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Cellular M2M Market Is Estimated To Harbor Vast Revenue That Will Surpass $45,398.9 Million By 2027 With A Significant CAGR Of 20.5%.
The global cellular M2M market is predicted to be valued at $45,398.9 million by 2027, increasing from $10,351.9 million in 2019 at a CAGR of 20.5%.
Impact Analysis of COVID-19 on the Cellular M2M Market:
The coronavirus (Covid-19) outbreak has spiked digital transformation in several industries particularly in the healthcare sector. Companies operating in the healthcare sector are following advanced strategies such as IoT and M2M connectivity while trying to reach patients who are staying home. Furthermore, cellular M2M solutions play a key role in the architecture of connected healthcare solutions. Owing to the above-stated factors healthcare institutions are strategically teaming up with IoT service providers in order to provide better services to patients. For example, in April 2020, Myongji Hospital announced their collaboration with ITX-M2M, a notable player in security solutions, for the joint development of a telemedicine in order to implement decentralized healthcare aided by health bots and home healthcare. Such company initiatives throughout the COVID-19 pandemic had created lucrative impact on the global cellular M2M industry.
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Global Cellular M2M Market Analysis:
In recent years, M2M communications has been enormously widening in emerging countries including China, India, and South Korea due to its cost-effectiveness. Moreover, significantly increasing need for data efficiency and reliability, combined with embedded telecommunications, has paved a way for the global cellular M2M market growth.
Also, key players operating in the market such as AT&T, Tata Communications, Verizon Communications Inc., and ORBCOMM are following effective strategies to provide advanced solutions worldwide. For instance, in October 2020, Tata Communications, one of the leading Indian telecommunications company and Micron Technology, Inc. key player in innovative memory solutions, announced that they are entering into a joint venture in order to make cellular-enabled connectivity solution available worldwide. This agreement will help in simplifying and accelerating large scale global deployment of IoT devices. With this technology, Tata has proposed a plan that can provide the service of ‘Tata Communications MOVE’, a global IoT solution, across 200 countries and territories. The connectivity solution will be powered by a new virtual SIM, which mainly provides a scalable and flexible substitute to conventional physical SIM cards. Such company developments may lead to register a significant growth during the analysis period.
In addition to this, extensively growing security threats such as malware, ransomware, phishing and others due to significant adoption of mobile and cloud technologies across the industries may obstruct the market growth, throughout the review period.
The global population is significantly increasing at a rapid rate. As per estimation of the UNFAO (Food and Agriculture Organization of the United Nations), food production will need to increase by 70% by the end of 2050 to match the supply to the demand. This places tremendous pressure on the food & agricultural sector that will need smarter and more efficient techniques in order to decrease environmental footprint, maximize yields, and minimize overall expenditure. Hence, in the past years, producers have stated adopting various integrated technologies especially cellular M2M applications for agriculture. This platform mainly helps farmers to remotely measure soil conditions, track the weather, monitor equipment, and assess the health of crops and livestock, via computers, smartphone, and other devices. Owing to these key features and above-stated facts & figures, the cellular M2M solution may have lucrative opportunities across the world in the coming years.
The connectivity services sub-segment of the global cellular M2M market is predicted have a rapid growth and is expected to surpass $14,093.8 million by 2027, with the rise from $3,117.7 million in 2019. M2M connectivity services are the best fit for requirement of the industries such as healthcare, transportation, hospitality, retail, oil and gas, and financial services since they help in automating the activities across industries via IoT. Moreover, these services are best for solutions that require less internet data per month. These factors may lead to accelerate the sub-segment growth, during the forecast period. The managed services sub-segment of the global cellular M2M industry shall have a significant share and is anticipated to cross $16,148.8 million by 2027, with a rise from $3,816.3 million in 2019. M2M managed services make it easy to manage and control IoT deployment. These services mainly help in organizing devices like smartphones and desktops, monitoring and troubleshooting device functionality, and sending firmware updates over-the-air (OTA).
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The asset tracking & monitoring applications for the global cellular M2M market is anticipated to be an exponentially increasing sub-segment and is further expected to generate a revenue of $4020.4 million by 2027. Cellular M2M services help in monitoring and controlling assets in the most remote areas of the world with complete global coverage across cellular networks and multiple satellites. Furthermore, the services offer complete visibility and monitoring & management over vehicles, displays, and drivers. In addition to this, cellular M2M plays a key role in detecting speeding, aggressive driving, seat belt violations and use driver scoring in order to enhance performance over time.
The transportation & logistics end-user for the global cellular M2M industry is predicted to be a massively increasing segment and is further projected to generate a revenue of $7,118.0 million by 2027. Cellular M2M communication technologies are being adopted by multiple industries globally, especially by the transport and logistics. Cellular M2M technologies provide innovative management, communications, control solutions and monitoring for transportation & logistics in order to improve supply chain visibility combined with enhanced operational efficiency and performance.
The small & medium enterprises (SMEs) sub-segment for the cellular M2M market may have a lucrative growth in the global industry and is expected to generate a revenue of $27,381.7 million by 2027, with a CAGR of 26.6%, during the forecast period. With the promising growth of smart applications, artificial intelligence (AI), machine learning, and IoT convergence has become the market trend. Majority of the industries, particularly SMEs are now focusing on increasing the production yield, and process efficiently along with introducing the system completeness, management, and security in the current business environments. Hence, the demand for deploying an integrated management system has extensively increased, which may ultimately boost the sub-segment’s growth, during the forecast period.
Asia-Pacific cellular M2M industry registered a revenue of $3,538.3 million in 2019, and it is expected to surpass $15,744.3 million by 2027. Major adoption of 4G/5G network coupled with implementation of effective strategies by key players may create positive opportunities for the market, during the forecast period. For example, in February 2019, Arm Limited, a British semiconductor and software design company, entered into official partnership with China Unicom (Hong Kong) Limited., a notable player in telecommunication industry, in order to provide IoT simplicity, scalability, and security to Chinese businesses and global enterprises seeking to have a presence in China. Also, in October 2020, Renesas Electronics Corporation., a Japanese advanced semiconductor manufacturer and SEQUANS., a significant provider of IoT modules, announced their strategic collaboration in order to develop IoT based Sequans’ Monarch LTE-M/NB-IoT solutions. Further, the IoT modules are developed to serve IoT enterprises with an integrated connectivity platform that play crucial role in several applications, including smart home, industrial IoT (IIoT), and smart city.
North America region for cellular M2M market generated a revenue of $2,405.8 million in 2019, and it is expected to reach up to $10,959.3 million by 2027. North American Countries particularly the U.S. and Canada are extensively responsive to the upgradation of the recent technological advancements to gain optimization of business resources. Moreover, key players operating the North America region are following business expansion strategies to strengthen their presence into international market. For example, in June 2019, NimbeLink, one of the leading developers of cellular-based IoT solutions, entered into partnership with NOVOTECH TECHNOLOGIES., Canada based leading distributor of M2M and IoT hardware, in order to extend its distribution network nationwide. As per this collaboration, NimbeLink is focusing on providing cellular connectivity solutions and services that enable enterprises to rapidly get their IoT products to market and publicize the full value of M2M technology. Such company initiatives may further drive the demand for cellular M2M industry, during the forecast period.
Porter’s Five Forces Analysis for Cellular M2M Market:
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