Global M2M Connections Market - Segmented by Technology (Cellular Connections, Low Power Wide Area, Short Range, MAN, Wide Area Fixed, Satellite), End-User (Retail Sector, Banking and Financial Institution, Telecom and IT Industry, Healthcare, Automotive), and Region - Growth, Trends, and Forecast (2018 - 2023)
The M2M Connections Market expected to register a CAGR of 4.37% during the forecast period (2018 - 2023), to reach USD 26.91 billion by 2023. The scope of the report includes different types of M2M connections, such as Cellular Connections, Low Power Wide Area, Short Range, MAN, Wide Area Fixed, and Satellite. The scope is also segmented by end-user and region.
Increasing Number of Mobile Connections is the Major Driver for the Market
There are over 7.5 billion worldwide mobile connections today, a number slightly higher than the estimated global population. Mobile connections far outnumber individual subscribers, as many people have more than one SIM card, perhaps indicating multiple phones for their personal lives or two phones to cover work and social life. This is the major driver for the market. With IoT and Industry 4.0 being adopted by many companies to automate their process and reduce lead times, the market is expected to boom in the forecast period.
Automotive End-User Segment is expected to hold Significant Market Share
The increase in the demand for embedded telematics in cars and Wi-Fi-based GPS trackers for remote fleet monitoring, coupled with Bluetooth in-car connectivity for vehicle infotainment, is expected to drive the growth of the wireless M2M connections market for the automotive end-user industry. The M2M technology using wireless communication allows vehicles to interact with each other, as well as with the infrastructure around them and alert drivers in the loop about road conditions. Drivers can be notified of possible collisions, dangerous road conditions and hazardous curves using an array of automated systems. Connected cars are rapidly advancing towards comprehensive security with the launch of M2M technology. Nevertheless, leakage of personal information is one of the major points of concern for potential buyers of these connected cars. Thus, the networks connected to the car need to be protected and secured to avoid any internal or external attacks on the sensitive communication systems. Safety must be given the top priority.
North America is expected to lead the Market for M2M connections
North America is one of the largest markets for technology-based solutions. North America is a strong player is development and implementation of new technologies. North America is also the largest and one of the fastest growing market driverless cars, further pushing the use of number of M2M connections in the region. United States is the major shareholder in the North America region. The industrial sector is also on a steady growth, further pushing the market.
Key Developments in the Market
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