Connected Machines Market Increasing need to build digital infrastructure for large-scale
Global Connected Machines Market Highlights 2020-2029
The connected machines market is projected to grow with a high CAGR during the forecast period, i.e., 2020-2029 on account of the increasing adoption of smart payment technologies, increasing need to build digital infrastructure for large-scale deployments and increasing need of real time analytics.
The major players are also taking initiatives in terms of strategic partnerships, acquisitions and collaborations to improve the flexibility and efficiency of their business operations and give them a competitive edge over their challengers, recently ABB and HPE announced their partnership at the global level for offering industry-based clients with powerful solutions generating actionable insights from the continually rising, expansive amounts of data produced by businesses. Currently, ABB claims to accommodate an installed base of 70 million connected devices.
On the basis of industry, the automotive industry in the global connected machines market is projected to grow with a significant CAGR over the forecast period. Connected machines are undergoing several innovations in the automotive industry. Stakeholders are integrating IoT to tackle the alarming problem of traffic congestion in cities across various countries. Incorporating IoT connected machines in the automotive landscape is not just cost-effective but also helps manage traffic lights and plays a vital role as far as smart parking solutions are concerned.
Stakeholders in the connected machines market are increasing focus on industries such as automotive and telecommunications. For instance, in February 2019, AT&T – a leading American telecommunication company, and Vodafone Group Plc – a British multinational telecommunication conglomerate, announced a collaboration to develop enhanced connected vehicle technology to provide greater safety and better connectivity through entertainment and telematics solutions for customers.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the connected machines market in North America is estimated to secure a leading position in the market because of the growing prominence of internet of things and rising application of connected devices.
The growth of the regional market could be supported by the early adoption of latest technologies and digitalization practiced in several industry verticals. On the other hand, commercial users in Asia Pacific region are projected to surge the demand for IoT connected machines owing to strong initiatives introduced to improve IT infrastructure and rising adoption of the leading technologies.
Increasing Use of Cloud Computing and rising demand of real-time analytics in the healthcare industry to Drive Market Growth
Increasing demand in healthcare industry has opened up excess of opportunities. when machines and devices are connected to the internet, they collect valuable information and provide insights about the symptoms that help patients get a comprehensive understanding about their health condition for further treatment. Thus, sensors and wearable devices help collect and monitor data that can be sent for processing in real time.
The global connected machines in healthcare market size was USD 57.62 billion in 2019 and is projected to exhibit a high CAGR during the forecast period. Additionally, increasing use of cloud computing because of unlimited storage capabilities and resources, technological constraints such as processing, storage, and energy.
The cloud also offers solutions to implement IoT connected machine service management and applications that can process the data produced.
This report also provides the existing competitive scenario of some of the key players of the global connected machines market which includes company profiling of General Electric Company, Robert Bosch GmbH, Cisco Systems, Inc., Advantech Co., Ltd., Rockwell Automation, Inc., Siemens AG, ABB Ltd, Honeywell International Inc., B&R Industrial Automation GmbH, Beckhoff Automation.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the connected machines market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
The global connected machines market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
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