28.33% CAGR in Machine to Machine (M2M) Services Market by Application (automotive, healthcare, utilities, retail, and others), Technology (wireless and wired), and Geography (APAC, North America, Europe, South America, and Middle East and Africa) | Technavio

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Feb 12, 2024, 21:24 ET

NEW YORK, Feb. 12, 2024 /PRNewswire/ -- The Machine to Machine (M2M) Services Market size is expected to increase by USD 59.17 billion between 2022 and 2027, with a CAGR of 28.33%. In the APAC region, projected to contribute 31% to global market growth, factors such as burgeoning urban populations and rising disposable incomes are fueling demand for technologically advanced passenger and commercial vehicles, boosting fleet management and safety solutions. Concurrently, there's a surge in demand for car-sharing services, prompting service providers to adopt machine-to-machine (M2M) mobility solutions for enhanced operational efficiency. Additionally, the escalating prevalence of chronic diseases necessitates remote healthcare solutions, spurring demand for connected devices facilitating remote consultations and data analysis. These trends are driving growth in the APAC M2M services market for B2B clientele. For more information on market drivers, trends, or challenges, find the sample report here.

Technavio has announced its latest market research report titled Global Machine to Machine (M2M) Services Market 2023-2027

Report Coverage	Details
Page number	176
Base year	2022
Historic period	2017 - 2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 28.33%
Market growth 2023-2027	USD 59.17 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	27.31
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 31%
Key countries	US, China, Japan, India, and UK

The Market is set for exponential growth, driven by escalating demand for connectivity, innovative satellite technologies, and the integration of AI and ML. The industry is defined by trends that emphasize its adaptability and transformative potential, such as its application in supply chain optimization and the automotive sector. While the challenges posed by hybrid networks necessitate strategic responses, the overarching trajectory points toward a future where M2M services play a pivotal role in redefining industries and enhancing human experiences.

The report also includes detailed analyses of the competitive landscape and information about 15 companies, including:

Alphabet Inc.
Amdocs Ltd.
AT and T Inc.
Cisco Systems Inc.
Comarch SA
Huawei Technologies Co. Ltd.
Intel Corp.
Telefonaktiebolaget LM Ericsson
Orange SA
Rogers Communications Inc.
Semtech Corp.
Telefonica SA
Telit IoT Platforms LLC
Thales Group
Verizon Communications Inc.
Vodafone Group Plc
Aeris Communications Inc. Technavio provides the Analysis Report 2023-2027 along with the historical data! Buy the full report here.

The Machine-to-Machine Services Market is witnessing rapid growth fueled by advancements in artificial intelligence (AI) and the Internet of Things (IoT). Machine-to-machine (M2M) communications and machine-type communication (MTC) enable seamless exchange of sensed data and information among devices, driving efficient decision-making processes. This synergy creates a network of collaborating machines that operate autonomously, with minimal human involvement. AI algorithms analyze vast datasets generated by IoT devices, optimizing operations and predicting maintenance needs. Such innovations revolutionize industries like manufacturing, transportation, and healthcare, enhancing productivity and reducing costs. As businesses increasingly rely on interconnected devices, the M2M services market is poised for exponential growth, unlocking new opportunities and transforming traditional business models.

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SOURCE Technavio