M2M Connections Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The M2M Connections market was valued at USD 19.18 billion in 2020 and is expected to reach USD 26.52 billion by 2026, at a CAGR of 5.55% over the forecast period (2021 - 2026). M2M connections finds applications in a variety of ways and has advanced over the last few decades with the creation of global Internet and IP network systems, facilitating enhanced and efficient communications over long distances and between massive numbers of devices.

• The developing countries like India have identified the importance of M2M and are, therefore, focusing extensively on the increased penetration of M2M. The Government of India has recognized the importance of IT and initiated a campaign of Digital India and Make in India. The success of these campaigns will ride on proliferation of M2M in India. M2M connections in India are likely to reach 429 million by 2021 as per FICCI, this in itself is indicative of the fact that the market is expected to receive a positive boost over the forecast period.
• In February 2018, the department of telecommunications (DoT) announced to issue a policy document outlining guidelines to enable the introduction of machine-to-machine (M2M) communication services in India, which in turn will also facilitate the roll-out of the Internet of Things.
• The rising adoption of 5G technology and growing advancement in wireless communication will also enhance the machine to machine communication.
• However, Privacy and security issues and complex application development are some of the major factors hindering the growth of the studied market. Also, the high delivery cost with limited scalability is also impacting negatively to market growth.