoT
Connected Machines Market: Estimates
& Forecast Trend Analysis
10.1. Western Europe IoT Connected
Machines Market Assessments & Key Findings
10.1.1. Western Europe IoT Connected
Machines Market Introduction
10.1.2. Western Europe IoT Connected
Machines Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
10.1.2.1. By Component
10.1.2.2. By Connectivity
Technology
10.1.2.3. By Application
10.1.2.4. By End-use Industry
10.1.2.5. By Country
10.1.2.5.1.
Germany
10.1.2.5.2.
Italy
10.1.2.5.3.
U.K.
10.1.2.5.4.
France
10.1.2.5.5.
Spain
10.1.2.5.6.
Benelux
10.1.2.5.7.
Nordics
10.1.2.5.8. Rest
of W. Europe
11. Eastern Europe IoT
Connected Machines Market: Estimates
& Forecast Trend Analysis
11.1. Eastern Europe IoT Connected
Machines Market Assessments & Key Findings
11.1.1. Eastern Europe IoT Connected
Machines Market Introduction
11.1.2. Eastern Europe IoT Connected
Machines Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
11.1.2.1. By Component
11.1.2.2. By Connectivity
Technology
11.1.2.3. By Application
11.1.2.4. By End-use Industry
11.1.2.5. By Country
11.1.2.5.1.
Russia
11.1.2.5.2.
Hungary
11.1.2.5.3.
Poland
11.1.2.5.4.
Balkan & Baltics
11.1.2.5.5. Rest of E. Europe
12. Asia Pacific IoT
Connected Machines Market: Estimates
& Forecast Trend Analysis
12.1. Asia Pacific Market Assessments
& Key Findings
12.1.1. Asia Pacific IoT Connected
Machines Market Introduction
12.1.2. Asia Pacific IoT Connected
Machines Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
12.1.2.1. By Component
12.1.2.2. By Connectivity
Technology
12.1.2.3. By Application
12.1.2.4. By End-use Industry
12.1.2.5. By Country
12.1.2.5.1. China
12.1.2.5.2. Japan
12.1.2.5.3. India
12.1.2.5.4. Australia & New Zealand
12.1.2.5.5. South Korea
12.1.2.5.6. ASEAN
12.1.2.5.7. Rest of Asia Pacific
13. Middle East & Africa IoT
Connected Machines Market: Estimates
& Forecast Trend Analysis
13.1. Middle East & Africa Market
Assessments & Key Findings
13.1.1. Middle
East & Africa IoT
Connected Machines Market Introduction
13.1.2. Middle
East & Africa IoT
Connected Machines Market Size Estimates and Forecast (US$ Billion) (2019 -
2034)
13.1.2.1. By Component
13.1.2.2. By Connectivity
Technology
13.1.2.3. By Application
13.1.2.4. By End-use Industry
13.1.2.5. By Country
13.1.2.5.1. UAE
13.1.2.5.2. Saudi
Arabia
13.1.2.5.3. Turkey
13.1.2.5.4. South
Africa
13.1.2.5.5. Rest of
MEA
14. Latin America
IoT Connected Machines Market:
Estimates & Forecast Trend Analysis
14.1. Latin America Market Assessments
& Key Findings
14.1.1. Latin America IoT Connected
Machines Market Introduction
14.1.2. Latin America IoT Connected
Machines Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
14.1.2.1. By Component
14.1.2.2. By Connectivity
Technology
14.1.2.3. By Application
14.1.2.4. By End-use Industry
14.1.2.5. By Country
14.1.2.5.1. Brazil
14.1.2.5.2. Argentina
14.1.2.5.3. Colombia
14.1.2.5.4. Rest of
LATAM
15. Country Wise Market:
Introduction
16. Competition Landscape
16.1. Global IoT Connected Machines
Market Product Mapping
16.2. Global IoT Connected Machines Market
Concentration Analysis, by Leading Players / Innovators / Emerging Players /
New Entrants
16.3. Global IoT Connected Machines
Market Tier Structure Analysis
16.4. Global IoT Connected Machines
Market Concentration & Company Market Shares (%) Analysis, 2023
17. Company Profiles
17.1. Cisco Systems, Inc.
17.1.1. Company Overview & Key Stats
17.1.2. Financial Performance & KPIs
17.1.3. Product Portfolio
17.1.4. SWOT Analysis
17.1.5. Business Strategy & Recent Developments
* Similar details would be provided
for all the players mentioned below
17.2. Siemens AG
17.3. Schneider Electric
17.4. Texas Instruments
17.5. Advantech Co., Ltd.
17.6. Rockwell
Automation, Inc.
17.7. PTC Inc.
17.8. IBM Corporation
17.9. Microsoft
Corporation
17.10. Oracle Corporation
17.11. SAP SE
17.12. Amazon Web Services
(AWS)
17.13. Others
18. Research
Methodology
18.1. External Transportations /
Databases
18.2. Internal Proprietary Database
18.3. Primary Research
18.4. Secondary Research
18.5. Assumptions
18.6. Limitations
18.7. Report FAQs
19. Research
Findings & Conclusion
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Frequently Asked Questions
What is the market size of IoT Connected Machines Market in 2024?
IoT Connected Machines Market was valued at USD 265.37 Billion in 2024.
What is the growth rate for the IoT Connected Machines Market?
IoT Connected Machines Market size will increase at approximate CAGR of 15.6% during the forecasted period.
Which are the top companies operating within the market?
Major companies operating within the market are Cisco Systems, Inc., Siemens AG, Schneider Electric, Texas Instruments, Advantech Co., Ltd., Rockwell Automation, Inc., PTC Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Amazon Web Services (AWS) and others.
Which region dominates the IoT Connected Machines Market?
North America dominates the market with an active share of 37%.
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