Europe will be the most valuable region in a global M2M market worth €40 billion in 2017, according to new research.

Globally, the M2M market is forecast to grow in volume by 30 percent, representing almost 370 million modules in 2015, IDATE Research said in its latest report.

But while Asia-Pacific should dominate Europe and North America in terms of volume, Europe should still lead when it comes to revenue, the France-based company said.

Connectivity will represent €10 billion of worldwide M2M revenue by 2017, and more than three percent of European telcos' mobile data revenue.

Growth will be driven by the automotive, consumer electronics and the utility industries.

Samuel Ropert, project manager and senior consultant at IDATE, predicts that the automotive industry will have an average growth rate (AGR) of 40 percent until 2016; in comparison, the consumer electronics industry will represent “barely a third” of that figure.

Last year, the M2M market generated €24.2 billion in revenue, which translates into an AGR of 31 percent in volume and 11 percent in revenue, according to IDATE.

The majority of this growth came from software and IT developments, which accounted for two-thirds of total market revenue.

Last week, research firm Ovum said that operator revenues from M2M services are forecast to more than treble over the next five years to reach €33 billion.

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