Motor is one of the indispensable equipment for the manufacture process in a factory and any unexpected downtime will cause considerable losses to the factory. In a product's life cycle, the energy consumption and maintenance costs will account for more than 60%. Hence, in order to reduce the costs, motor becomes one of the equipment that requires being monitored and timely performing maintenance. The concept of smart motor can improve transparency of motor operation and remind users to make preventive adjustments at any time. This article will discuss the definition, development progress, market status, market drivers and restrains; industry development process and product feature of the smart motor IoT system to analyze its current market and industry trends.