Growth in popularity of the industrial internet of things (IIoT) and increased asset monitoring needs after COVID-19 pandemic will open many doors of opportunities to the market players. Robust applications of cellular M2M, improvement in global cellular network connectivity, and increase in its use are the factor driving the global cellular M2M market growth.
The global cellular M2M market generated $10.62 billion in 2020, and is expected to reach $83.23 billion by 2030, manifesting a CAGR of 23.2% from 2021 to 2030.
Major industry players – KORE Wireless Group, AT&T, T-Mobile, Vodafone, Telefónica, S.A., Deutsche Telekom AG, Orange S.A.,Telefonaktiebolaget LM Ericsson, Verizon Communications Inc., Aeris Communications India Pvt. Ltd.
The report offers detailed segmentation of the global cellular M2M market based on service, application, end-user, and region.
Based on region, Asia-Pacific contributed to the highest share in 2020, followed by Europe and North America, holding around half of the total market share, and is expected to maintain the lead throughout the forecast period. On the other hand, LAMEA is expected to portray the fastest CAGR of 28.5% during the forecast period.
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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 is 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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