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:
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
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.
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:
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.
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.
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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