The global machine to machine market is growing at a considerable rate due to the increasing adoption of machine to machine technology in telematics and telemetry related applications, users’ migration from second generation (2G) to third generation (3G) and fourth generation (4G) networks, and regulatory mandates. Growth of the connected car market, strategic partnerships with system integrators and emerging applications in different industries are expected to provide ample growth opportunities to the machine to machine market in the coming years.
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Most of the technologies except wearable devices, tablets and smartphones, which permit the machines to communicate among themselves with the help of wireless and wired technologies are referred to as machine to machine technology. Organizations accomplish greater flexibility and high revenue margins with reduced risk, end to end solutions and lower energy consumption with the help of machine to machine communications.
The machine to machine communications supports the organizations to keep track of security and safety of the data and connected devices through 24×7 monitoring, remote access, and automated emergency response. The machine to machine technology supports governments and businesses to enhance IT efficiency in terms of enterprise resource planning, automated beats per measure, and streamlining of customer relationship management. The data in machine to machine technology flows among devices and then to the consumers, so no human involvement is required in the process.
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The machine to machine market can also be categorized on the basis of end users as consumer electronic, utilities, retail, healthcare, automotive and transportation, oil and gas, security and surveillance, and agriculture. Healthcare industry utilizes machine to machine technology in telemedicine and patient monitoring and tracking. The utilities industry on the other hand uses them in smart meters and smart grids. The retail industry uses them in vending machines and automated teller machine (ATM), and digital signage and point-of-sales. The use of machine to machine technology in consumer electronics industry is found in smart appliances, smart television (TV) consoles and smart television (TV); security and surveillance include remote surveillance, residential security and commercial security. The automotive and transportation industry uses machine to machine technology in fleet tracking or monitoring, and telematics. Among end users of machine to machine market, utilities, and automotive and transportation are expected to grow with an exponential rate in the coming years.
Some of the factors restraining the growth of the machine to machine market are include lack of awareness about this technology among consumers, lack of standardization, and privacy and security concerns.
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