The global M2M services market is projected to reach US$ 376.3 Billion by 2032. The market is expected to reach a CAGR of 25.2% during the forecast period from 2022 to 2032. The absolute dollar market value for M2M services was ranked at US$ 336.5 Billion in 2016–2021 during the forecast period.
In recent years, there has been 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 M2M Services Market Report:
- 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.
M2M Services Competitive Landscape:
- 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 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 the years.
Leading Key Players:
- AT&T
- Germalto NV
- PTC
- Oracle
- Ericsson AB
- VERIZON COMMUNICATIONS INC
- Deutsche Telekom AG
- Vodafone + Telefonica
- Aeris
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M2M Services Market Segmentation:
By Organization Size:
- Large Enterprises
- SMEs
By Service Type:
- Managed
- Professional
- Connectivity and Data Storage
By Application:
- 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
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