New York, USA, May 03, 2021 (GLOBE NEWSWIRE) -- As per a report published by Research Dive, the global cellular M2M market is expected to garner a revenue of $45,398.9 million at a CAGR of 20.5% by 2027, increasing from $10,351.9 million in 2019. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, other market dynamics, restraints and various opportunities during the forecast period.
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Market Dynamics
The multiple initiatives taken by the government to promote the distributions of cellular M2M solutions is the major factor predicted to boost the growth of the global cellular M2M market during the forecast period. Moreover, growing investment on high-speed internet and connectivity technologies, such as 4G and 5G is also a factor behind the growth of the market.
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However, rising security threats across the large and SME enterprises is expected to hamper the growth of the market during the forecast period.
M2M cellular technology is resulted in the creation of innovative application and services that are used in the agricultural value chain. This is predicted to create many opportunities for the market in upcoming years.
Segments of the Market
The report has divided the market into different segments based on services, applications, end-use, organization size, and regional outlook.
Connectivity Sub-segment Expected to be the Most Profitable
The connectivity services sub-segment is expected to garner $14,093.8 million by 2027, as per the report. The main attributor behind this growth is the features of connectivity services such as hassle-free implementation, intelligent data analysis, and enhanced security.
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Asset Tracking & Monitoring Sub-segment Estimated to Earn the Highest Share
The asset tracking& monitoring sub-segment is predicted to generate a revenue of $4,020.4 million by 2027, at CAGR of 22.2%. The increasing popularity of e-commerce has changed the distribution patterns across industries in a significant way, which is the reason behind this growth.
Transportation & Logistics Sub-segment Expected to be Most Lucrative
The transportation & logistics sub-segment is expected to record a revenue of $7,118.0 million by 2027. The main factor behind this growth is its versatile role in scheduling and tracking, truck and driver connectivity, real-time fleet management, yard management, and route planning.
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SME Sub-segment Predicted to Earn the Maximum Revenue
The SME sub-segment is projected to generate a significant revenue of $27,381.7 million by 2027, growing at a CAGR of 26.6%. New technological innovations, increasing investment on research & development activities across the small & medium businesses are expected to propel the growth of the segment.
Asia-Pacific to Dominate the Market
The Asia-Pacific market is expected to generate a revenue of $15,744.3 million by the end of 2027. Rising adoption of 5G technology in the Asia- Pacific countries is expected to enhance the growth of the regional market during the forecast period.
Key players in the market
1. AT&T
2. Infineon Technologies AG
3. Verizon Communications Inc.
4. Telefónica S.A.
5. Cubic Telecom Ltd.
6. T-Mobile USA, Inc.
7. ORBCOMM
8. 1oTOÜ
9. KPN
10. Telefonaktiebolaget LM Ericsson.
Impact of COVID-19 on the market
The global economy has witnessed drastic loss during the coronavirus pandemic. As a result, the amount of investment in research & innovation of cellular M2M platforms has slightly been reduced. However, the leading players of the market are focusing on the R&D, new product launch, partnership, collaboration and other strategies to bring the revenue back on track post the pandemic.
The report offers many strategies and ideas of the top industry players functioning in the industry such as the current strategic plans & developments, financial performance, SWOT analysis, and product/service range. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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