Machine to machine technology allows wired and wireless systems to communicate with other devices. M2M technology easily opens the flow of data or communication between machine to machine and then machine to the users. Most of the machine to machine devices can collect, transmit, assess and respond to the data in various forms. The global M2M satellite communication market projects vital potential for impressive future in terms of revenue channels, growth trends and global presence. Increasing adoption and major plunges from leading industry players are some of the strong drivers for the global market, which is poised to witness healthy growth within the next few years to come.
Segments in M2M Communication Market
The global market for M2M satellite communication is majorly segmented on the basis of the types of technologies, services, verticals, and geographic regions. Based on the types of technologies the industry is segmented into very small aperture terminal (VSAT), satellite telemetry, automatic identification system (AIS), satellite IP terminals, gateways, satellite modems, and others. Based on the types of services, the industry is categorized into broadband, business, managed, and such other types of services.
All these services are deployed across various industrial verticals including oil and gas, automobile and telecom, logistics and transportation, agriculture, maritime, energy and utilities, healthcare, public affairs, and so on. Geographically, the global M2M satellite communication market is divided into five major segments. These segments include Europe, North America, Latin America, Asia Pacific, and Middle East and Africa. All these regions are sub-segmented based on the demand and trends across major countries within the region.
Trends, Drives, and Forecasts
Global machine to machine market presents strong business prospects, especially for the businesses in the satellite industry. Satellites play crucial role in communications across land, sea, and air. Satellite connectivity strengthens with M2M communication technology. Due to advancing applications of this technology and its constant evolution, major industries verticals have started adoption these technologies. Cost reduction, accessibility from remote locations and advanced benefits in communication and networking are some of the major drivers for the global market.
As a result of all these factors, the industry is poised to witness healthy growth, especially during the forecasting period. According to the market research reports, the industry will continue growing at an anticipated CAGR of over 9% from 2014 to 2019. During this timeframe, it is expected to reach $4,763.4 million by 2019. In 2014, M2M satellite communication market was worth $2,983.4 million in 2014. Increasing awareness and demand for dual mode M2M also plays crucial role in the overall growth in demand for these technologies across different parts of the world.