Machine to Machine Applications Market by Components (Radio-frequency Identification, Network Communications, Technology, and Security Support), Technology (Wired Technology [Ethernet, Industrial Ethernet, Modbus, Profinet, and Foundation Fieldbus] and Wireless Technology [Short Range {Wi-Fi, Zigbee, and Bluetooth}, Cellular Network {Second Generation, Third Generation, and Fourth Generation/Long-term Evolution}]), End-users (Healthcare, Oil & Gas, Transportation, Automotive, Telecom, Retail, and Banking & Financial Institution), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

The global machine to machine application market size is projected to register a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing demand for analytics, Internet of Things (IoT), and artificial intelligence for faster decision making and better productivity.

Machine to machine (M2M) services are defined as any technology that enables network devices to exchange data and conduct an action without any human intervention. M2M services are often used in various applications to ensure the safety, productivity, and efficiency of the establishments across several industries. Some of the trending applications of M2M are warehouse management, remote control, robotics, traffic control, remote monitoring, automotive, and fleet management.

Due to the global COVID-19 pandemic outbreak, the M2M market has been sharply affected and got hit its revenue share drastically due to prevailed emergency lockdown that impacted to shut the manufacturing units and delayed producing of new machinery. Furthermore, in post-lockdown period, many manufacturers were facing difficulties in matching up the demand and supply life cycle in the market due to the lack of manpower and low production capabilities.

Market Trends, Drivers, Restraints, and Opportunities

• Rising adoption of advanced technique and smart technology such as artificial intelligence, IoT, cloud computing, and others is one of the major driving factors of the market.
• Increasing usage of M2M applications across industries especially the manufacturing sector to enhance production present a key aspect of the market expansion.
• Increasing development of software applications and their rapid integrated with sophisticated hardware for higher performance outcome and accelerating business revenue is another factor boosting the market growth.
• High installment expenditure associated with the deployment and development of the solution and rising concerns regarding privacy issues are key restraints anticipated to hamper market growth.
• Stricter governments’ regulatory policies regarding the integration of manufacturing and technological organizations for certain business projects is a major challenge for the market growth.
• Rising awareness among large organizations from emerging countries about M2M applications is expected to create more opportunities for market players to generate revenue in coming future.

Scope of the Report

The report on the global machine to machine application market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Network communication segment is estimated to grow at a rapid pace

On the basis of components, the global machine to machine applications market is segmented into radio-frequency identification (RFID), network communications, technology, and security support. The network communication segment is estimated to grow at a rapid pace during the forecast period owing to the rising numbers of smartphone users across the globe, which is further fueling the developments in security and Internet-based applications. Furthermore, the demand for cellular base stations that can support the transmission and routing of a large volume of communication signals has been propelling the segment growth.

Wireless technology is expected to hold a larger market share

Based on technology, the global machine to machine applications market is bifurcated as wired technology and wireless technology. The wired technology segment is further segregated as ethernet, industrial ethernet, modbus, profinet, and foundation fieldbus. Similarly, the wireless technology segment is also bifurcated as short range and cellular network. The short range segment is sub-divided into Wi-Fi, Zigbee, and Bluetooth while the cellular network segment is sub-categorized as second generation, third generation, and fourth generation/long-term evolution.

The wireless technology segment is expected to hold a large market share during the forecast period due to the wide availability of wireless technology. Rising demand for these Internet-enabled products such as mobile point of sale devices wireless beacons and health monitoring devices are key factors to boost the segment growth. Additionally, another factor for the segment growth is the availability of highly affordable wireless chipset prices and increasing demand for the mobile devices in the market.

Automotive segment is projected to expand at a considerable CAGR

On the basis of end-users, the market is segmented into healthcare, oil & gas, transportation, automotive, telecom, retail, banking & financial institution. The automotive segment is projected to expand at a considerable CAGR during the forecast period owing to the increasing number of Internet connected cars and the development of vehicle-to-vehicle and vehicle-to-infrastructure framework.  Meanwhile, the oil & gas segment is projected to hold a key market share in the coming years owing to increasing applications for utilities purposes. The rapid development of smart city projects and favorable regularity regulations for the deployment of smart grids and smart meters across developing nations are key drivers for the segment expansion.

North America is anticipated to constitute a large market share

In terms of regions, the global machine to machine market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a large market share during the forecast period due to high-degree of technological advancements in the region. The increasing adoption of M2M application technology across industries such as healthcare, manufacturing, BFSI, transportation, and automotive in the region is a key factor propelling the regional market growth.  

On the other hand, the market of Asia Pacific is anticipated to show considerable growth in the coming years. Emerging economies in Asia Pacific such as South Korea, China, India, and Japan are key destination for the expansion and establishment of M2M production units. The increasing penetration of the Internet in various residential & commercial and areas, rising disposable income, larger consumer base, and developing IT infrastructure are some of the key factors boosting the growth of M2M application market in Asia Pacific.