Research and Markets forecasts the global cellular M2M module market to grow at a CAGR of 23.28% during the period 2018-2022.
Increases in development of smart cities is expected to drive the market.
According to the report, governments continue to draft and implement regulation supporting the development of urban infrastructure and integration with advanced technologies. The main of governments is to improve the efficiency of services and improve the quality of life for residents.
This is resulting in growth of the M2M module market.
On the other hand, one challenge in the market is growing privacy and security concerns.
Consumers lack assurance and are not confident about integrating such technologies into their devices. In the US, hacking smart meters within an energy grid can result in major blackouts. In 2016, e-mail accounts and credentials of owners were hacked in the US. It affected more than 1,000 other devices in the US.