The market for IoT connected machines can be divided based on different parameters. Depending upon the solution, for example, it can be segmented into accessible and secure information, integrated safety, simplified integration, operational efficiency, real time analytics, etc.
Based on the type of deployment, the market for IoT connected machines can be divided into cloud and on premises. Application-wise, the key segments of the market are smart homes, automotive, entertainment, manufacturing, power and energy, IT, banking, financial service and insurance (BFSI), utilities, and others. Additionally, the IoT connected machines market can be segmented on the basis of geography into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
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Some of the prominent participants in the global IoT connected machines market are Robert Bosch GmbH, Cisco Systems, Inc., General Electric Company, AT&T Inc., Dell Inc., IBM, Siemens AG, Rockwell Automation, Inc., Ericsson, Bernecker + Rainer Industrie-Elektronik, Honeywell International Inc., Advantech Co., Ltd, Schneider Electric SE, and Beckhoff Automation.
IoT Connected machines create an ecosystem using Internet of Things (IoT) to connect different machines transforming them into intelligent broader embedded systems. The data of these machines can be best supplied to the machine maker’s end too for addressing issues if any arises in the middle of a project. Nowadays, the IoT connected machines are built upon two approaches, one inside factory where information regarding productivity of a machine has to be supplied to the key participants in the connected machine ecosystem.
The other approach is much more macro level, the outside factory approach where information regarding a machine is supplied to the key ecosystem participants when the machine has reached the customers end and timely interaction with the machine maker is required to understand the working of machine in real conditions.
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The IoT connected machines are expected to bring about real time data tracking enabling marketing and effective communication of any business using connected machines. The key participants in the IoT connected machines can have enhanced situational awareness with the deployment of IoT connected machines. Furthermore, the IoT connected machine also furnishes sensor driven analytics for its ecosystem, participants to take informed decision.
Moreover, the IoT connected machines allow process optimization by bringing transparency, traceability, adaptability, scalability and flexibility to the system. It also furnishes optimized resource consumption of the factors of production involved in each project. Additionally, the IoT connected machines allow real time control and response over the complex automated processes.
The factor that manufacturers are thinking more about close convergence in their supply chain network is responsible for driving the IoT connected machines on a positive high impact. Furthermore, the big data is also showcasing its impact in the IoT connected machines market since connectivity between machines is in demand due to the factor that real time data communication is the need of the hour. Moreover, emphasis is given on secured floor and backend operations. Hence, this factor is also expected to drive the IoT connected machines market.
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On the other hand, the IoT connected machines is facing the challenge of open network security issues as many machines are connected at a time to a large network. Also, another restraint in this IoT connected machines market is that there is a privacy issue of data communicated through these connected machines.
As IoT connected machines ecosystem build a promising network for easy and integrated communication of data, more innovative and disruptive business model is anticipated to open doors for the IoT connected machines market leading to lower cost and higher productivity. Additionally, the IoT connected machines market is aimed to bring multi- IoT service platforms.
The IoT connected machines market is segmented on the basis of solution type, deployment type, and application. On the basis of solution type, the IoT connected machines market is further segmented as integrated safety, accessible & secure information, simplified integration, real time analytics, operational efficiency, and others. On the basis of deployment type, the IoT connected machines market is further bifurcated as cloud and on premises.
Furthermore the IoT connected machines market can be segmented on the basis of application as automotive, entertainment, manufacturing, smart homes, power and energy, IT, Banking Financial Service & Insurance (BFSI), utilities, and others. Additionally, the IoT connected machines market can be segmented on the basis of geography as North America, Europe, Asia Pacific, Middle East & Africa and South America.