The global market for M2M services exhibited a valuation of approximately US$ 31.2 Billion in 2021. This market is set to experience substantial expansion, with a projected compound annual growth rate (CAGR) of 25.2%. By 2032, it is estimated to surge to a value of US$ 376.3 Billion, surpassing the 2022 value of US$ 39.7 Billion.
M2M technology plays a pivotal role in monitoring patients’ vital statistics, dispensing medications as required, and real-time tracking of healthcare assets. The process of remote monitoring often relies on machine-to-machine communication. The convergence of the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) is being harnessed to enhance the mobile payment experience, paving the way for fresh opportunities in product and service consumption.
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Emerging Trends in Embedded Devices and Managed M2M Services: Transforming Connectivity and Business Efficiency
In recent times, there has been an unprecedented surge in embedded devices. These devices traditionally operated in isolation and provided localized services to humans within their surroundings. The advancements in radio technologies have facilitated the seamless connection of mobile devices to target devices via the Internet. These trends are now evident in numerous case studies that showcase the utilization of physical equipment services across sensors, RFID tags, actuators, vehicles, machines, and industrial embedded devices.
Managed M2M services play a crucial role in establishing a wireless interface between machines and devices. This transformation enables these devices to become smart assets, ushering in new avenues for growth and elevating customer service. Through the utilization of these services, businesses can optimize the efficiency and productivity of activities related to connected machines. This optimization drives innovation, facilitates quicker decision-making, and minimizes the demands for time, effort, and expenditure.
Key Insights from the M2M Services Market Analysis
- The global M2M services market is poised to achieve a significant CAGR of 25.2% during the forecast period, resulting in a market value of US$ 39.7 Billion.
- The Indian market is anticipated to attain a valuation of US$ 18.9 Billion, showcasing a robust CAGR of 28% throughout the forecast period.
- China’s market is set to expand at a CAGR of 26.8% during the forecast period.
- The U.S. market is projected to experience a CAGR of 24.7% during the forecast period.
- The Connectivity and Data Storage Services segment is forecasted to grow at a CAGR of 25.5% between 2022 and 2032.
Competitive Landscape of M2M Services
The report features profiles of key players in the M2M services market, including AT&T, Gemalto NV, PTC, Oracle, Ericsson AB, Verizon Communications Inc, Deutsche Telekom AG, Vodafone + Telefonica, and Aeris. These players are driving innovation through advanced products and technologies, aiming to provide customers with enhanced technological benefits.
Recent Developments:
In October 2021, Wavecom S.A. entered into a definitive agreement to acquire Anyware Technologies, a prominent provider of client-server software solutions for M2M applications based in Toulouse, France. This strategic move strengthens Wavecom’s commitment to offering comprehensive turn-key solutions that seamlessly integrate wireless products with IT infrastructure, bolstering customer offerings.
In September 2021, SONDA acquired M2M solutions as part of its strategic plan for 2019-2021. The acquisition aligns with SONDA’s focus on enhancing key industries such as transportation, retail, financial services, and government at a regional level. Leveraging its successful transport solutions, SONDA aims to positively impact the lives of Latin Americans by transforming daily mobility through M2M solutions.
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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
M2M Services by Region:
- North America M2M Services Market
- Europe M2M Services Market
- Asia Pacific M2M Services Market
- Middle East and Africa M2M Services Market
- Latin America M2M Services Market
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