M2M/IoT Communications Market Size, Share, Growth, Trends, and Global Industry Analysis: By Component (Wi-Fi, Sensors, RFID, Computer Software, Others) By Technology (Wired, Wireless) By Application (Wearable Devices, Healthcare, Automotive and Transportation, Building Automation, Industrial, Consumer Electronics, Precision Farming) and Region

M2M/IoT Communications Market Size was valued at US$ 26.1 billion in 2023 and is poised to grow at a CAGR of 4.9% from 2024-2030. Direct communication between devices over any communications channel, wired or wireless, is known as machine-to-machine (M2M) communication. Industrial instrumentation, which enables a sensor or metre to transmit data it records (like temperature, inventory level, etc.) to application software that can use it (like modifying an industrial process based on temperature or placing orders to replenish inventory), is one example of machine-to-machine communication. Originally, this kind of communication was carried out by having a dispersed network of equipment send data to a central hub for processing before it was directed into a device such as a personal computer.

There are few drivers which include, it enables communication of smart devices without any human intervention, large protection, data collection and data processing is possible. There are few restrain which hamper the growth such as lack of awareness, use of cloud computing in M2M means dependence on others which could limit flexibility and innovation, security and ownership of data is a big concern, interoperability between cloud/M2M IoT devices is a big concern in such networks. Various government policies and initiative by government such as Digital India provide multiple opportunity towards the global M2M/IoT communication market.