Revenue from machine-to-machine (M2M)/Internet of Things (IoT) in Singapore is set to grow at a compound annual growth rate (CAGR) of 14.78% between 2019 and 2024, according to GlobalData, a leading data and analytics company.
The M2M/IoT penetration of the population is expected to grow from 15.10% in 2019 to 16.84% by the end of 2024. The total number of M2M/IoT subscribers in the country is forecast to grow from 855,000 in 2019 to 969,000 in 2024.
Sony Kumari, Associate Analyst of Telecoms Market Data and Intelligence at GlobalData, says: “The growth in M2M/IoT revenue will be fuelled by the Government’s Smart Nation Project which focuses on the investments across five key domains, namely ‘smart building and environment’, ‘smart urban mobility’, ‘smart healthcare’, ‘smart governance’ and ‘smart industry’.
“For instance, M1 Limited (M1) in partnership with Nokia chose the ‘Impact’ IoT platform to enhance its smart city services. In addition, the growth of M2M/IoT market is driven by Industry 4.0 trends, especially in manufacturing and logistics sectors. Furthermore, increase in the demand for connected vehicles, home automation and wearables is expected to contribute to the growth of M2M/IoT revenues during the forecast period.”
All major mobile network operators (MNOs) in Singapore namely StarHub, SingTel, M1, and TPG Telecom are carrying out 5G trials to explore capabilities and use cases of new IoT applications.
Kumari concludes: “Singapore government efforts to reduce cost of deployment, operations, maintenance of devices and applications will ensure the growth of IoT services market in Singapore. Also, growing demand for cloud services and big data analytics will further drive the M2M/IoT market in Singapore during the forecast period.”