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Global Cellular IoT Market Segmentation By Component (Hardware and Software), Cellular Technology (3G, 4G, LTE-M, NB-IoT, 5G, and others), End-Use (Agriculture, Healthcare, Retail, Energy, Automotive and Transportation, Infrastructure, etc.) and by Regional Analysis (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast (2023 – 2028)

Published: March, 2023
ID: 10196
Pages: 150
Formats: report pdf report excel report power bi report ppt

Global Cellular IoT Market Size (2023-2028)

The global cellular IoT market is foreseen to progress from $3.36 billion in 2022 to $7.31 billion in 2028, with a CAGR of 23.34% during the outlook period.

Cellular IoT is defined as a way to connect physical devices to the internet around the world. These advanced technologies used for connectivity include 3G, 4G, 5G and LPWA (Low Power Wide Area) cellular technologies such as NB-IoT and LTE-M. It provides various advantages like global coverage, reliability and affordable hardware that are crucial for cellular IoT connections.

As with the entire IoT landscape, connectivity plays an important role, which is why mobile operators are in an excellent position to have a share of the greatest added value in the IoT market. The size of this slice of the pie depends on the different roles the operator plays in the IoT ecosystem. The different monetization models that the operator can look for are network providers, end-to-end solution providers, system integrators, etc.

Due to machine-to-machine communication and machine-to-person communication, a large amount of data will be generated. To support the operation in the IoT network, proper data storage, interpretation and transfer at minimal cost in reality. Cellular technologies such as GSM, WCDMA, LTE and the future 5G have evolved with new features and a new narrowband IoT radio access technology designed from an attractive solution for Emerging Low Power Extended Applications (LPWA).

Recent Developments:

  • March 2020: Sequans Communications and NXP Semiconductors have collaborated to integrate LTE for the Internet of Things (IoT) into NXP's microcontroller (MCU) ecosystem. The hub of the partnership will be the combination of NXP's LPC5500 microcontroller series with Sequans' Monarch GM01Q and NB01Q modules, providing a development platform that includes LTE-M and NB-IoT connectivity for IoT devices.
  • November 2019: Telit presented new modules ideal for the transition to 4G NB-IoT. The new modules are created for users wishing to switch from 2G to 4G NB-IoT. Telit claims that the new modules offer more efficient power consumption and improved coverage for connectivity.

Impact of Covid-19 on Cellular IoT Market:

The coronavirus (Covid-19) pandemic and its impacts will likely slow down investments and deployments in cellular IoT, as well as prolong the growth timelines of the cellular IoT market in many industries; However, there may be opportunities for cellular IoT to shine, such as with major disruption to global health and supply chains, governments, hospitals, insurers and logistics service providers must react quickly and rethink how a more connected world could help better cope with the current crisis and avoid or mitigate future crises.

Market Growth and Trends:

Increased Cellular IoT Demand for C-V2X in Automotive Industry to Drive Market

  • Cellular Vehicle-to-Everything (C-V2X) in the automotive industry is growing due to the increasing demand for safe and reliable road transport, the growing adoption of autonomous vehicles and the rising demand for automotive telematics as a part of logistics and transport companies.
  • The growing demand to enable highly reliable real-time communications at high speeds and in high-density traffic. Taking advantage of the comprehensive coverage of secure and well-established LTE networks are some of the factors driving the demand for cellular IoT for C-V2X.
  • Advances in 5G technology would allow 5G-V2X applications to provide better cybersecurity performance and process a large number of messages in congested traffic environments. Another factor that would boost the cellular IoT segment is the cost associated with hardware components.
  • In January 2019, Audi, Ducati and Ford introduced the C-V2X technologies. Such developments would accelerate the commercial deployment of cellular IoT on C-V2X technology.

Market Drivers and Restraints:

Increasing digitization and automation in industries across various verticals such as manufacturing, automotive, energy, and utilities are the major drivers expected to drive the growth of the global cellular IoT market. In addition, the growing demand for extended network coverage, the growing trend for business expansion beyond mobile broadband and the need to accommodate large numbers of connected devices among businesses around the world are some of the other important factors that are expected to boost the growth of cellular IoT market.

The growing implementation of advanced cellular IoT technologies and the growing demand for connected devices are some of the major growth drivers of the global cellular IoT market. However, the high cost of IoT infrastructure and issues related to legal regulation and rights are identified as the major constraints affecting the growth of the cellular IoT market globally, especially in some developing economies.

GLOBAL CELLULAR IOT MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 – 2028

Base Year

2022

Forecast Period

2023 - 2028

CAGR

23.34%

Segments Covered

By Component, Cellular Technology, End Uses, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Qualcomm Inc. (United States), Gemalto NV (Netherlands), Sierra Wireless (Canada), U-Blox Holding AG (Switzerland), MediaTek Inc. (Taiwan), Telit Communications PLC (UK), ZTE Corporation (China), Mistbase (Sweden), Sequans Communications (France) and CommSolid GmbH (Germany) and Others.

 

Global Cellular IoT Market Segmentation:

Global Cellular IoT Market By Components:

the global cellular IoT market is bifurcated into hardware and software. The software segment is likely to occupy the prominent position in the international market and increase at a CAGR of 27.6% over the envisioned timeframe. The hardware segment is expected to post a CAGR of 26.5% during the conjecture period.

Global Cellular IoT Market By Cellular Technology:

the cellular IoT market is divided into 3G, 4G, LTE-M, NB-IoT, 5G, and others. The cellular IoT market revenue contribution of the NB-IoT segment is expected to increase at a CAGR of 35.3% in the coming years. The LTE-M segment is also expected to post a CAGR of 31.0% in the estimated period.

Global Cellular IoT Market By End-Uses:

the global cellular IoT market is separated as agriculture, healthcare, retail, energy, automotive and transportation, infrastructure, etc. The contribution to revenue in the energy segment cellular IoT market is expected to increase at a CAGR of 28.1% over the conjecture period.

Regional Analysis:

North America is expected to become the largest market in the global cellular IoT market. Most of the IoT providers, such as Qualcomm and Texas Instruments, are based in the North America region itself and are also investing in the local market IoT ecosystem area. For example, the BMW Group, Intel and Mobileye have partnered for autonomous driving.

Key market players:

This report provides valuable information on the ecosystem of this market, including chipset and device manufacturers. The main players in the global cellular IoT market are Qualcomm Inc. (United States), Gemalto NV (Netherlands), Sierra Wireless (Canada), U-Blox Holding AG (Switzerland), MediaTek Inc. (Taiwan), Telit Communications PLC (UK), ZTE Corporation (China), Mistbase (Sweden), Sequans Communications (France) and CommSolid GmbH (Germany).

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