Insights Into The Cellular M2M Market’s Growth Potential 2024-2033
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The cellular M2M market has undergone exponential growth in recent years, catapulting from $14.39 billion in 2023 to $17.87 billion in 2024, showcasing a compelling compound annual growth rate (CAGR) of 24.2%. This surge in the market size is underpinned by various factors, including the surge in connectivity demand, increased demand for industrial automation, growth in fleet management, heightened demand for energy management, and the proliferation of smart cities.
Future Projections: A Continued Momentum
The cellular M2M market is on track for continued exponential growth, with an anticipated leap to $42.14 billion in 2028, steered by a CAGR of 23.9%. The forecasted expansion is fueled by factors such as growing applications in healthcare, increased healthcare infrastructure, government investments in research and development, a surge in demand for smart agriculture, and the adoption of 5G technology.
Key Trends Shaping the Forecast Period
- IoT Expansion
- The Internet of Things (IoT) will play a pivotal role in shaping the trajectory of the cellular M2M market.
- Increasing Focus on Edge Computing
- A heightened emphasis on edge computing will enhance the efficiency and capabilities of cellular M2M applications.
- Industrial Automation
- The integration of cellular M2M in industrial automation processes is poised to witness significant growth.
- Strategic Partnerships
- Collaborations and partnerships are emerging as major trends, fostering innovation and market reach.
- Innovative Product Launches
- Ongoing product innovations will contribute to the market’s growth, offering solutions aligned with evolving technological needs.
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The Impact Of High-Speed Internet And Connectivity Technologies
- Adoption of 4G and 5G Technologies
- The adoption of high-speed internet and connectivity technologies, especially 4G and 5G, is expected to be a significant driver of cellular M2M market growth.
- Global 5G Technology Growth
- According to 5G Americas, global 5G technology wireless network connections increased by 76 percent between the end of 2021 and the end of 2022, reaching 1.05 billion.
- Wireless Networking Across Industries
- Wireless networking, facilitated by high-speed internet, is becoming increasingly common across industries, making operations more flexible.
Industry Dynamics: Major Players and Collaborations
- Strategic Collaboration: Nordic Semiconductor ASA and AVSystem
- Nordic Semiconductor ASA collaborates with AVSystem to simplify IoT solution development and maintenance, focusing on lightweight machine-to-machine (LwM2M) interfaces.
- Strategic Acquisition: Siyata Mobile Inc. Acquires ClearRF LLC
- Siyata Mobile’s acquisition of ClearRF LLC for approximately US$700,000 expands its cellular booster business and market reach, with a particular focus on in-vehicle modems for M2M boosters.
Market Segmentation: A Comprehensive Overview
The cellular M2M market is intricately segmented across key parameters:
- Services:
- Connectivity Services
- Professional Services
- Managed Services
- Organization Size:
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- Application:
- Asset Tracking and Monitoring
- Predictive Maintenance
- Telemedicine
- Fleet Management
- Warehouse Management
- Industrial Automation
- Smart Meter
- Other Applications
- End-User:
- Healthcare
- Energy and Utilities
- Transportation and Logistics
- Manufacturing
- Other End-Users
Regional Dynamics: North America Leads, Asia-Pacific Accelerates
- North America took the lead in the cellular M2M market in 2023, with Asia-Pacific anticipated to be the fastest-growing region in the forecast period.
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The Cellular M2M Global Market Report 2024 provides an overview of the cellular M2M market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The cellular M2M market forecast analyzes cellular M2M market size, cellular M2M market share, leading competitor and their market positions.
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