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

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:

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 Advanced Rocket & Missile Propulsion System 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