M2M Services Market: Manufacturing End-use Segment to Display Robust Growth Rate over Forecast Period
Keen players in the market are investing heavily in research and development to acquire advanced communication technologies and are resorting to collaborations and partnerships for expanding their outreach. Key players in the market are also seen to tap into opportunities in emerging markets after the revival of the economy post the economic slump of 2008.
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As per a report by TMR, the global M2M services market is likely to expand at a phenomenal 27.2% CAGR for the forecast period between 2017 and 2025. At this pace, the market is likely to attain a value of US$83,616.1 mn by the end of the forecast period in 2025 from its evaluated worth of US$9,695.1 mn in 2016.
The segments of the global M2M services market depending upon organization size are large enterprises and small and medium enterprises (SMEs). Of the two, large enterprises held the leading share in 2016 and accounted for the leading revenue contribution to the global M2M services market.
On the basis of industry vertical, consumer electronics led the market in 2016 vis-à-vis revenue. However, the manufacturing segment is expected to display the leading CAGR over the forecast period between 2017 and 2025.
Geography-wise, North America tops amongst other key regional segments in the global M2M services market. Early adoption of new technology generally and the region being home to some of the leading telecom companies are key factors for the supremacy of North America.
Improved Internet Connectivity Ramps M2M Services Demand
The key growth drivers of the global M2M services market include expanded fiber optic cable networks and improved Internet connectivity. M2M communication is carried out over mobile networks that use fiber optic cables for transfer of large amount of data. With significant improvement in Internet connectivity and connection speed over the last couple of years, M2M service providers have the capability to offer advanced and integrated telecom solutions to industrial consumers. Moreover, cloud solutions provided by M2M service providers can be used over a number of a devices and can help transfer large amount of data.
Apart from this, significant drop in operational costs involved with M2M services due to improved wireless connectivity speed are adding the growth of M2M services market.
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Huge investments by telecom companies for development of fiber optic networks is also fuelling growth of M2M services market. For example, India based Reliance Industries’ telecom venture Reliance Jio involves hefty investments in fiber optic network. Launched in June 2017, fiber cable network of Reliance Jio has a total length of 25,000 kilometers that connects countries in Asia, Europe, and Africa. Another example of investment in fiber optic network is Google’s 9,000 kilometer long fiber optic cable that connects the U.S. and Japan.
Lastly, the increasing number of connected devices that transfer data using fiber optic networks is expected to boost the global M2M services market in the upcoming years.
Incidents of Cyber-attack leading to Information Theft across Connected Devices Hampers M2M Service Adoption
On the flip side, repercussions of theft of valuable data in the event of a cyber-attack are providing headwinds to the growth of global M2M services market. This is because M2M service connects multiple devices to the back-end IT infrastructure of an organization that results in hacking of information from multiple devices through a single platform.
Nevertheless, players in the market are engaged in designing secure M2M platforms and imparting knowledge among M2M service users about the safe usage of M2M communication technology.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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