The M2M industry is set to generate annual revenues of $242 billion in 2022, up from $45 billion in 2013, with healthcare one of the driving forces of this dramatic growth, according to new research from Strategy Analytics.
According to the study, healthcare (including m-health services), consumer electronics, utilities and vehicles will together be responsible for 85% of total M2M revenues by the end of the forecast period.
In the healthcare market, m-health services will come to generate the lion’s share of revenues, says Strategy Analytics.
Noting that global spending on healthcare currently exceeds $6.5 trillion, and continues to trend upwards, the company says the majority of m-health revenues will come from services that are designed to streamline or replace existing and costly face-to-face processes, monitor and track patients with chronic conditions, and assist with IT automation to improve efficiency and reduce costs.
Unsurprisingly, much of the m-health momentum will come from the US, which has already established a lead over other developed countries in this area.
“Healthcare, consumer electronics, utilities and vehicles are areas that will see major revenue growth, through the driving out of inefficiency in existing processes as well as the creation of new service opportunities,” said Andrew Brown, an executive director of enterprise and M2M research at Strategy Analytics.
“The growth in providers of regulatory-compliant network operation centers, investment from industrial giants like GE [Fairfield, CT, USA] and growth in the number of ‘big data’, system integrator, IT and analytics companies highlight the real and significant revenue potential that exists in the M2M market,” added Brown.