The global cellular M2M market is forecasted to expand at 19.1% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 14,018.0 million in 2023.
Over the last decade, the concept of communication has drastically evolved thanks to robust internet speed, the launch of advanced smartphones, and the emergence of apps like WhatsApp. Cellular M2M has emerged as an advanced technique to elevate contemporary communication networks.
Cellular M2M is one of the significantly-advancing technologies present in the market. Due to its power to link millions of devices beneath a single network system, it is gaining widespread adoption.
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Cellular M2M is used in several application fields like 3G or 4G networks, home appliances, vending machine monitoring, and the healthcare sector. Growth in the aforementioned application areas is projected to catalyze the demand for cellular M2M services in the forecast period.
The increasing significance of cellular M2M in enabling connectivity by modifying cellular 3G or 4G data services is also projected to boost its market growth. Cellular M2M in combination with a 3G or 4G network is superior to 2G. This is because the former results in a flexible installation, broad coverage, backward compatibility, etc.
Increasing demand for cellular M2M connectivity to bolster the performance of IoT-based home appliances is propelling the market growth. For instance, firms like LG and Samsung are planning to offer intelligent home appliances and services to provide an elevated standard of living.
M2M facilitated washing machine is empowered to send notifications on the owners’ smartphones or any other smart device post the completion of washing or drying. Home appliances can work magic if linked with M2M connectivity, thus enhancing the quality of living.
Governments across the globe are recognizing the potential of the M2M sector and strengthening the same to reap its plenty of benefits. The government of India, for instance, is taking steps to invigorate the M2M ecosystem and enable broad penetration and advances in the sector over the coming years.
The M2M communication is projected to be crucial in the government initiatives like ‘Make in India’ and ‘Digital India’.
Top Highlights from the FMI’s Analysis of the Cellular M2M Market:
- North America’s cellular M2M industry is projected to gain more than 28.6% value share in 2023. The United States market is expected to clock above 20.2% market share in the same year.
- Europe’s cellular M2M industry represented a 23.4% market share in 2022.
- The share of Germany’s market in the global cellular M2M industry is expected to be more than 8.9%.
- The United Kingdom cellular M2M industry is anticipated to expand at 18.6% CAGR over the forecast period.
- China market is expected to propel at a significant CAGR of 20.2% over the next decade.
- India’s cellular M2M industry is projected to pace at 19.5% CAGR over the forthcoming years.
- Based on function, the connectivity services segment acquired a 59.5% market share in 2022.
- Based on application, the asset tracking, and monitoring segment procured 38.4% value share in 2022.
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Market Competition is Stirring Based on Various Factors
On the competitive front, the key players from the cellular M2M industry are concentrating on delivering devices for enabling regular transactions. The ongoing shift in the consumer base of the cellular M2M industry is one of the key strategies that the leading players are going to leverage upon, going forward.
Other key strategies being employed by the leading market participants include acquisition and alliances with software firms. This is projected to help elevate the brand value of the services being offered.
Key Segments in the Market
By Function:
- Connectivity Services
- Professional Services
- Managed Services
By Application:
- Asset tracking and monitoring
- Predictive Maintenance
- Telemedicine
- Fleet Management
- Warehouse Management
- Industrial Automation
- Smart meter
By Industry:
- Healthcare
- Energy and Utilities
- Transportation and Logistics
- Manufacturing
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa (MEA)
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