New York, USA, Sept. 15, 2021 (GLOBE NEWSWIRE) -- A recently published report by Research Dive states that the global cellular M2M market is expected to witness a significant increase in revenue from $10,351.9 million in 2019 to over $45,398.9 million by 2027 at a stable CAGR of 20.5% from 2020-2027.
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Market Dynamics
Growth: Governments all over the world have been working on initiatives to propagate the use of cellular M2M solutions in various sectors. Additionally, the need for high-speed internet to ensure a smooth process of businesses along with the rising demand for 4G and 5G networks has called for a large amount of investments. These factors are expected to drive the growth of the market in the forecast period.
Restraints: The extensive use of cloud and AI technology by businesses both large and SMEs (small and medium) could prove to be risky for the data unless it is secured using some form of technology. These threats along with the rapid increase in data traffic is one of the primary limiting factors in the market growth.
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Opportunities: The M2M form of technology is today also being implemented in the agriculture sector which is anticipated to sort issues that most farmers face. The cellular M2M solution is capable of keeping a track on the agricultural vehicles such as tractors and harvesters. It also maintains a record of the impact of production on the environment. These factors along with its approach towards managing livestock and crops is expected to provide growth opportunity for the market.
COVID-19 Impact on the Global Cellular M2M Market
The pandemic severely impacted the global economy which also led to closure of several businesses. The cellular M2M market was also negatively affected as a result of the slowing economy which further led to a drop in the number of investments provided for research activities. The pandemic also led to the need to implement advanced technology into various sectors such as healthcare, automotive, and energy and utilities. These developments provided the market with the opportunity to grow in the post-pandemic era.
Segmental Analysis
The report has categorized the market into multiple segments based on services, application, and end user.
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Connectivity Sub-segment Predicted to Dominate the Market
By services, the connectivity sub-segment is expected to garner revenue of $14,093.8 million by 2027 rising from $3,117.7 million in 2019. This growth is credited to the multiple features provided which include rapid deployment, enhanced security levels as well as constructive analysis of data. Additionally, the use of AI and cloud has further led to an increase in the need for a secure network connection. These factors are anticipated to add to the growth of the sub-segment in the analysis period.
Asset Tracking and Monitoring Sub-segment Expected to Hold Highest Market Share
By application, the asset tracking and monitoring sub-segment is expected to garner revenue of $4,020.4 million by 2027 and is set to rise further. The e-commerce sector and its popularity has changed the entire process of how businesses functioned. Compared to the traditional methods, the asset tracking technology assists in keeping a tab on the transport of products. This allows the business to note down any instances of inefficiency or poor performance and even theft. These factors are expected to contribute to the growth of the sub-segment in the forecast period.
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Transportation and Logistics Sub-segment Set to Gain Momentum in the Market
By end-user, the transport and logistics sub-segment is expected to gain revenue of $7,118.0 million by 2027. Several processes such as yard management, fuel consumption, route planning, and others today use M2M solutions due to its efficiency. The sub-segment is thus expected to grow as a result of the large scale of M2M technology for different purposes.
Small and Medium Enterprises (SMEs) Sub-segment Set to Garner Highest Revenue
By organization size, the small and medium enterprises (SMEs) sub-segment is predicted to garner significant revenue of $27,381.7 million by 2027 at a CAGR of 26.6% from 2020-2027. Multiple small businesses have started using advanced technology to help enhance their functioning process. To add further, governments and other organizations have been working on providing investments to these SMEs in an effort to propagate the use of cellular M2M technology. These factors are anticipated to assist in the growth of the sub-segment in the estimated timeframe.
Regional Analysis
The Asia-Pacific market is anticipated to garner revenue of $15,744.3 million by 2027 rising from $3,538.3 million by 2019. Most of the Asia-Pacific countries such as South Korea, Australia and China have been experiencing an escalating demand for the implementation of 5G networks. A recent research by Global System for Mobile Communication (GSMA) stated that the region is on the way to becoming a 5G dominant network area by 2025.
Key Market Players
The report contains a list of notable market players of the global market for cellular M2M solutions who have been ensuring the constant growth of the market. They are as listed below:
1. Infineon Technologies AG
2. Telefonica S.A
3. T-Mobile USA, Inc
4. 1oTOÜ
5. Telefonaktiebolaget LM Ericsson
6. AT&T
7. Verizon Communications, Inc
8. Cubic Telecom, Ltd
9. ORBCOMM
10. KPN
These players are currently focusing on R&D activities, mergers & acquisitions, partnerships, and collaborations to sustain and attain a leading position in the market.
For instance, in April 2020, Infineon Technologies AG, a renowned manufacturer of semiconductors, acquired Cypress, which is also a popular manufacturing company for semiconductors. This initiative is expected to provide the consumers with a more extensive range of advanced products while also furthering the digitalization process.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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