NEWARK, Del, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The size of the global cellular M2M connections and services market is anticipated to propel at a CAGR of 20.4% from 2023 to 2033. By 2023, its value is anticipated to reach US$ 20.9 billion.
By 2033, the market for cellular M2M connections and services is expected to reach a value of about US$ 134 billion. From 2023 to 2033, it is projected to expand to have a real financial potential of US$ 113.1 billion.
Through 2033, it is expected that countries in North America, such as Canada and the United States, will dominate the market for cellular M2M connections and services. The ongoing development of telemedicine and remote patient monitoring in these nations is anticipated to push demand. These new services frequently use real-time data and transmit the same between medical equipment and healthcare specialists, necessitating M2M connections.
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Several health insurance companies in North America might also employ cellular M2M connections and services to track policyholders' health. Delivering personalized incentives and insurance policies for leading healthy lives can be done using the data provided.
North America is also projected to be a leading hub for clinical trials and medical research. As these would be required to transmit and gather information from participants, the need for cellular M2M connections and services might increase. Researchers can use these services to assess patient health and medication efficacy remotely.
Demand in Asia Pacific is projected to increase as wearable technology for health monitoring becomes more widely accepted. There has been an increase in the release of new smartwatches and fitness trackers that can record information on activity levels, heart rate, and sleep habits.
The need for cellular M2M connections and services is anticipated to increase due to the growing popularity of smartwatches in China, India, and Japan. These could send real-time data to mobile applications and medical personnel. Healthcare practitioners might create individualized treatment plans and enable remote patient monitoring with cellular M2M connections.
As the number of seniors increases, there will likely be a greater demand for aged care services across Asia Pacific. It is anticipated that GPS-enabled watches and wearable fall detection systems will be used to monitor the whereabouts and well-being of elderly patients. As a result, makers of wearable technology are turning to cellular M2M connections to relay location information and alarms to caregivers or emergency personnel.
Key Takeaways from Cellular M2M Connections and Services Market Study
- The global cellular M2M connections and services industry grew at a decent CAGR of 25.4% in the historical period from 2018 to 2022.
- The United States is projected to exhibit a CAGR of 20.3% in the forecast period.
- China is likely to reach a valuation of US$ 20.9 billion by 2033 in the cellular M2M connections and services industry.
- In terms of organization size, the large enterprises segment is set to showcase a CAGR of 20.2% in the assessment period.
- Based on end-users, the transportation & logistics segment expanded at an average CAGR of 25.1% between 2018 and 2022.
“By 2033, it is anticipated that both developed and emerging nations will experience a rise in traffic control-related challenges. Several nations invest large sums in creating smart cities to ease traffic congestion and improve traffic management. Adoption is anticipated to be supported by cellular M2M connections' and services' capacity to enhance traffic flow, reduce traffic congestion, and improve urban mobility.” – opines Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.
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Competitive Landscape
Players in the cellular M2M connections and services market concentrate on developing and expanding their networks to lower latency, improve dependability, and provide extensive coverage. By developing 5G networks, they are also delivering tremendous bandwidth, making them perfect for M2M connections.
Customers should be very worried about security while using M2M applications. As a result, renowned corporations plan to spend a lot of money creating top-notch security software to safeguard devices and data. They are acquiring security certificates and providing encryption and authentication technologies.
For instance,
- In July 2023, Soracom introduced a cutting-edge cellular data package to help European entrepreneurs and SMBs deploy connected goods and services more quickly while keeping data prices low. Soracom's Plan X3-EU offers a simple, affordable M2M sensors and devices solution.
- Bharti Airtel announced in October 2022 that the 'Always On' IoT connectivity technology would be introduced in India. An IOT device can constantly maintain a mobile network connection from multiple Mobile Network Operators (MNOs) through an eSIM thanks to the dual profile M2M eSIM.
Restraints:
Despite the promising outlook, challenges do exist. Concerns regarding data security and privacy in M2M applications need to be addressed. Additionally, the cost of implementing M2M solutions and the need for skilled professionals may hinder market growth.
Region-wise Insights - Category-wise Insights:
The regional dynamics of the Cellular M2M Connections and Services Market vary, but each region is contributing to its expansion. North America is prominent in healthcare and automotive applications, while Europe excels in smart city implementations. Asia-Pacific shows immense potential for agriculture and manufacturing M2M solutions.
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Global Segmentation of Cellular M2M Connections and Services Market
Cellular M2M Connections and Services Market by Organization Size:
- Large Enterprises
- SMEs
Cellular M2M Connections and Services Market by End-User:
- Transportation & Logistics
- Energy & Utilities
- Manufacturing
- Healthcare
- Others
Cellular M2M Connections and Services Market by Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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