Cellular M2M Market Growing at 23.2 % CAGR | Reach USD 83.23 Billion by 2030 Globally
Cellular M2M Market
The global cellular M2M market size was valued at USD 10.62 billion in 2020, and is projected to reach USD 83.23 billion by 2030, registering a CAGR of 23.2 % from 2020 to 2030.
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Driving Factors of Cellular M2M Market
Robust applications of cellular M2M and intense focus on improving global cellular network connectivity are the major factors that drive the market growth. Rise in penetration of industrial Internet of Things and increased asset monitoring needs post COVID-19 pandemic are expected to create lucrative opportunities for the expansion of the market during the forecast period.
Market Segmentation in Cellular M2M Market
The cellular M2M market is segmented into service, application, end user, and region. Based on service, the market is categorized into connectivity, professional and managed services. The application covered in the study include asset tracking & monitoring, predictive maintenance, telemedicine, fleet management, warehouse management, industrial automation, smart meter, and others (connected cars, point of sale (POS), and digital signage). By end user, the market is fragmented into healthcare, energy & utilities, transportation & logistics, manufacturing, and others (automotive and retail). The market is primarily studied across regions such as North America, Europe, Asia-Pacific, and LAMEA.
Key Players of Cellular M2M Market
Some of the key companies mentioned within the report are AT&T, Verizon Communications Inc., T-Mobile, Vodafone, Orange S.A., Telefónica, S.A. , Deutsche Telekom AG , Telefonaktiebolaget LM Ericsson , KORE Wireless Group, and Aeris Communications India Pvt. Ltd.
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Region wise, the Cellular M2M market trends were dominated by Asia-Pacific. However, LAMEA is expected to witness significant growth in the upcoming years. LAMEA is expected to witness significant growth, owing to an increase in awareness and adoption of massive data technology, Internet of Things (IoT), and e-commerce among diverse industry sectors.
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 are 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.
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Covid-19 Scenario in Cellular M2M Market :
● 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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