31% CAGR Growth in Global Machine To Machine (M2M) Services Market During 2020-2024 | Research Includes Post Covid Analysis and Forecasts for New Normal | Technavio
The machine to machine (M2M) services market is expected to grow by USD 131.33 billion, progressing at a CAGR of almost 31% during the forecast period.
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Technavio has announced its latest market research report titled Global Machine to Machine (M2M) Services Market 2020-2024 (Graphic: Business Wire)
The rising demand for improved M2M data communication is one of the major factors propelling market growth. However, factors such as standardization and policy-related issues will hamper growth.
Machine To Machine (M2M) Services Market: Technology Landscape
Based on technology, the market saw maximum growth in the cellular segment in 2019. Factors such as increased demand for enhanced M2M data communication, adoption of satellite communication for disaster management, and advancement in M2M satellite technology are driving the growth of the segment. The growth of the market in this segment will be significant over the forecast period.
Machine To Machine (M2M) Services Market: Geographic Landscape
By geography, Europe is going to witness lucrative growth during the forecast period. About 34% of the market's overall growth is expected to originate from Europe. The increased demand for commercial and passenger vehicles led by rapid urbanization is driving the growth of the market in Europe. Germany and France are the key markets for machine to machine (M2M) services in Europe.
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Key Topics Covered:
Five Forces Analysis
Market Segmentation by Technology
Market Segmentation by End-user
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