The global M2M services market size was valued at US$ 31.2 Billion in 2021 and is projected to grow at a compound annual growth rate of 25.2% reaching US$ 376.3 Billion by 2032 from US$ 39.7 Billion in 2022.
In recent years, there has been an unprecedented growth in embedded devices. These devices traditionally worked independently as well as locally and provided services to humans in their environment. The advancements in radio technologies have enabled mobile devices to be easily connected to target devices using the Internet. Applied to devices such as sensors, RFID tags, actuators, vehicles, machines, and industrial embedded devices, these trends can now be seen in the number of case studies that use physical equipment services.
The managed M2M services provide a wireless interface between machines and devices, thus allowing them to be transformed into smart assets, creating new opportunities for growth while enhancing customer service. By using these services, businesses can optimize the efficiency and productivity of the business activities associated with connected machines, stimulating innovation, enabling faster decision-making, and reducing the need for time, effort, and cost.
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Key Takeaways from the Market Study
- Market growth is expected to reach a CAGR of 25.2% in the forecast period, valuing the global M2M services market at US$ 39.7 Billion.
- In India, the market is predicted to reach US$ 18.9 Billion while growing at a CAGR of 28% during the forecast period.
- China’s market will grow at a 26.8% CAGR during the forecast period.
- U.S. recorded a CAGR of 24.7% CAGR during the forecast period.
- Connectivity and Data Storage Services is expected to reach a CAGR of 25.5% during the forecast period between 2022 and 2032.
“Growing demand for wireless technologies and the increasing adoption of 5G networks along with high-speed internet demand in automotive to further bolster growth in the upcoming years,” comments an analyst at FMI.
M2M Services Competitive Landscape
Key Players that have been profiled in the report are AT&T, Germalto NV, PTC, Oracle, Ericsson AB, VERIZON COMMUNICATIONS INC, Deutsche Telekom AG, Vodafone + Telefonica, and Aeris Innovative products and technologies will allow customers to benefit from new technologies.
- In October 2021, Wavecom S.A. signed a definitive agreement to acquire Anyware Technologies, a leading provider of client-server software solutions for machine-to-machine (M2M) applications located in Toulouse, France. Having been a Wavecom technology partner for several years, Anyware Technologies is pleased to join forces with Wavecom technologies in further enhancing the deployment of our complete turn-key solutions that enable the customers to create wireless products that seamlessly integrate with their IT infrastructure.
- SONDA acquired M2M solutions in September 2021 as part of its strategic plan for the 2019-2021 period, which focuses on strengthening four key industries at a regional level: transportation, retail, financial services, and government. With their proven track record of successful transport solutions, Sonda has assisted in improving the quality of life of Latin Americans by transforming the way they move daily. Throughout the years, SONDA has built a solid base of expertise that M2M solutions can strengthen over years.
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More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the global M2M services market, presenting historical market data (2016-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights By Organization Size (Large Enterprises, SME’s), By Service Type (Managed Services, Professional Services, Connectivity, and Data Storage Services) By Industry Vertical (Retail, Manufacturing, Healthcare, Automotive, Consumer Electronics, Energy, and Mining, Transportation and Logistics, Oil and Gas, Others (Education, Hospitality)) & By Region (North America, Europe, Asia Pacific, Middle East, and Africa, Latin America
Key Segments Covered in the M2M Services Industry Report
M2M Services by Organization Size:
- M2M Services for Large Enterprises
- M2M Services for SMEs
M2M Services by Service Type:
- Managed M2M Services
- Professional M2M Services
- Connectivity and Data Storage M2M Services
M2M Services by Application:
- Retail M2M Services
- Manufacturing M2M Services
- Healthcare M2M Services
- Automotive M2M Services
- Consumer Electronics M2M Services
- Energy and Mining M2M Services
- Transportation and Logistics M2M Services
- Oil and Gas M2M Services
- Others (Education, Hospitality) M2M Services
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