According to the Transparency Market Research, the global IoT connected machines market is expected to rise at a great growth rate of 24 % over the forecast period of 2019 to 2027. The global IoT connected machines market was evaluated at US$ 233 billion in the base year of 2019 and is expected to hit the mark of US$ 1.3 trillion at the end of the forecast period i.e. 2027. The global IoT connected machines market shows considerable growth potential in healthcare as well as manufacturing industry. Rising demand for devices that facilitate timely functioning of IoT systems and real time responses is driving the growth in global IoT connected machines market.
Products in the global IoT connected machines market are used across various industry verticals, including automobile, oil and gas, power generation and utility, healthcare, mining, aviation, transportation, agriculture, manufacturing, and retail, among others. Healthcare industry is creating interesting new opportunities for the players in the global IoT connected machines market. Devices in the global IoT connected machines market can aid medical professionals in accessing their remote patients’ medical data in real time. Devices in the global IoT connected machines market, such as wearable devices and sensors can help monitor, collect, and store medical data of the patient and can be processed in real time.
Some of the key players and manufacturers in the global IoT connected machines market include AT & T, Inc., Cisco Systems, Inc., Dell Technologies, Inc., Adavntech Co., Ltd., Beckhoff Automation GmbH & Co. KG, Honeywell International, Inc., Robert Bosch GmbH, B & R Industrial Automation GmbH, General Electric Company, IBM Corporation, and Rockwell Automation, Inc. Players in the global IoT connected machines market are engaging in various development strategies such as regional expansion and strategic collaborations in order to amass a larger industry share. For example, Robert Bosch GmbH announced their collaboration with IBM Corporation, intended to develop innovative solutions that can aid a variety of end users in February of 2017.
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