Machine to Machine Services Market to Register a Growth of 28.61% during 2019 - 2024, says Research and Markets Report

CIOReviewIndia Team | Monday, 26 August 2019, 13:52 IST

CIOReviewIndiaWhile the world is swiftly moving toward Industry 4.0, latest innovations like Data Analytics, Artificial Intelligence and the Internet of Things which drive intelligence, decision-making and productivity are creating a lot of opportunities for the machine to machine services market.  According to a recent report by Research and Markets, the global machine to machine (M2M) services market is expected to grow at a CAGR of 28.61% during the forecast period of 2019-2024.       

Key Drivers

The adoption of wired and wireless connectivity technologies across different industry verticals is expected to drive the market growth. The proliferation of high-speed internet connectivity coupled with technologies such as 4G/LTE and 5G is further fuelling the growth of the M2M services market. Software application integrations for product enhancements and adoption of latest technologies in the product manufacturing to meet safety regulations and reduce the manufacturing cost are several other factors supporting the growth of M2M services market.  The higher installation costs of the technology and maintenance are some of the challenges denting the market growth.           

Telecom to Witness Massive Adoption   

Machine to machine technologies which allow network devices to exchange information and perform actions without any physical assistance are widely used across different industries such as Retail, Banking & Financial, Telecom & IT, Healthcare, Automotive, Oil & Gas, and Transportation to enhance the safety, productivity, and efficiency of the processes. Supply chain management, warehouse management, remote monitoring and control, traffic control, logistics, robotics and autonomous automotive are some of the trending applications of machine to machine communications. As per the reports of Research and Markets, the cellular-based (M2M) is expected to outperform other segments because of the introduction of new government policies which enables a wider adoption of cellular M2M in the sectors of Automotive, Utilities, Smart Cities and Healthcare.    

The machine to machine services market is highly competitive due to the presence of many large players such as Huawei Technologies, Cisco, Google, Intel, Nokia, IBM etc. Intensive R&D, strategic partnerships and acquisitions, product launches etc. are some of the key strategies adopted by the market players to sustain the heavy competition. Recently Nokia has announced its strategic partnership with Infosys and Pyry, to drive the adoption of KRTI 4.0(TM), an AI framework which applies cognitive learning and machine-to-machine capabilities to addresses complex lifecycle management challenges faced by the transportation, utilities and infrastructure organizations.

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