CHICAGO, Feb. 9, 2024 /PRNewswire/ -- The machine-to-machine (M2M) connections market is projected to grow from USD 2.9 billion units in 2024 to USD 5.3 billion units by 2029, registering a CAGR of 12.7% during the forecast period according to a new report by MarketsandMarkets. The market growth is attributed to increasing support by the government towards M2M connections and the growing popularity of smart cities and connected cars. Furthermore, the emergence of M2M devices in telemedicine is expected to create lucrative opportunities for the market.
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Machine Safety Market Machine-to-machine (M2M) Connections Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 2.9 billion |
Estimated Value by 2029 | $ 5.3 billion |
Growth Rate | Poised to grow at a CAGR of 12.7% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Technology, End-user Industry, and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Privacy and security |
Key Market Opportunities | Emergence of M2M devices in Telemedicine |
Key Market Drivers | Growing popularity of smart cities and connected cars |
The short range wireless technology machine-to-machine (M2M) connections segment is expected to account for the largest share of the machine-to-machine (M2M) connections market in 2024.
The short-range segment is a significant market for machine-to-machine (M2M) connections. Short-range technologies have a larger number of connections than cellular because cellular wireless standards are mainly used for dubbing and aggregation purposes in applications such as hospitals, power plants, oil and gas refineries, retail stores, and smart appliances, while short-range modules are used for the distribution of the cellular network throughout that concerned area of application. Universal subscriber identity modules (USIMs) are not very suitable for application in M2M devices, which require modules with a higher level of resistance in severe environments, better robustness, and longer data retention. These attributes are available in Machine Identification Modules or M2M Identification Modules (MIM), which have been specifically developed for M2M applications. Unlike conventional SIMs, which are issued to general consumers, MIMs are used in machines communicating with each other. The high demand for these modules is indicative of the high growth of the cellular M2M connection market.
The Automotive & Transportation segment is expected to account for the largest share of the machine-to-machine (M2M) connections market in 2024.
The automotive & transportation segment accounted for the largest share of the machine-to-machine (M2M) connections market in 2024, and a similar trend is expected to be witnessed during the forecast period. The recent developments in automotive & transportation that are expected to drive the growth are: Public transportation, such as buses and trains, will transform through connectivity. Subway cars in New York City will be equipped with chargers, built-in Wi-Fi, and security cameras, according to the city's Metropolitan Transportation Authority. In June 2021, The European Union Funded the 5G-IANA project with over USD 7 million to develop an Automotive Open Experimental Platform (AOEP). The goal is to look into the market condition and identify opportunities for innovation and sustainable long-term development of 5G in the automotive sector.
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The Asia Pacific market is expected to witness the highest CAGR in the machine-to-machine (M2M) connections market during the forecast period.
Asia Pacific is projected to record the highest CAGR during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the machine-to-machine (M2M) connections industry in Asia Pacific. Asia Pacific has been ahead of other regions in terms of the adoption of M2M connections products and solutions. Continuous demand for cost-effective and highly efficient M2M connections from consumer electronics, utilities, healthcare, automotive & transportation, among other industries is expected to drive the growth of the M2M connections market in this region. Furthermore, many countries in the Asia-Pacific region, such as China and India, have been actively investing in smart city projects. M2M connections play a crucial role in creating connected and intelligent urban environments and addressing issues related to transportation, energy, and public services. For instance, the Indian government has announced a plan to develop 100 smart cities in India. All industries are seeing a boom phase in the commercialization of IoT, particularly in Asia Pacific's developing nations. As a hub for significant investments and business expansion, the region has gained international attention. The high production and consumption of electronic devices in Asia Pacific are likely to drive significant growth in the area.
Key players
Key players in the machine-to-machine (M2M) connections companies include AT&T Intellectual Property (US), Cisco Systems, Inc. (US), Huawei Technologies (China), NXP Semiconductors N.V. (Netherlands), Texas Instruments Incorporated (US), Intel Corporation (US), China Mobile International Limited (China), Thales (France), Vodafone Group Plc (UK), Murata Manufacturing Co., Ltd. (Japan), U-Blox Holding AG (Switzerland), and among others.
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