CHICAGO, Nov. 11, 2020 /PRNewswire/ -- According to the new market research report "Cellular M2M Market by Service (Connectivity, Professional, and Managed), Application (Asset Tracking and Monitoring, Predictive Maintenance, Telemedicine, and Fleet Management), End User, Organization Size, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Cellular M2M Market size is projected to grow from USD 8.3 billion in 2020 to USD 21.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 20.4% during the forecast period.
The major factors driving the growth of the Cellular M2M Market include growing adoption of high-speed internet and connectivity technologies, such as 4G and 5G; significant cost reduction of connectivity applications enabling an increase in the adoption of connected devices and services; increasing software application integration in devices for improving performance; increasing demand for remote monitoring of the devices for cost-effectiveness; and high growth of government regulations in telecom and communications sector.
By services, the connectivity services segment to lead the market during the forecast period
The demand for connectivity services is increasing with the rise in complicated applications being deployed by customers. Services must ensure networks are secure, reliable, scalable, and offer coverage in remote areas. Hence, providing roaming services and SIMs with global coverage has become a pivotal function in creating end-to-end IoT solutions.
By application, asset tracking and monitoring segment to lead the market during the forecast period
Asset tracking has been used to fix problems, such as theft and loss of valuable assets, inefficient processes, and poor operational performance. The M2M asset tracking application helps businesses efficiently track their assets to improve employee safety, drive process automation, and optimize their supply chain. The application is instrumental in maintaining the asset health as well as a vital means of troubleshooting in case of any emergency.
The transportation and logistics end-user segment to grow at a higher CAGR during the forecast period
The transformation of the transportation and logistics industry is significant with the adoption of cellular M2M services and solutions at a global scale. Due to rapid digitalization, there are many key players along the value chain which can exchange information through M2M technology and enhance productivity. With the help of cellular M2M solutions, the logistics and transportation processes are being innovated, and companies are implementing customizable solutions for the efficient functioning of the supply chain and delivery systems.
APAC to grow at a higher CAGR during the forecast period
APAC is driven by the growing acceptance of cloud-based solutions, emerging technologies such as the IoT, and big data analytics and mobility. The adoption of cellular M2M solutions and services is boosted due to the rising need for implementing security and accessibility controls, and monitoring and surveillance solutions have led APAC to become a highly potential market. Various business enterprises located in the region are partnering with fellow mobile network operators and communication service providers to enhance and provide tailor-made offerings to cater to the local enterprise firms.
Key players operating in the Cellular M2M Market include AT&T (US), Verizon (US), T-Mobile (US), Deutsche Telekom (Germany), Orange S.A. (France), Telefonica (Spain), Vodafone (UK), Ericsson (Sweden), Kore Wireless (US), Aeris (US), Arm holdings (UK), China Mobile (China), Infineon (Germany), Thales Group (France), Orbocomm (US), Telit (UK), Giesecke+Devrient (Germany), Cubic Telecom (Ireland), KPN (Netherlands), A1 Digital (Austria), SK Telecom (South Korea), Rogers Communications (Canada), Telenor Connexion (Sweden), Truphone (UK), and 1oT (Estonia). These players have adopted various organic and inorganic strategies to grow in the global Cellular M2M Market.
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