The global machine-to-machine (M2M) connections market can expect to touch a valuation of USD 27.05 Billion by 2023, reveals Market Research Future (MRFR). MRFR also believes that the market can attain a growth rate of 9.9 % between 2017 and 2023, which refers to the forecast period.
Primary Drivers and Top Challenges
Machine to machine (M2M) services can be described as any technology that allows the exchange of information between network devices, following which they can take action with no intervention of human beings. M2M services are in high demand across a wide range of industries, including banking and financial institutions, retail, healthcare, telecom, and IT industry, oil and gas, transportation and automotive, as they help elevate the productivity, efficiency and safety of the establishments.
At present, the whole world is shifting towards Industry 4.0, with artificial intelligence (AI), the internet of things (IoT) and analytics boosting decision-making, productivity as well as intelligence. This is proving to be a massive opportunity for the market for machine to machine services. Besides, the increasing adoption of wired or wireless connectivity among a variety of industries is also inducing market growth. Moreover, rising penetration of high-speed internet connectivity combined with the increasing adoption of new connectivity technologies like 4G/LTE as well as 5G also boosts the demand for M2M connections market.
Furthermore, surge in software application integration to enhance products coupled with high adoption rate of different technologies to manufacture products to reduce the cost and to cater to the safety regulations also stimulate market growth across the globe.
The worldwide market for machine-to-machine connections has been categorized with respect to product, technology and end users.
Given the product segment, the market includes wireless beacons, routers, modules mobile point of sale, IoT & M2M modems, and others.
Technology-based segments included in the report are short range, Wired Technologies, Ethernet, Cellular Network, Industrial, Wireless Technologies and others.
The end-users covered in the report are automotive & transportation, utilities security & surveillance, government and defense, consumer electronics, Healthcare, retail, and others.
The region-wise distribution of M2M Connections Market has been conducted with respect to North America, Asia Pacific (APAC), Europe and Rest of the World (ROW).
MRFR experts reveal that in the North America market, close to 65 per cent of the total M2M service revenue comes from the service wrap segment and about 35 per cent can be credited to the provision of connectivity. The large enterprises in the region are now opting for M2M value added services, as these enhance vehicle safety as well as security of drivers. These factors are expected to have a lucrative effect on the regional market in the following years.
Meanwhile, Europe is set to note consistent growth during the review period, thanks to the presence of operators like Vodafone and Deutsche Telekom. These renowned companies are observing a phenomenal rate of success within the connected health market, and can gain wider base in the region in subsequent years. Apart from this, the declining cost of connectivity has prompted the companies to focus on wireless communications, given their benefits.
APAC is considered as a prominent industrial hub, in addition to being a significant market for various other sectors that use M2M services. Surging penetration of the Internet in residential and commercial spaces, expansive consumer base, mounting disposable income, and advancing IT infrastructure are some factors that stimulate the growth of the M2M connections market in the region. Manufactures in China are known for offering cheap but high-quality sensors that has led to high penetration of smart devices like smart home appliances and wearable devices.
Some of the leading companies shaping the worldwide market for machine to machine connections are Verizon Communications, Inc. (U.S), Telit Communications (UK), Gemalto N.V. (Netherlands), U-blox Holding AG (Switzerland), Vodafone Group PLC (UK), Texas Instruments Incorporated (US), to name a few.
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