Technology is constantly advancing. This, unsurprisingly, is leading more and more companies to consider how they can replace human support. Machine to Machine startups, or M2M businesses, look at how tech can effectively communicate with itself. But how is this disrupting standards in the US?
What is Machine to Machine?
Machine to Machine (M2M) is a concept that allows machines or technologies to work with each other. The purpose of this ideal is to remove human interaction as much as possible. Statistics showing that human error can be responsible for up to half of all data loss – a worrying trend. Therefore, M2M interaction was likely always on the cards.
Automation and machine learning are two critical facets of M2M. It is mainly coming into force across factories and industrial settings. For example, sensor technology can actively check if processes are working to peak efficiency. This can then report back to analytics software or central hubs.
Therefore, analytics, safety, and efficiency checks can partially or fully automate. As mentioned, human error is a major concern. It is also a significant drain on efficiency and productivity potential. Therefore, it's not hard to understand why some US startups are making big waves in this sphere.
A Look at Startups and the M2M Industry
Industry 4.0 is a generic term that applies to M2M. It's this sphere we need to look at in terms of current successes and projected goals. Right away, statistics show that the M2M industry is likely to be worth short of $200 billion by the end of 2022. There were already more than one billion M2M connections back in 2017.
Specific ventures helping to push M2M forward in the US include the likes of Elemental Machines. This is a firm with its landmark technology – Element-D – which collects data from various action sources. This data then collates to help offer management insight into how manufacturing, for example, is performing.
UCW Labs is another M2M firm with roots in the Internet of Things or IoT. Specifically, this company works to provide custom hardware as well as software solutions. Therefore, manufacturing bodies and industrial managers can implement this technology in their existing workspaces.
With the M2M scene ever-expanding thanks to technological advances, it's easy to see where the $200 billion figure arises. IoT or IIoT (Industrial Internet of Things) has been rolling out for many years on the working floor. We do not only see this technology evolve in our own homes but also the workplace.
The Future of Working Technology?
Investment in IoT, or IIoT, is on the rise. For M2M entrepreneurs, this means that interest in their products and services will continue to grow. Is the wider world ready for more creative manufacturing processes?
Investors who want to learn more about M2M startups may wish to use online databases. Services such as Fundz may help bring the next big thing in M2M to the fore!
Sources
https://www.ventureradar.com/startup/M2M
https://www.statista.com/topics/1843/m2m-machine-to-machine/
https://www.comparitech.com/blog/information-security/human-error-cybersecurity-stats/
https://www.cbinsights.com/research/future-factory-manufacturing-tech-trends/
https://www.ionos.com/digitalguide/server/know-how/what-is-machine-to-machine-communication-m2m/
https://internetofthingsagenda.techtarget.com/definition/machine-to-machine-M2M
Topic: Startups
