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According to a comprehensive research report by Market Research Future (MRFR), “M2M Communication Market: By Component, By Application – Forecast 2020-2030”, the market is predicted to thrive substantially during the assessment era from 2020 to 2030 at a healthy CAGR of approximately 8.32% to attain a valuation of around USD 27.41 Billion by the end of 2030.
Market Analysis:
The m2m communication market will grow continually over the next few years. Growing digitization and automation in manufacturing companies across industries would drive market growth. According to Market Research Future (MRFR), the global m2m communication market is projected to touch USD 27.41 Billion by 2030, growing at an 8.32% CAGR during the review period (2020-2030).
M2M Communication Market Competitive Analysis:
Active players in the global m2m communication market are:
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M2M communication or machine-to-machine communication technology enables networked devices to interact to exchange information and perform actions without human intervention. AI and machine learning (ML) technologies allow communication between systems, enabling them to make autonomous choices. Wired and wireless M2M communications are two types of machine-to-machine communication technology.
M2M technology is designed for the remote monitoring of devices. Some key M2M applications are warehouse & supply chain management systems, remote healthcare monitoring & management, robotics, traffic control, fleet management, etc. The most popular M2M communication use cases include in-car telemetry services, smart asset tracking services, smart meters, wearable technologies, and supply chain management (SCM) solutions.
In the medical sector, M2M communication monitors patients’ health data in real time. M2M technology is extensively used in manufacturing and industrial settings to remotely manage and control data from equipment with the help of SCADA and remote monitoring solutions. M2M also finds applications in the healthcare and banking & insurance sectors. M2M is also the foundation for the IoT that facilitates the automation of machinery. The benefits of m2m communication go beyond remote monitoring of equipment and systems.
Some of the top M2M benefits are reduced equipment maintenance and downtime costs, increased revenues & business opportunities, proactive management of monitoring & servicing equipment, and improved customer service. The advent of M2M communication has revolutionized various sectors, improving the performance of businesses and services by providing automation and intelligence.
Industry Trends:
Growing smart factory initiatives and the use of smart machines and wireless IIoT maintenance technologies promote the m2m technology. Machine-to-machine communication technology offers a cost-effective solution for automated processes and remote machine monitoring, which is critical for smart-factory and wireless communication protocols and sensors.
The capital-intensive nature of the machine control systems puts high barriers for new entrants. However, the growing demand for these systems from consumer electronics, healthcare, retail, automotive, utilities, and home automation is likely to attract several new entrants having upgraded technology. Also, compatibility issues and high installation costs impede the market growth.
The major security concerns surrounding M2M are one of the key factors impeding the market growth. Since M2M devices operate without human intervention, there is a huge possibility of security threats, such as data breaches, hacking, and unauthorized monitoring. Nevertheless, the growing automation in manufacturing sectors would offer vast opportunities to market players.
Market Segments:
The m2m communication market is segmented into components, technologies, applications, and regions. The technology segment is sub-segmented into 4G/LTE, Wi-Fi, Ethernet, Power Line, and others. The component segment is sub-segmented into actuators, sensors, memory, RFID, power, communication modules, and others. The application segment is sub-segmented into information technology (IT), consumer electronics, retail, transportation & automotives, healthcare, security, and others. The region segment is sub-segmented into Europe, the Americas, Asia-Pacific, MEA, and rest-of-the-world.
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Regional Analysis:
North America dominates the global m2m communication market. Growing automation of instrumentation processes across industries in this region escalates the m2m communication market value. Besides, the rising adoption of machine-to-machine technology and alliances between m2m communication providers & OEMs influence the market size.
Also, the presence of key technology providers and developed network infrastructure in this region drives the m2m communication market growth. The US holds the largest share of the m2m communication market in North America, followed by Canada. The region is likely to continue to maintain its winning streak throughout the assessment period.
Europe is another lucrative market for m2m communication systems. The automotive, aerospace, and food & beverage sectors in the region demonstrate high growth potential. Moreover, the rising demand for m2m communication technology from the food industry due to strict food safety regulations and from the medical sector due to considerable healthcare spending in this region influences the market growth.
Rising demand for machine control systems from the automotive and electronics industries fosters market growth considerably. Additionally, factors like the large presence of medical device manufacturers and strong demand for pharmaceutical products in the region escalate the market value.
Competitive Landscape:
The highly competitive global m2m communication market appears fragmented, as many key players form a competitive landscape. Market players consider several strategic approaches, such as collaborations, mergers & acquisitions, expansion, and product launches, to gain a competitive advantage. They also make strategic investments to drive their research & development activities and expansion plans.
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Considering current market opportunities, m2m communication providers invest in innovative product developments and improve their existing product line efficiencies. They are forming alliances with key financers and shareholders involved in the refinancing. These factors, as a result, are expected to boost the m2m communication market size cumulatively.
For instance, on May 16, 2022, Rosmerta Group (India), a leader in transport technology domains, announced the acquisition of Sensorise Digital Services (India), a leader in the M2M and IoT market, to boost its financial and technological strength. Rosmerta Group has been a strategic investor for Sensorise for years. The acquisition will enable the group to leverage the opportunities in the M2M and IoT space.
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