According to the latest report by IMARC Group, titled “Machine-to-Machine (M2M) Connections Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global machine-to-machine (M2M) connections market size reached US$ 20.3 Billion in 2022. Machine-to-machine (M2M) is a technology that allows a network of devices to share and exchange information and perform tasks without the manual assistance of humans. It employs sensors, radio frequency identification (RFID), Wi-Fi, and cellular communication links to capture data fed through networks and provide critical input to various machines. It operates over data endpoint (DEP), communication networks, and data integration point (DIP), which mainly schedules data transfers. M2M helps reduce costs by minimizing equipment maintenance and downtime, increases revenue by providing new business opportunities for servicing products, and improves customer service by monitoring and servicing equipment before it fails or needs maintenance. As a result, it is widely adopted across the healthcare, utilities, and banking, financial services, and insurance (BFSI) sectors.
Global Machine-to-Machine (M2M) Connections Market Trends:
The increasing proliferation of wireless devices, such as smartphones, tablets, laptops, and smart speakers, and the easy access to high-speed internet through cellular networks or short-range networks like Wi-Fi are primarily driving the global M2M connections market growth. Besides this, increasing automation across various industrial verticals and the escalating demand for effective predictive maintenance systems for real-time collection of data and continuous analysis of equipment conditions are presenting remunerative growth opportunities for the market. Moreover, the increasing demand for smart grids due to the rising development of smart cities, rapid urbanization, inflating disposable income of individuals, and surging demand for smart homes and connected devices, is creating a positive outlook for the market expansion. In addition to this, M2M connections are extensively used across the healthcare sector in various medical devices to diagnose and treat different health conditions, which is favoring the market growth. This is further influenced by the growing prevalence of numerous chronic diseases, significant improvements in the healthcare infrastructure, and rising demand for remote patient monitoring. Furthermore, the large-scale product adoption across the utility sector for harvesting energy (oil and gas), analyzing worksite conditions (like pressure, temperature, and equipment status), and automatically billing customers’ electricity or water usage is aiding in market expansion. Looking forward, the market value is projected to reach US$ 26.6 Billion by 2028, expanding at a CAGR of 5.1% during 2023-2028.
- Based on the connection type, the market has been bifurcated into wired and wireless. At present, wireless connections dominate the market.
- On the basis of technology, the market is segregated into serial connection, power line connection, cellular, Wi-Fi, Bluetooth, and others. Amongst these, cellular technology holds the largest market share.
- Based on the end use industry, the market is categorized into automotive, healthcare, consumer electronics, transportation, utilities, retail, and others. Currently, automotive and transportation are the biggest end use industries.
- On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Amongst these, North America is the leading market, accounting for the majority of the global share.
- The competitive landscape of the market has also been examined, with some of the key players being AT&T Inc., Cisco Systems Inc., Deutsche Telekom AG, Huawei Technologies Co. Ltd., Intel Corporation, Murata Manufacturing Co. Ltd., NXP Semiconductors N.V., Telefonica S.A., Texas Instruments Incorporated, U-Blox Holding AG, Verizon Communication Inc., and Vodafone Group Plc.
|Base Year of the Analysis
||Connection Type, Technology, End Use Industry, Region
||North America, Asia Pacific, Europe, Latin America, Middle East and Africa
||United States, Canada, China, Japan, India, South Korea, Australia, Indonesia, Germany, France, United Kingdom, Italy, Spain, Russia, Brazil, Mexico
||AT&T Inc., Cisco Systems Inc., Deutsche Telekom AG, Huawei Technologies Co. Ltd., Intel Corporation, Murata Manufacturing Co. Ltd., NXP Semiconductors N.V., Telefonica S.A., Texas Instruments Incorporated, U-Blox Holding AG, Verizon Communication Inc. and Vodafone Group Plc
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