Market growth is expected to reach a CAGR of 25.2% in the forecast period, valuing the global M2M services market at US$ 39.7 Billion.
The global M2M services market is projected to reach US$ 376.3 Billion by 2032. The market is expected to reach a CAGR of 25.2% during the forecast period from 2022 to 2032. The absolute dollar market value for M2M services was ranked at US$ 336.5 Billion in 2016-2021 during the forecast period.
In recent years, there has been an unprecedented growth in embedded devices. These devices traditionally worked independently as well as locally and provided services to humans in their environment. The advancements in radio technologies have enabled mobile devices to be easily connected to target devices using the Internet. Applied to devices such as sensors, RFID tags, actuators, vehicles, machines, and industrial embedded devices, these trends can now be seen in the number of case studies that use physical equipment services.
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The managed M2M services provide a wireless interface between machines and devices, thus allowing them to be transformed into smart assets, creating new opportunities for growth while enhancing customer service. By using these services, businesses can optimize the efficiency and productivity of the business activities associated with connected machines, stimulating innovation, enabling faster decision-making, and reducing the need for time, effort, and cost.
Key Takeaways from the Market Study
“Growing demand for wireless technologies and the increasing adoption of 5G networks along with high-speed internet demand in automotive to further bolster growth in the upcoming years,” comments an analyst at FMI.
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M2M Services Competitive Landscape
Key Players that have been profiled in the report are AT&T, Germalto NV, PTC, Oracle, Ericsson AB, VERIZON COMMUNICATIONS INC, Deutsche Telekom AG, Vodafone + Telefonica, and Aeris Innovative products and technologies will allow customers to benefit from new technologies.
More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the global M2M services market, presenting historical market data (2016-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights By Organization Size (Large Enterprises, SME’s), By Service Type (Managed Services, Professional Services, Connectivity, and Data Storage Services) By Industry Vertical (Retail, Manufacturing, Healthcare, Automotive, Consumer Electronics, Energy, and Mining, Transportation and Logistics, Oil and Gas, Others (Education, Hospitality)) & By Region (North America, Europe, Asia Pacific, Middle East, and Africa, Latin America
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Key Segments Covered in the M2M Services Industry Report
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jun 25, 2023