LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global cellular M2M value-added services (VAS) market is expected to reach USD 38.63 billion by 2021, growing at a staggering CAGR of almost 41%.
This research report titled ‘Global Cellular M2M VAS Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
During 2016-2018, the market will be driven by developed regions because of the availability of high-speed broadband services and the increase in consumer awareness of M2M services such as connected homes and automobiles. Government organizations worldwide are also supporting the deployment of M2M services by investing billions of dollars in IoT.
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Technavio’s analysts categorize the global cellular M2M VAS market into six major segments by sectors. They are:
- Transportation and logistics
- Energy and utilities
- Consumer electronics
The top three segments based on sectors for the global cellular M2M VAS market are discussed below:
M2M technology is incorporated in intelligent consumer electronic devices, such as cameras, gaming consoles, health monitors, personal trackers, and eReaders, as this technology improves functionality and has a positive effect on the overall consumer experience.
According to Abhishek Sharma, a lead M2M and connected devices research analyst from Technavio, “The growth of this segment is due to the increase in the rapid adoption of cellular broadband networks in households and the trend among consumers to use smart connected devices among consumers.”
M2M services are predominantly used for the remote monitoring of cars and theft recovery in the automotive industry. The growing demand for infotainment services in connected cars is fueling the growth of the market. The deployment of 4G LTE technologies in the automotive sector is among the major reasons for the increased adoption of M2M services.
“M2M technology enables remote diagnostics, which can alert drivers and solution centers regarding potential problems and solutions. M2M solutions enable advanced navigation capabilities to provide real-time dynamic traffic information, which is useful in optimizing routes and distributing schedules,” says Abhishek.
Transportation and logistics
M2M services are used in asset tracking, fleet management, and telematics to enhance the operational efficiency of retail outlets and reduce costs related to transport and logistics. Transport and other administrative departments are adopting smart parking meters to reduce manpower, optimize the cost of operations in parking spaces, and increase the revenues generated from parking spaces.
The increased adoption of fare ticketing devices among government and private transport organizations as well as amusement parks is also expected to contribute to the market growth. Efforts to promote tourism would also fuel the wider adoption of fare ticketing devices.
The top vendors highlighted by Technavio’s research analysts in this report are:
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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