Global Lightweight Machine-to-Machine (LWM2M) Market is Expected to Grow at a CAGR of 23% by 2027 Owing to the Advantages of LWM2M Over Other IoT Protocols Coupled With Launch of Latest Versions, Says Absolute Market Insights

PUNE, India, Feb. 26, 2020 /PRNewswire/ -- In terms of revenue, the global lightweight machine-to-machine (LWM2M) market was valued at US$ 69.43 Mn in 2018 and is anticipated to reach US$ 441.45 Mn by 2027 growing at a CAGR of 23% over the forecast period.

The advantages offered by lightweight machine-to-machine (LWM2M) protocol over other IoT communication protocols such as MQTT and HTTP has boosted the growth of lightweight machine-to-machine (LWM2M) market globally. Open Mobile Alliance (OMA) has defined a latest standard, namely Lightweight Machine-to-Machine (LWM2M), intended for low power device management and machine-2-machine communication. It is based on Constrained Application Protocol (CoAP) and fulfills the security and communication needs of constrained devices and networks such as low power controllers. Currently more than 25 companies including AT&T, Microsoft, Nokia and others have integrated lightweight machine-to-machine (LWM2M) device management protocol in their products and services. The lightweight machine-to-machine (LWM2M) also enables remote management of IoT devices.

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LWM2M facilitates interoperability and includes ready-to-use standard objects (OMNA, IPSO, GSMA Objects) as compared to Message Queue Telemetry Transport (MQTT) where these objects are optional. Additionally, LWM2M offers firmware upgrades as basic functionality in contrast to MQTT where these firmware updates are to be created from scratch. These advantages have proved the capabilities of LWM2M to operate as device management protocol and also telemetry protocol. Owing to the benefits offered by LwM2M, a dedicated device management protocol, over MQTT, a publish/subscribe-based communication protocol, industries are increasingly adopting LwM2M for effective implementation of IoT in manufacturing, transports and logistics, healthcare and various other sectors. For instance, Traxens, an IoT and smart solutions provider for transport companies, has integrated IoTerop's LWM2M based solution into their IoT projects to provide on board connected devices and remote monitoring solutions to their customers.

In the latest presentation on specifications of LwM2M v1.1 released by Open Mobile Alliance in 2019, the alliance has predicted a steep growth in LWM2M-enabled devices by 2022, reaching a total of 235 million. The launch of latest version of LWM2M has overcome the drawbacks observed in the previous version. The key features of latest version of LWM2M includes support to low power WANs, support for application layer security based on Object Security for Constrained RESTful Environments (OSCORE) and many other benefits. Companies such as AVSystems, announced in February 2019 about the compliance of their Coiote IoT Device Management platform and Anjay LwM2M SDK with LWM2M 1.1. The enhanced security, data formats and messaging are poised to boost the growth of global lightweight machine-to-machine (LWM2M) market over the forecast period.

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The detailed research study provides qualitative and quantitative analysis of the global lightweight machine-to-machine (LWM2M) market. The lightweight machine-to-machine (LWM2M) market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

Key Findings of the Report

• In terms of revenue, the global lightweight machine-to-machine (LWM2M) market is anticipated to grow at a CAGR of 23% over the forecast period owing to the advantages of LWM2M over other IoT communication protocols.
• On the basis of vertical, manufacturing segment dominated the global lightweight machine-to-machine (LWM2M) market in 2018 owing to the rise in IIoT application across the shop floor for streamlining and connecting machines and operations.
• Large enterprises dominated the global lightweight machine-to-machine (LWM2M) market in 2018 owing to their high economic and man power to invest in latest technologies as compared to small and medium sized enterprises.
• North America accounted for the highest market share in 2018 and is expected to retain its position in the global lightweight machine-to-machine (LWM2M) market due to high number of tech firms situated in counties such as U.S and Canada, which are early adopters of latest technologies.
• Some of the players in global lightweight machine-to-machine (LWM2M) market are Arm Limited, AVSystem, CONNECT2 SYSTEMS LIMITED, FRIENDLY TECHNOLOGIES, Gemalto NV, Nokia, OMA SpecWorks, ROHDE & SCHWARZ amongst others.

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Global Lightweight Machine-to-Machine (LWM2M) Market

• By Vertical:
• Manufacturing
• Transportation and Logistics
• Banking Financial Services and Insurance
• Retail and Ecommerce
• Healthcare
• Others
• By Components:
• Sensors
• RFID
• Modem
• Others
• By Organization Size:
• Small and Medium Sized Enterprises
• Large Enterprises
• By Region:
• North America
• U.S.
• Canada
• Mexico
• Rest of North America
• Europe
• France
• The UK
• Spain
• Germany
• Italy
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia Pacific
• Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

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SOURCE Absolute Market Insights