New York, USA, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global cellular M2M market. As per the report, the market is anticipated to garner $45,398.9 million and rise with a CAGR of 20.5% in the 2020-2027 timeframe. This all-inclusive report delivers a comprehensive overview of the current and future situation of the cellular M2M market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
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COVID-19 Impact on the Cellular M2M Market Growth
The outbreak of the COVID-19 pandemic in 2020 has had an optimistic impact on the growth of the cellular M2M market. During the pandemic, the government of several regions executed strict lockdowns in various regions, which forced many industries to cease normal functioning. Hence, the demand for digital transformation in the healthcare, energy & utilities, and automotive industry increased massively. As a result, the demand for cellular M2M communication increased during the pandemic. All these factors propelled the market growth during the disaster period.
Factors Impacting the Cellular M2M Market Growth
The growing initiatives by government officials to support the implementation of cellular M2M solutions in various systems are fueling the growth of the global cellular M2M market. Additionally, the growing use of cellular M2M solutions in the agriculture sector is estimated to unlock profitable opportunities for the market’s growth in the forecast period. However, a significant surge in security threats due to the widespread implementation of cloud and mobile technologies in large and SME businesses is expected to deter the market’s growth.
The report segments the global cellular M2M market into services, application, end user, organization size, and region.
Connectivity Services Sub-Segment to Grab a Foremost Share of the Market
Among the services segment, the connectivity services sub-segment is expected to hit $14,093.8 million in the estimated timeframe. This growth is mainly owing to the growing demand for connectivity services due to their amazing features such as intelligent data analysis, speedy deployment, and improved security.
Asset Tracking & Monitoring Sub-Segment to Grow Remarkably
Among the application segment, the asset tracking & monitoring sub-segment is foreseen to garner $4,020.4 million in the forecast period. This growth is mainly because of the growing demand for asset tracking & monitoring in various industries such as logistics & transportation to fix issues such as unproductive processes, poor working performance, and burglary or loss of valuable resources.
Transportation & Logistics Sub-Segment to Grow Speedily
Among the end user segment, the transportation & logistics sub-segment is expected to hit $7,118.0 million in the forecast period. This growth is mainly because of the growing use of cellular M2M systems owing to their several uses in real-time fleet management, yard management, scheduling & tracking, truck & driver connectivity, and route planning.
Small & Medium Enterprises (SMEs) Sub-Segment to Observe Maximum Growth
Among the organization size segment, the small & medium enterprises (SMEs) sub-segment is predicted to surpass $27,381.7 million in the forecast period. This growth is mainly because of the growing technological developments and rising investments in R&D activities in various small & medium businesses worldwide.
Asia-Pacific Region to Observe Supreme Growth
The report analyzes the global cellular M2M market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is projected to observe increased growth and exceed $15,744.3 million in the projected period. This growth is mainly owing to the growing demand for cellular M2M solutions owing to the rising implementation of 5G technology in various countries in the region.
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Major Players of the Cellular M2M Market
The report lists some of the foremost players functioning in the global cellular M2M market including
- AT&T
- Infineon Technologies AG
- Telefónica S.A.
- Cubic Telecom Ltd.
- T-Mobile USA, Inc.
- 1oTOÜ
- KPN
- ORBCOMM
- Telefonaktiebolaget LM Ericsson
- Verizon Communications Inc., and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. – Inquire here before purchasing the full report
For instance, in October 2021, Westermo, a leading provider of a full range of industrial data communications solutions, launched a range of industrial cellular wireless products to support IIoT and M2M applications at remote locations.
More about Cellular M2M Market:
- Cellular M2M Market Predicted to Gain Momentum in the Coming Years Owing to Newer Modes of Connectivity such as IoT and 5G
- What are the Five Fascinating Applications of Cellular M2M?
