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(Publishing-NewsWire.com, September 01, 2021 ) The global Massive Machine Type Communication Market size is anticipated to reach $3.1 billion by 2026, growing at CAGR 9.2% from 2021 to 2026. Some of the major factors including growing demand for fully automated process, wireless connectivity, connected devices, increasing investment in smart city projects, development and investment in next generation mobile network infrastructure are driving the growth of massive machine type communication (mMTC) industry.
According to some recent research report, mobile network operators are estimated to invest more than $1.1 trillion globally during the forecast period 2021-2026 for the development of 5g technology. Apart from this, high speed and uninterrupted connections, reliability of mMTC and access to real time information also play a major role in the growth of mMTC market. These factors are set to boost growth of massive machine type communication (mMTC) market during the forecast period 2021-2026.
Massive Machine Type Communication (mMTC) Market Segment Analysis- By End-Product
The mMTC market is segmented into smart electric meters, smart sensors, control & monitoring systems, GPS system, vehicle telematics system, POS terminal, traffic and parking management system, public security & safety systems, fleet management system, smart vehicle & intelligent transportation system and others, based on end-product. Smart sensor is estimated to grow with the fastest CAGR of 10.9% during the forecast period 2021-2026. Increasing amount of smart city projects and smart factory are positively affecting the demand for smart sensors. Smart sensors are integral part of smart city projects.
Connecting these sensors to wireless networks allows these sensors to work faster. These sensors can be used in streets, buildings, factories and also in public and private devices to collect, analyse the data and to take operational measures accordingly. In addition, these sensors are used for traffic controlling, pollution controlling, parking management, energy management, logistic and building automation, health monitoring, home automation, asset and condition monitoring, waste management, air & water quality management, fleet management, logistic management and other industrial applications.
In October 2020, The ETSI had launched a new version of DECT which supports massive machine type communication system and can be used in building automation, asset tracking, industry 4.0, condition monitoring and others.
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Massive Machine Type Communication (mMTC) Market Segment Analysis- By End-User Industry
By end user industry, the mMTC market is segmented into general manufacturing, healthcare, transportation & logistics, power, waste water & water management, automotive and others. Healthcare is estimated to witness highest market growth of 11.4% during the forecast period 2021-2026. The growth of healthcare industry is primarily driven by wide adoption of smart monitoring systems and IoT in health sector. The demand for reliable communication system and growing requirement for patientís safety measures facilitates the adoption of IoT in this sector, therefore increasing the demand for massive machine type communication.
The mMTC provides real time information that can be a lifesaving factor for critical patients. In current situation the growth in demand of smart monitoring can be attributed to the global pandemic wherein such systems help to monitor the details of a patientís health and also keep the doctors, nurses, other health workers, authorities of a health institution updated with those details.
In May 2020, Stasis, Bangalore based Start-up company, had launched a cutting edge patient monitoring system that helps in managing the increased demand for wards by setting up isolation wards at the peak of covid-19. Thus, these factors are set to create massive market growth in healthcare sector during 2021-2026.
Massive Machine Type Communication (mMTC) Market Segment Analysis- By Geography
North America held the highest market share of 36.5% of Massive machine type communication market in 2020. The market of this region is mainly driven by earlier adoption of advanced technology, increasing demand for faster & uninterrupted connectivity, huge amount of investment in R&D and deployment of massive machine type communication network. Technological advancement, increasing demand for smart home, smart cities, smart manufacturing, smart factories and other factors are also contributing towards the market growth of this market in this region.
In June 2020, Qualcomm Technology, JLC infrastructure collaborated with IGNITE cities to develop and provide a suite of smart and connected technology solution to fulfill the demands of customers in various sectors such as industrial, commercial, municipal and residential and to work as accelerator for smart city projects. Furthermore, APAC region is also going to witness highest growth during the forecast period 2021-2026. Many Asian countries including China, Japan and India are investing in 5g network infrastructure.
SoftBank, a Japanese multinational conglomerate holding company, is going to deploy 11,210 5g base stations by the year 2023. Apart from this, rising investment in smart city projects in this region plays a major role in increasing deployment of mMTC. Massive machine type communication enables machine to machine communication without human input which acts as the backbone of smart city. In June 2020, instead of cutting the investment in the current scenario, The Singapore Government had announced to increase the investment in smart city projects and information technology by 30%.
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Massive machine type communication (mMTC) market Drivers
Growing investment in 5G infrastructure:
The investment in 5g infrastructure and its adoption is expected to grow rapidly due to its ability to provide strong security, lower latency level, enhanced capacity, better network coverage and connectivity, greater data transmission speed, and increased bandwidth compared to other network. In April 2019, Japanese Government approved the plans of four mobile carriers NTT DoCoMo, KDDI, SoftBank and Rakuten to build 5g wireless networks with $14.4 billion investment over the next five years. In October 2019, North American company Qualcomm launched a $200M fund to invest in companies developing 5G ecosystem. Increasing investment in 5G infrastructures and its wide adoption works as growth drivers for mMTC market.
Higher speed connection and real time information:
Higher connectivity speed is one of the main driving forces for this market. Massive machine type communication not only enables machine to machine communication but also makes the communication lighting fast. Massive machine type communication provides real time information which makes the operational process in every business sector more efficient. Better connectivity and access to real time information is beneficial for business of all kinds, manufacturing, healthcare, transportation & logistics, power, waste water & water management, automotive and others.
Massive machine type communication (mMTC) market Challenges
Energy efficiency issues:
Energy efficiency is a major concern for mMTC devices. Connecting a large number of devices to a single grid is nearly impossible and due to this, most of the mMTC devices are equipped with a battery which is assumed to be working for a limited life span without any battery replacement. mMTC devices canít perform optimally, when the batteries get depleted, in that case, communication over long distance may not be feasible and it lowers overall operational efficiency as well.
Massive machine type communication (mMTC) Market Landscape
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Massive machine type communication (mMTC) market. As of 2020, the market for Massive machine type communication (mMTC) market is consolidated with the top players including Nokia Corporation, Huawei Technologies Co., Ltd., Panasonic Corporation, Intel Corporation, Cisco Systems, Inc., Telefonaktiebolaget L M Ericsson, Qualcomm Incorporated, Koninklijke Philips NV, Telecom Italia and others.
In September 2020, Telefonaktiebolaget L M Ericsson had agreed to acquire the US-based market leader in Wireless Edge WAN 4G and 5G Enterprise solutions, Cradlepoint. Cradlepoint complements Ericssonís existing 5G Enterprise portfolio. This combination will generate new revenue and will boost returns on investments in the network.
In January 2020, Maxis and Huawei Technologies had joined hands together for 5G innovation and development in Malaysia to deliver enhanced 4G & 5G solutions for better experience, more efficient operational functions.
North America dominated the market in 2020, with the highest market share, owing to the earlier adoption of advanced technology, growing demand for uninterrupted connectivity, huge investments in mMTC infrastructure and smart city projects.
Growing investments in 5g infrastructure works as a growth driver for this market.
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