IOT Connected Machines Market Size, Share, Growth Analysis, By Component(Hardware, Software, Services), By Industry Vertical(Automotive, Consumer Electronics, Heavy Manufacturing, Healthcare), By Region - Industry Forecast 2024-2031

IOT Connected Machines Market size was valued at USD 128.05 billion in 2019 and is poised to grow from USD 152.64 billion in 2023 to USD 741.55 billion by 2031, growing at a CAGR of 19.2% in the forecast period (2024-2031).

The iot connected machines market is relatively fragmented, with a high level of competition. Few large players, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'Intel Corporation', 'Cisco Systems, Inc.', 'Siemens AG', 'IBM Corporation', 'Microsoft Corporation', 'AT&T Inc.', 'Honeywell International Inc.', 'General Electric Co.', 'Bosch GmbH', 'Huawei Technologies Co. Ltd.', 'Schneider Electric SE', 'Amazon Web Services Inc.', 'Oracle Corporation', 'Google Inc.', 'Hewlett Packard Enterprise Development LP', 'SAP SE', 'PTC Inc.', 'Dell Technologies Inc.', 'Hitachi Ltd.', 'Fujitsu Limited'

• IoT technology was first only partially adopted by companies due to the comparatively high cost of the sensors used in IoT devices. IoT adoption rates inside enterprises have, however, increased significantly as a result of the rapid decline in price of these sensors. Over the past ten years, there has been a dramatic decline in the price of some low-frequency passive RFID tags and sensors.

Organizations have a ton of options thanks to internet connectivity and linked devices to collect pertinent data on consumer behavior in retail stores for real-time marketing research, sensor-driven decision analytics, and instantaneous control response in sophisticated autonomous systems. IoT enables businesses and governments to access location-based data in real-time and connects them to all smart potentials, including smart cities, smart transportation, and smart utilities.

The IoT connected machines market is anticipated to grow significantly in Europe over the forecast period. The expansion in this area is the result of more projects connected to smart cities being launched in European nations including Amsterdam, Vienna, London, Helsinki, Barcelona, and others. For instance, London 2.0, a new smart city strategy centred on IoT technology-based augmented digital inclusion, was introduced by the London government in 2016. Similar to this, the government of Helsinki created Kalasatama, a smart innovation in the city, to develop smart traffic and related services supported by IoT connected machinery. The Helsinki government is presently engaged in more than 25 cutting-edge infrastructure construction and experimental initiatives. Additionally, the European Union's government enacted its "Digital Single Market Strategy" in 2018, which includes the use of IoT technology in a variety of applications to advance Europe's efforts to speed up the growth of the market for IoT-connected devices. Additionally, during the forecast period, it is anticipated that Asia Pacific nations such as China and India will have increasing IoT implementation. For instance, the Chinese government claimed in 2017 that there were over 278 million installed and connected IoT devices throughout the nation, with current efforts concentrated on establishing robust IoT network sites.

IOT Connected Machines Market size was valued at USD 128.05 billion in 2021 and is poised to grow from USD 152.64 billion in 2022 to USD 741.55 billion by 2030, growing at a CAGR of 19.2% in the forecast period (2023-2030).

The iot connected machines market is relatively fragmented, with a high level of competition. Few large players, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'Intel Corporation', 'Cisco Systems, Inc.', 'Siemens AG', 'IBM Corporation', 'Microsoft Corporation', 'AT&T Inc.', 'Honeywell International Inc.', 'General Electric Co.', 'Bosch GmbH', 'Huawei Technologies Co. Ltd.', 'Schneider Electric SE', 'Amazon Web Services Inc.', 'Oracle Corporation', 'Google Inc.', 'Hewlett Packard Enterprise Development LP', 'SAP SE', 'PTC Inc.', 'Dell Technologies Inc.', 'Hitachi Ltd.', 'Fujitsu Limited'

• IoT technology was first only partially adopted by companies due to the comparatively high cost of the sensors used in IoT devices. IoT adoption rates inside enterprises have, however, increased significantly as a result of the rapid decline in price of these sensors. Over the past ten years, there has been a dramatic decline in the price of some low-frequency passive RFID tags and sensors.

Organizations have a ton of options thanks to internet connectivity and linked devices to collect pertinent data on consumer behavior in retail stores for real-time marketing research, sensor-driven decision analytics, and instantaneous control response in sophisticated autonomous systems. IoT enables businesses and governments to access location-based data in real-time and connects them to all smart potentials, including smart cities, smart transportation, and smart utilities.

The IoT connected machines market is anticipated to grow significantly in Europe over the forecast period. The expansion in this area is the result of more projects connected to smart cities being launched in European nations including Amsterdam, Vienna, London, Helsinki, Barcelona, and others. For instance, London 2.0, a new smart city strategy centred on IoT technology-based augmented digital inclusion, was introduced by the London government in 2016. Similar to this, the government of Helsinki created Kalasatama, a smart innovation in the city, to develop smart traffic and related services supported by IoT connected machinery. The Helsinki government is presently engaged in more than 25 cutting-edge infrastructure construction and experimental initiatives. Additionally, the European Union's government enacted its "Digital Single Market Strategy" in 2018, which includes the use of IoT technology in a variety of applications to advance Europe's efforts to speed up the growth of the market for IoT-connected devices. Additionally, during the forecast period, it is anticipated that Asia Pacific nations such as China and India will have increasing IoT implementation. For instance, the Chinese government claimed in 2017 that there were over 278 million installed and connected IoT devices throughout the nation, with current efforts concentrated on establishing robust IoT network sites.

IOT Connected Machines Market size was valued at USD 128.05 billion in 2021 and is poised to grow from USD 152.64 billion in 2022 to USD 741.55 billion by 2030, growing at a CAGR of 19.2% in the forecast period (2023-2030).

The iot connected machines market is relatively fragmented, with a high level of competition. Few large players, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'Intel Corporation', 'Cisco Systems, Inc.', 'Siemens AG', 'IBM Corporation', 'Microsoft Corporation', 'AT&T Inc.', 'Honeywell International Inc.', 'General Electric Co.', 'Bosch GmbH', 'Huawei Technologies Co. Ltd.', 'Schneider Electric SE', 'Amazon Web Services Inc.', 'Oracle Corporation', 'Google Inc.', 'Hewlett Packard Enterprise Development LP', 'SAP SE', 'PTC Inc.', 'Dell Technologies Inc.', 'Hitachi Ltd.', 'Fujitsu Limited'

Organizations have a ton of options thanks to internet connectivity and linked devices to collect pertinent data on consumer behavior in retail stores for real-time marketing research, sensor-driven decision analytics, and instantaneous control response in sophisticated autonomous systems. IoT enables businesses and governments to access location-based data in real-time and connects them to all smart potentials, including smart cities, smart transportation, and smart utilities. Additionally, the availability of high-speed network connectivity has made it possible for various industries, including those in the energy, healthcare, transportation, and other utility sectors, to monitor and manage the infrastructure more effectively.

The IoT connected machines market is anticipated to grow significantly in Europe over the forecast period. The expansion in this area is the result of more projects connected to smart cities being launched in European nations including Amsterdam, Vienna, London, Helsinki, Barcelona, and others. For instance, London 2.0, a new smart city strategy centred on IoT technology-based augmented digital inclusion, was introduced by the London government in 2016. Similar to this, the government of Helsinki created Kalasatama, a smart innovation in the city, to develop smart traffic and related services supported by IoT connected machinery. The Helsinki government is presently engaged in more than 25 cutting-edge infrastructure construction and experimental initiatives. Additionally, the European Union's government enacted its "Digital Single Market Strategy" in 2018, which includes the use of IoT technology in a variety of applications to advance Europe's efforts to speed up the growth of the market for IoT-connected devices. Additionally, during the forecast period, it is anticipated that Asia Pacific nations such as China and India will have increasing IoT implementation. For instance, the Chinese government claimed in 2017 that there were over 278 million installed and connected IoT devices throughout the nation, with current efforts concentrated on establishing robust IoT network sites.