Pune, Aug. 03, 2023 (GLOBE NEWSWIRE) -- According to SNS Insider analysis, the increasing demand for remote monitoring and control capabilities in various sectors is a crucial driver for the IoT connected machines market. In industries such as healthcare, energy, and transportation, remote monitoring allows real-time tracking of critical parameters, facilitating timely decision-making and prompt responses to emergencies. The pandemic further accelerated the adoption of remote monitoring solutions, emphasizing the importance of connected devices in ensuring business continuity and public safety.
Market Report Scope
IoT connected machines refer to a network of intelligent devices, appliances, and equipment that are embedded with sensors, software, and connectivity capabilities, enabling them to collect, analyze, and exchange data with other connected devices and central systems. These machines can range from simple household appliances like smart refrigerators and thermostats to complex industrial equipment such as manufacturing robots, autonomous vehicles, and agricultural sensors.
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Market Analysis
The IoT connected machines market is set to witness substantial growth, driven by the convergence of technological advancements, rising demand for efficiency, and the need for digitization. As industries across the globe recognize the potential of IoT in transforming their operations, investments in connected machines are likely to soar. Embracing this technology will not only foster growth but also unlock untapped opportunities for innovation and sustainable development in various sectors.
Ambient Lighting Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 145.96 billion |
| Market Size by 2030 | USD 606.98 billion |
| CAGR | CAGR of 19.5% from 2023 to 2030 |
| Key Segments | By Component (I/O Modules, IoT Gateways, IoT Sensors, and Others) By Industry (Retail, Aerospace & Defense, Automotive, Healthcare, Logistics & Transportation, Manufacturing, Oil & Gas, Power and Utilities, and Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands,Rest of Europe), Asia-Pacific (Japan, South Korea,China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| 20% free customization scope (equivalent to 50 analyst working hours) | If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
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Impact of Recession
The impact of a recession on the IoT connected machines market is complex and multi-faceted. While some businesses might delay or abandon IoT initiatives, others may see it as an opportunity to optimize costs and drive digital transformation. IoT providers should be prepared to weather the storm by focusing on cost savings, emphasizing quick ROI, and aligning their offerings with shifting industry priorities.
Impact of Russia-Ukraine War
The Russia-Ukraine War has cast a long shadow over the IoT connected machines market, resulting in complex challenges and uncertainties. Supply chain disruptions, geopolitical uncertainty, increased cybersecurity risks, changing market dynamics, and evolving regulations have collectively impacted the growth and development of the IoT industry. To mitigate the risks and capitalize on opportunities, companies operating in the market need to proactively adapt their strategies.
Key Regional Development
The IoT connected machines market is experiencing robust growth across different regions, each with its unique dynamics and challenges. While North America and Europe are already well-established, Asia-Pacific, Latin America, and the Middle East and Africa offer significant growth opportunities. As the market matures, the focus will shift towards ensuring data privacy, enhancing cybersecurity measures, and developing interoperable solutions to realize the full potential of IoT-connected machines in diverse industries.
Key Takeaway from IoT Connected Machines Market Study
- Retailers are leveraging IoT technologies to reimagine the shopping experience and gain a competitive edge in an increasingly digital world. Meanwhile, IoT Gateways are the backbone of IoT ecosystems, enabling secure, efficient, and reliable connectivity between devices and the cloud.
- As the market continues to expand, collaboration and innovation in these segments will be crucial for unlocking the full potential of IoT-connected machines across industries. With the increasing adoption of IoT technologies, we can expect to witness a transformative impact on overall industry efficiency in the years to come.
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Recent Developments Related to IoT Connected Machines Market
- In a groundbreaking partnership, Elevāt, a leading technology solutions provider, and Cummins, a global leader in power solutions, have joined forces to deliver the next generation of IoT connected services.
- Skylo, a leading provider of innovative IoT solutions, has joined forces with Beetel, a renowned technology company, to revolutionize the way we connect billions of machines, devices, and sensors across the globe.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia- Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. IoT Connected Machines Market Segmentation, by Component
8.1 I/O Modules
8.2 IoT Gateways
8.3 IoT Sensors
8.4 Others
9. IoT Connected Machines Market Segmentation, by Industry
9.1 Aerospace & Defense
9.2 Automotive
9.3 Healthcare
9.4 Logistics & Transportation
9.5 Manufacturing
9.6 Oil & Gas
9.7 Power and Utilities
9.8 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia-Pacific
10.5 Middle East & Africa
10.6 Latin America
11 Company Profile
11.1 IBM Corporation
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/ Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Siemens AG
11.3 Honeywell International Inc.
11.4 Intel Corporation
11.5 General Electric Company
11.6 Hitachi Ltd.
11.7 PTC Ltd.
11.8 ABB Ltd.
11.9 Rockwell Automation
11.10 Schneider Electric
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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