Portland, OR , Sept. 20, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global cellular M2M market generated $10.62 billion in 2020, and is expected to reach $83.23 billion by 2030, manifesting a CAGR of 23.2% from 2021 to 2030. In-depth information about key drivers, restraints, opportunities, and their impact analysis on the market is offered in the report.
Robust applications of cellular M2M, improvement in global cellular network connectivity, and increase in its use are the factor driving the global cellular M2M market growth. However, rise in data and network loads and challenges faced in data privacy measures create restraints in the growth of the market. As far as opportunities are concerned, growth in popularity of the industrial internet of things (IIoT) and increased asset monitoring needs after COVID-19 pandemic will open many doors of opportunities to the market players.
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Covid-19 Scenario:
- Social distancing norms and self-isolation policies were enforced in countries across the globe during the COVID-19 pandemic, forcing enterprises to limit their operations or shut them completely.
- The world embraced the remote working culture, boosting the penetration of cellular M2M communication solutions.
- During this pandemic, industries suffered from a shortage of on-site workers, which declined productivity and efficiency in many sectors.
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The report offers detailed segmentation of the global cellular M2M market based on service, application, end-user, and region.
Based on end-user, manufacturing accounted for the largest market share in 2020, contributing to nearly two-fifths of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the transportation and logistics segment is estimated to witness the fastest CAGR of 27.4% from 2021 to 2030.
Based on the services, the connectivity services segment contributed to the largest share in 2020, accounting for more than two-thirds of the global cellular M2M market. However, the managed services segment is expected to lead the market with the manifestation of the highest CAGR of 25.8% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in 2020, followed by Europe and North America, holding around half of the total market share, and is expected to maintain the lead throughout the forecast period. On the other hand, LAMEA is expected to portray the fastest CAGR of 28.5% during the forecast period.
Leading players of the global cellular M2M market analyzed in the research include KORE Wireless Group, AT&T, T-Mobile, Vodafone, Telefónica, S.A., Deutsche Telekom AG, Orange S.A.,Telefonaktiebolaget LM Ericsson, Verizon Communications Inc., Aeris Communications India Pvt. Ltd.
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Cellular M2M Market
