According to the new research report published by The Insight Partners, titled “Cellular IoT Market – Global Analysis and Forecast to 2027”, the global cellular IoT market is expected to reach US$ 18.2 Bn in 2027, registering a CAGR of 22.6% during the forecast period 2019-2027.
The cellular IoT market has witnessed eminent growth in the last couple of years globally. Cellular IoT is also being widely adopted across industries such as consumer electronics, retail, healthcare, and industrial. Presently, majority of the cellular IoT connections are enabled by either 2G or 3G connectivity technologies. However, the penetration of 4G connectivity is growing at a fast pace owing to the advantages offered by this technology such as low latency, greater bandwidth, and support for large number of devices. The number of 2G and 3G IoT connections is anticipated to decrease further with the arrival of 5G and other IoT targeted connectivity technologies such as LTE-M and NB-IoT.
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Top Key Players:- Arm Holdings Plc, AT&T, Inc., Ericsson, Huawei Technologies Co., Ltd., Mediatek Inc., Qualcomm Incorporated, Sierra Wireless, Inc., Sequans Communications SA, Thales group, and ZTE Corporation
ellular IoT can be broadly classified into four types including massive IoT, broadband IoT, Critical IoT, and industrial automation IoT. Some of the major use cases of cellular IoT include asset management, smart metering, fleet management, AR/VR, drones/UAV, traffic control, automotive, building automation & control, and grid automation among others. The two major factors that are driving the growth of IoT connectivity across the globe include increasing push for digitalization among industries and rising interest of mobile network operators to expand their business. The ecosystem of cellular IoT is growing at an impressive pace with 3GPP standards, device manufacturers, chipset & module manufacturers, and network infrastructure providers.
The report segments the global cellular IoT market as follows:
Global Cellular IoT Market – By Technology
- 2G & 3G
Global Cellular IoT Market – By End Use Industry
- Infrastructure & Construction
- Consumer Electronics
- Automotive & Transportation
- Energy & Utilities
The cellular IoT market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, MEA, and SAM. The North America region holds the highest market share; whereas APAC is projected to be the fastest-growing region as well in the coming years. The growing investment in 5G, LTE-M, and NB-IoT in China, South Korea, and North East Asian countries is the major reason behind the unprecedented growth of cellular IoT in the APAC region. The other developing regions such as MEA and SAM are also expected to contribute to the cellular IoT growth, owing to the increasing government initiatives for digitalization of economy with the adoption of advanced technologies such as IoT.
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