US: The Cellular M2M Market by Application Service market is estimated to grow from $3.22 billion to $11.50 billion by 2020. A new report, ‘Global Forecast to 2020’, from Market research firm MarketsandMarkets’ predicts a compound annual growth rate (CAGR) of 29%.
The report suggests, due to the advancement in embedded telematics segment, the wireless connectivity cost has decreased, and it has helped the fleet owners, heavy equipment manufacturers, and cellular based machine to machine (M2M) VAS applications providers.
Fleet management cellular M2M helps in round the clock monitoring with details about the location, driver, material, and other important information about the vehicles. Fleet management solutions with the help of in-vehicle monitoring systems, provides identification of driving trends, driver behaviour, thus reducing the risk of accidents. It uses GPS and GIS for tracking vehicles and for remotely protecting and receiving real-time information. The GPS and GIS systems also help in tracking and communicating with the cargo ships in real-time, thus enabling secured transportation of freight and cargo. Also, employing a definitive geographical positioning system in the modes of transport to identify geographical locations of the carrier and identifying bottlenecks in real-time minimizes costs and damages.
North America is expected to have the largest market share in 2015; however, APAC will grow with the highest CAGR from 2015 to 2020.
Source: Market Watch