LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global cellular M2M module market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global cellular M2M module market will grow at a CAGR of more than 23% during the forecast period. The use of M2M technology for remote patient monitoring is a major factor driving the market’s growth.
The healthcare sector is one of the major end-users of cellular M2M modules. Aging population, high life expectancy, and increase in the number of individuals with chronic disorders are increasing the scope of the cellular M2M module market.
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The two emerging market trends driving the global cellular M2M module market according to Technavio research analysts are:
- Growth of smart cities
- Increasing investments in M2M module development
Growth of smart cities
Governments of various countries are focusing on developing their urban infrastructure with the integration of advanced technologies. The objective is to build smart cities that provide an improved quality of life and efficient services to make the life of residents simpler and easier.
Technavio analysts expect the smart city market to reach about USD 2 trillion by 2022. Cellular M2M modules will likely be used in the manufacture of various IoT devices and other devices that are used in the development of smart cities. The increased construction of smart cities globally will result in a significant demand for cellular M2M modules because IoT devices and other devices extensively use cellular M2M modules.
“IBM, Microsoft, Cisco Systems, and Schneider Electric, are contributing to the development of smart cities by implementing initiatives and emerging solutions, such as smart meters. For instance, Cisco Systems launched the global Intelligent Urbanization initiative. Similarly, IBM announced its Smarter Cities initiative to stimulate economic growth and quality of life in cities and metropolitan areas,” says a senior analyst at Technavio for research on machine to machine (M2M) and connected devices.
During the forecast period, companies such as Gemalto, Sierra Wireless, and Telit, will play a critical role in areas like IoT, ultra-low-power electronics, and high-performance computing (HPC) using cellular M2M modules. Smart cites are built with the objective of integrating IoT and ICT into urban infrastructure to improve the efficiency of services. This is also expected to increase the design, planning, and construction of technologically advanced infrastructure and buildings.
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Global cellular M2M module market segmentation
This market research report segments the global cellular M2M module market into the following four major applications (smart utilities, home appliances and consumer electronics, manufacturing, and healthcare devices) and three major regions (Americas, APAC, and EMEA).
The smart utilities segment held the largest market share in 2017, accounting for nearly 28.5% of the market. However, the market share for this application is expected to decrease nearly 2% by 2022. The fastest growing application is manufacturing, which will account for 25% of the total market share by 2022.
The Americas was the leading region for the global cellular M2M module market in 2017, accounting for a market share of 39.24%. However, by 2022, APAC is expected to surpass the Americas to become the leading region, accounting for a market share of 35.85%.
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