According to a new market report pertaining to the global IoT connected machines market published by Transparency Market Research, the global IoT connected machines 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 global IoT connected machines market, followed by Europe, during the forecast period.
Increasing Use of Cloud Computing Accelerating the IoT Connected Machines Market
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.
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Increasing Urbanization, Globalization, and Ease of Communication Driving Use of IoT Connected Machines
Urbanization, globalization, and complexity of communication have made consumers more informed with access to product information, and they are able to compare prices and seek reviews. Keeping this in mind, retailers are leveraging IoT connected machines to offer omni-channel experiences. Unlike traditional retail shops that lacked the environment to get real-time information access, information is readily available with retailers, which is enabled by connected devices.
Cities around the world can change the way in which they deliver services to residents, operate public transportation, manage the flow of road traffic, and manage real estate resources, by using network connectivity for collaboration, urban planning, communication, and other activities.
