IoT can benefit M2M infrastructure with unlimited storage capabilities and resources of cloud to compensate its 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. Hence, the increasing use of cloud computing is expected to further lead to the growth of the Internet of Things (IoT) connected machines market.
Cloud computing is a model that was introduced to provide IT services to businesses. The three levels of cloud computing (IaaS, PaaS, and SaaS) cover a huge range of services. Apart from service delivery and computing model of storage infrastructure, various models such as software application, data, and programming are also applicable to cloud computing.
According to a new market report pertaining to the global IoT connected machines market published by Transparency Market Research, this market is projected to reach a value of ~US$ 1.3 trillion by 2027, expanding at a CAGR of ~24% from 2019 to 2027.
Growth of the IoT connected machines market can be attributed to the high demand for automation in industry verticals.
North America is anticipated to lead the market, followed by Europe, during the forecast period.
IoT Connected Machines Market – Huge Potential in Healthcare Industry
Internet of Things (IoT) has opened up a plethora of opportunities in the healthcare industry. 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.
IoT connected machines in healthcare are embedded with health monitors that convey analytics to doctors who can provide appropriate diagnosis to patients. With the influx of smartphones and digital media, consumers are also becoming more tech savvy. Thus, stakeholders are innovating on mobile applications and virtual assistants, as they are becoming commonplace for IoT connected machines in the healthcare industry. These systems assist in storing data on the cloud, and also send alerts to healthcare providers in case of emergencies.
IoT Connected Machines Market in Brief
The global IoT connected machines market is expected to register a CAGR of ~24% between 2019 and 2027. The global IoT connected machines market is projected to be driven by the adoption of cloud solutions and increasing penetration of Internet of Things (IoT) technology.
The global IoT connected machines market is expected to reach ~US$ 1.3 trillion by 2027, from ~ US$ 233 Bn in 2019.
North America holds a major share of the IoT connected machines market, and is anticipated to dominate the market during the forecast period, followed by Europe.
North America remains the leading region in the IoT connected machines market, with revenues in 2019 estimated at ~US$ 91 Bn.
The IoT connected machines markets in Asia Pacific and the Middle East & Africa are expected to show moderate growth during the forecast period.
Asia Pacific is projected to expand at the highest CAGR in the global IoT connected machines market during the forecast period.