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With 12.7% CAGR, Machine-to-machine (M2M) Connections Market Growth to Surpass USD 5.3 billion Units

03-01-2024 08:32 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets

With 12.7% CAGR, Machine-to-machine (M2M) Connections Market

The machine-to-machine (M2M) connections market is projected to grow from USD 2.9 billion units in 2024 to USD 5.3 billion units by 2029, registering a CAGR of 12.7% during the forecast period. The development of wireless technologies such as 5G, NB-IoT, and LTE-M and the growing popularity of smart cities and connected cars will drive the market for machine-to-machine (M2M) connections. The growing trend of cloud platforms and big data analytics is also expected to boost market growth in the coming years.

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The penetration rate of the Internet has significantly increased in the past 5 to 10 years. The penetration rate of the Internet is especially high in developed regions such as North America and Western Europe. According to the Internet World Stats, as of March 2022, the penetration rate of the Internet in North America and Europe was 93.4% and 89.2%, respectively. However, regions such as Asia and Africa had penetration rates of 67.0% and 43.2%, respectively. With the increasing internet penetration rate, M2M and IoT are finding applications in retail, consumer electronics, agriculture, automotive and transportation, and other sectors. For instance, in the retail sector, in order to improve the consumer's shopping experience, retailers are opting for connected devices such as wireless beacons, contactless check-out systems, inventory management, and smart shopping carts. These devices are connected through short-range connectivity technologies such as Wi-Fi and Bluetooth. These new applications of connected devices are thus generating new demand in the M2M connections market. Furthermore, consumer electronics manufacturers are now providing smartly connected products such as smart TVs, smart refrigerators, smart washing machines, smart cooktops and various other smart appliances, which can be remotely monitored and accessed. These new connected appliances have thus become part of the M2M/IoT ecosystem and are driving the growth of the M2M connections market in consumer electronics.

The development of wireless technologies like 5G, NB-IoT, and LTE-M is significantly driving the M2M connection market by expanding connectivity options, optimizing costs, enabling new applications, and transforming industries. These technologies are paving the way for a future where connected devices seamlessly communicate and create exciting possibilities for economic growth, efficiency, and innovation. 5G provides fast, low-latency connectivity that makes it possible for devices to communicate with each other in real time and facilitates the widespread implementation of M2M solutions. For example, the GSMA estimates that 45% of urban areas were covered by early 5G network deployment tests. Moreover, the rollout of a 5G network by China, India, and other countries would require significant financial expenditures in infrastructure that was suitable for 5G. Furthermore, 40-50% of Chinese mobile users might be using 5G by 2025. Further, the increasing investment by the key players of the market is also driving the market. For example, companies like AT&T launched the NarrowBand IoT Network to cater to customers' business needs, providing them with a range of IoT offerings, including smart lighting solutions.

The wireless machine-to-machine (M2M) connections segment is expected to hold the highest CAGR during the forecast period. In the M2M connections market, wireless technologies have been segmented into short-range and cellular technologies. Short-range technologies have a larger number of connections than cellular because cellular wireless standards are mainly used for hubbing and aggregation purposes in applications such as hospitals, power plants, oil and gas refineries, retail stores, and smart appliances, while short-range modules are used for the distribution of the cellular network throughout that concerned area of application.

Based on region, Asia Pacific is expected to hold the largest share in the machine-to-machine (M2M) connections industry in 2024. This region is a key market in the evolution and development of M2M technology as it is home to some of the largest multinational corporations. The majority of the leading players in the M2M market are based in this region. The increased spending on the research and development (R&D) of the Internet of Things (IoT) is driving the growth of the M2M connections market. The growing R&D activities at both academic and industry levels are broadening the application areas of IoT/M2M in different end-user industries such as utilities, retail, automotive and transportation, and healthcare, especially in Asia Pacific.

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Major players operating in the machine-to-machine (M2M) connections companies are AT&T Intellectual Property (US), Cisco Systems, Inc. (US), Huawei Technologies (China), NXP Semiconductors N.V. (Netherlands), Texas Instruments Incorporated (US), Intel Corporation (US), China Mobile International Limited (China), Thales (France), Vodafone Group Plc (UK), Murata Manufacturing Co., Ltd. (Japan), and U-Blox Holding AG (Switzerland), among others. These companies have strong distribution networks and reliable manufacturing facilities across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of a robust market presence, reputable products and services, and strong business strategies. Furthermore, these companies have a significant market share, products with varied applications, broader geographical use cases, and a more extensive product footprint.

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