Market Size of Massive Machine Type Communication Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.58 Billion |
| Market Size (2029) | USD 4.05 Billion |
| CAGR (2024 - 2029) | 9.42 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Massive Machine Type Communication (MMTC) Market Analysis
The Massive Machine Type Communication Market size is estimated at USD 2.58 billion in 2024, and is expected to reach USD 4.05 billion by 2029, growing at a CAGR of 9.42% during the forecast period (2024-2029).
Machine-type communication (MTC) is a fundamental technology to realize the concept of a fully connected world in the fifth-generation (5G) Internet of Things (IoT).
- The development of the massive machine-type communication (MMTC) industry is being fueled by several key factors, such as the rising demand for fully automated processes, connected devices, wireless connectivity, rising investment in smart city projects, and investment and development in next-generation mobile network infrastructure. Smart cities are expanding globally as a result of urbanization, which is fueling market growth. According to UN forecasts, 404 million urban people in India, 212 million in Nigeria, and 292 million in China will be added to the current population by 2050.
- By 2023, the Japanese multinational holding corporation SoftBank planned to install 11,210 5G base stations. In addition, growing funding for smart city initiatives in this region, such as Asia-Pacific, contributes significantly to the expansion of mMTC implementation. The foundation of the smart city is massive machine-type communication, which permits machine-to-machine communication without requiring human input.
- Future 5G networks will likely be based on the heterogeneity of devices, technologies, and architectures, including IoT, UAVs, cloud and edge computing, etc. There would be a massive roll-out of IoT/MTCDs; these devices' simultaneous and unpredictable access will cause congestion and overload in 5G and beyond networks.
- However, the proliferation of MTC devices (MTCDs) propels serious challenges to the current cellular networks due to their huge number, particularly in ultra-dense scenarios like stadiums, concerts, hotspots, and flash crowds.
- The COVID-19 pandemic harmed the world economy. Lockdowns at the national level and social segregation standards in several nations severely impacted several businesses, including the mMTC sector. Since it was unclear how long the lockdowns would last, many 5G technology suppliers were under pressure, making it challenging for the major industry participants to predict when the mMTC market would recover.
