Europe’s IoT & M2M communications market is expected to grow at a CAGR of 27.4% from 2012 to 2017
Global Internet of Things (IoT) and Machine-To-Machine (M2M) communications market is expected to reach $290bn by 2017, rising at a compoud annual growth rate (CAGR) of 30.1% between 2012 to 2017, according to a report by MarketsandMarkets.
According to the report, "Internet of Things (IoT) & Machine-To-Machine (M2M) Communication Market – Advanced Technologies, Future Cities & Adoption Trends, Roadmaps & Worldwide Forecasts (2012 – 2017), the IoT & M2M communication market was $44bnin 2011.
The IoT & M2M communication includes the objects/things that are connected to the Internet which is done through attaching sensors and devices into everyday objects/things that are connected to Internet through wired and wireless networks.
According to MarketsandMarkets, IoT & M2M communication will be the fastest growing technology segments of the Information Technology (IT) sector in the next 3 to 5 years.
The report found that Europe, Asia Pacific and North America regions are emerging market for IoT & M2M communication while Latin America and Middle East & Africa regions will be high growth markets.
Region wise, Europe’s IoT & M2M communications market is expected to grow at a CAGR of 27.4% from 2012 to 2017, while APAC and North America are expected to record $92.8bn and $56.3bn at a CAGR of 33.2% and 28.3% respectively.
Companies such as Alcatel-Lucent, AT&T, Cisco Systems, Intel, IBM, Huawei and Gemalto NV are key market players, according to the report.