Wilmington, Delaware, United States, Transparency Market Research Inc. - , July 03, 2024 (GLOBE NEWSWIRE) -- The anticipated global machine-to-machine connection market size will reach USD 4 billion by 2034, with the projected advancement occurring at a moderate CAGR of 5.8% through the forecasted period. The last recorded size of the sector was USD 2.2 billion in 2023.
The use of machine-to-machine connections has significantly enhanced the ability of machines to communicate and transfer data. This has led to collective work and individual processing, thereby uplifting operational efficiency. Notably, this communication has played a crucial role in helping organizations optimize their supply chains.
With the growing emphasis on increasing the efficiency of supply chains, firms seek instruments that can reduce errors and help businesses gain control of key areas of supply chains. Such areas increase the importance of M2M connections as such connections can enhance the connectivity between machines.
Inventory tracking, warehouse management, etc., can be enhanced, which are key operations of supply chains of firms. The demand for machine-to-machine connections, thus, will increase, creating prospects for key players.
With the growing importance of IoT, cloud computing, big data, and other major technological advancements in business operations, the connectivity between two remote machines must be bolstered. This elevates the demand for M2M connections.
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The increasing importance of 5G networks and the rising infrastructure for the same has created several prospects for the machine-to-machine connection market. With the enhanced connection speed of 5G technology, the reach of such connections can be spread wide, which fuels the demand for the industry.
With the spurring urbanization, the installation of 5G towers has caught great speed. Due to this, the 5G network will likely be used regularly, creating growth prospects for the industry under consideration.
Key Findings from the Market Report
- The global machine-to-machine connection market can be segmented based on different categories. Based on offerings, the sector is classified into hardware and software. The software segment is highly exploited due to the growing technological infrastructure. IoT, 5G network, and other key developments fuel the demand for the segment.
- Based on the connection type, WiFi-connected devices are gaining traction due to the ability to connect remote machines. The use of the Internet has been increasing, which is a cost-effective option, surging the demand for the segment.
- Based on the application, the industry’s inventory management segment is expected to gain maximum attention. Due to the focus on bolstering the supply chain, organizations will use M2M connections for inventory management.
- The end-user industry segment distributes the use of M2M connections uniformly, as several sectors use such connections to enhance the speed of operations.
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Regional Profile
- The rising urbanization rate in the Asia-Pacific region will generate more demand for M2M connections in the region, helping the area to contribute to the market.
- Technological advancements in North America will help the region gain the largest space in the market.
- The industrial revolution will likely elevate the demand for machine-to-machine connections in Europe.
- In April 2024, Cisco Systems, Inc. acquired Isovalent. This strategic move will help the business gain more space in the landscape, helping the firm to consolidate brand value in the industry.
- In April 2024, Intel Corporation invested about USD 20 billion in two new chip factories in Licking County, Ohio. This will help the business diversify its presence in the United States of America.
Competitive Landscape
Various marketers have active participation in the competitive landscape of the machine-to-machine connection market. Cisco Systems, Inc. is a key business that offers various end-to-end security features, agile networks, and many other services.
- Commsolid GmbH is another key player offering ultra-low power solutions for the cellular IoT sector. The firm also offers Cat NB1 technology to users.
- Intel Corporation is a key competitor that offers different processors specially designed for laptops and other digital display devices. The business also offers different software, including performance solutions, open source projects, and many more.
- AT&T Intellectual Property
- Cisco Systems Inc.
- Commsolid GmbH
- Deutsche Telekom AG
- Intel Corporation
- Murata Manufacturing Co. Ltd.
- NXP Semiconductors
- PHYSEC GmbH
- SEMTECH
- Telit Cinterion
- Texas Instruments Incorporated
- Thales
- T‑Mobile USA Inc.
- u-blox
- Virscient
Market Segmentation
Offering
- Hardware
- Software
- Wired
- Ethernet
- Modbus
- Profinet
- Foundation Fieldbus
- Wireless
- Wi-fi
- Bluetooth
- Cellular Network
- Sigfox
- LoRa
- Others (RFID, NB-IoT, etc.)
- Smart Meters
- Smart Security Devices
- Fleet Management
- Industrial Automation
- Smart Homes
- Wearable Devices
- Inventory Management
- Others (Telemedicine Equipment, etc.)
- Automotive & Transportation
- Consumer Electronics
- Industrial
- Retail
- Energy & Utilities
- Others (Healthcare, etc.)
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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