M2M Services Market Size, Share, Growth, and Industry Analysis, By Type (Cellular, Satellite and Others), By Application (Consumer Electronics, Automotive, Healthcare, Energy and Utilities, Transportation and Logistics, Manufacturing and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

M2M Services Market REPORT OVERVIEW

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The global M2M services market size was USD 21080 million in 2022 and market is projected to touch USD 118821.2 million by 2031, at a CAGR of 21.2% during the forecast period. 

Using a wired or wireless communication channel, Machine to Machine Service enables a direct link between devices. The service comprises data transfer to home electronics, business equipment, and other gadgets. Machine-to-machine communication has become faster, easier, and more effective while using less power thanks to advancements in IP networks. It is frequently used in the SCADA, telemetry, industrial, and automation sectors. M2M services are the Internet of Things' underlying technology (IoT). Due to the advancement of seamless communication technologies like 5G and 4G/LTE as well as the rise of machine-to-machine connections across various industries, the global market for machine-to-machine services is growing. The market is expanding as a result of the rising demand for services in the automotive and transportation sectors.

COVID-19 Impact: The COVID-19 Underlying Condition Downfall the Market Growth

The effects of COVID-19 were catastrophic for the M2M services market growth. Since many business sectors in the area had to shut down as a result of the COVID-19 epidemic, there was less of a need for M2M services. In turn, this is predicted to impede the expansion of the M2M services market share in the area.

LATEST TRENDS

"Technological Advancements and Electronic Platforms to Boost Market Growth"

The growth of the M2M services market can be primarily attributed to rising industrialization, expanding Internet connectivity, and rising adoption of industrial IoT for a variety of applications, including asset tracking and smart logistics, predictive and remote maintenance, industrial security systems, monitoring of manufacturing equipment, and energy consumption optimization, among others. The market's expansion is also being aided by the quick uptake of new technologies like 4G/LTE, machine learning, the internet of things (IoT), cloud computing, and artificial intelligence in a variety of industry verticals like manufacturing, automotive, healthcare, transport and logistics, and defence, among others.

M2M Services Market SEGMENTATION

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• By Type

Based on type the M2M services market is classified as cellular, satellite and others.

• By Application

Based on application the M2M services market is classified as consumer electronics, automotive, healthcare, energy and utilities, transportation and logistics, manufacturing and others.

DRIVING FACTORS

"Growing Demand Automotive and Transportation to Decipher the Market Share"

Due to the growing number of connected cars, the development of frameworks for connecting vehicles to infrastructure, as well as favourable regularity regulations for the deployment of smart grids and smart metres, the automotive & transportation segment is anticipated to grow the most during the forecasted period.

"Intensive Utilization in the Healthcare Sector Inflate Market Share"

In order to diagnose and treat chronic illnesses, M2M connectivity are frequently used in medical equipment. This is one of the main drivers of the market growth, along with variables such as the rising prevalence of chronic diseases, the rising demand for remote patient monitoring, and substantial advancements in the healthcare infrastructure.

RESTRAINING FACTORS

"The High Cost and the Standardization of Database to Restrain the Market Growth"

One of the primary things that could prevent the market from expanding is the high cost of machine-to-machine M2M systems' installation and maintenance. A decrease in the use and uptake of M2M devices and solutions among end users may result from the addition of supplemental functionality like GPS, Bluetooth, and other short-range wireless communication features to M2M wireless technology. The coordination of many databases is further impacted by the absence of a common framework to integrate or communicate data from several satellites. These factors are expected to have a negative effect on the overall growth of the M2M services market share. 

M2M Services Market REGIONAL INSIGHTS

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"Asia Pacific region to Lead the Market With Presence of Major Players and Digitalization"

A large client base, enhanced IT infrastructure, and rising internet penetration in residential and commercial regions are all contributing to the prediction that the Asia Pacific Machine To Machine Service Market would expand at the quickest rate throughout the forecast period. Furthermore, the development of the M2M services sector in the Asia Pacific Region will be aided by government initiatives like smart cities, smart metres, and legislation that permits a larger deployment of cellular M2M projects.A large client base, enhanced IT infrastructure, and rising internet penetration in residential and commercial regions are all contributing to the prediction that the Asia Pacific Machine To Machine Service Market would expand at the quickest rate throughout the forecast period. Furthermore, the development of the M2M services sector in the Asia Pacific Region will be aided by government initiatives like smart cities, smart metres, and legislation that permits a larger deployment of cellular M2M projects. Given the wide range of competitors in the industry, it is also anticipated to have a substantial market share.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• AT&T (U.S.A)
• EE (U.K)
• Sprint (U.S.A)
• Verizon (U.S.A)
• Aeris Communications (U.S.A)
• Applied Satellite Technology (U.K)
• China Mobile (China)
• Comarch (Poland)
• Digi International (U.S.A)
• Ericsson (Sweden)
• Gemalto (The Netherlands)
• Huawei (China)
• Jasper Technologies (U.S.A)
• KORE Wireless Group (U.S.A)
• Novatel Wireless (U.S.A).

INDUSTRY DEVELOPMENT

• February 2018: The Department of Telecommunications (DoT) has given telecom service providers permission to begin issuing 13-digit numbers for SIM-based machine-to-machine (M2M) services in India, one of the markets for M2M services that is expanding the quickest.
• March 2019: In order to advance and hasten the implementation of KRTI 4.0(TM), an artificial intelligence (AI) framework for operational excellence, Nokia stated that it will collaborate with Pöyry, an international consulting and engineering firm, and Infosys.

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.