Cellular M2M Module Market size to increase by USD 2.24 Bn | Use of M2M technology for remote patient monitoring to drive growth | Technavio
NEW YORK, Jan. 17, 2022 /PRNewswire/ -- The cellular M2M module market value is set to grow by USD 2.24 billion, progressing at a CAGR of 9.01% from 2020 to 2025, as per the latest report by Technavio.
Many countries across the world are making significant investments in the development of smart cities, which is driving the adoption of several smart solutions such as smart parking, smart meters, and smart grids. This is consequently attracting investments in the improvement of the LTE infrastructure. For instance, in June 2021, Telit, a global vendor of IoT solutions expanded its partnership with Hi-mix Electronic S/A, a Brazilian electronic manufacturing service (EMS) provider, for the development of LTE modules. Besides, the growing number of consumers falling in the 20-30 age group is increasing the market for connected appliances. All these factors are driving the demand for M2M module technologies.
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Cellular M2M Module Market: Use of M2M technology for remote patient monitoring
The use of M2M technology in remote patient monitoring ensures diagnosis accuracy and efficient tracking and monitoring of patients' health. The growing adoption of the technology in healthcare is encouraging many vendors to offer both modules and modem-based solutions that meet end-user requirements. With the aging population, high life expectancy, and growth in the number of individuals with chronic disorders, the need for efficient cellular M2M communications to enable data transmission for monitoring individuals with various conditions has increased globally. This is expected to drive the growth of the global cellular M2M module market during the forecast period.
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Regional Market Analysis
With 41% of the growth originating from North America, the region will record a faster growth rate during 2020-2025.
The presence of leading players and increasing investments in R&D are driving the growth of the cellular M2M market in North America. Also, rapid technological advances, changing customer preferences regarding the use of electronic devices, and significant investments to improve the LTE infrastructure are propelling the growth of the cellular M2M module market in North America.
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Cellular M2M module Market: Segmentation Analysis
This market research report segments the cellular M2M module market by technology (4G, 3G, 2G, and CDMA) and application (smart utilities, home appliances and consumer electronics, manufacturing, and others).
By technology, the market generated maximum revenue in the 4G segment in 2021. The increasing deployment of 4G technologies across the automotive and energy sectors is fueling the growth of the segment. Also, the increasing demand for long-range connectivity solutions is contributing to the segment's growth.
Similarly, by application, the smart utilities segment is expected to offer several growth opportunities for market players over the forecast period. Increasing investments in smart grids and rising emphasis on renewable energy are driving the growth of the segment.
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Some of the key topics covered in the report include:
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