With a linear growth pattern, the Cellular IoT Market is expected to reach a value of USD 4,143.6 million in 2023 and increase at a compound annual growth rate (CAGR) of 24.7% from 2023 to 2033, when it is expected to reach USD 27,377.6 million.
The rapidly growing cellular Internet of Things (IoT) market is expected to have billions of connected devices in the next years. This increase is being caused by several causes, such as the increasing availability of low-power cellular technologies like LTE-M and NB-IoT and the decreasing cost of cellular data subscriptions.
Cellular IoT solutions are becoming more and more economically viable for businesses and organizations to implement as the cost of IoT modules, hardware, and data plans drop. Adoption is facilitated by affordable data plans and hardware.
In the Internet of Things, security is a major concern. The potential attack surface grows with the number of linked devices. To safeguard IoT devices and data, security solutions and standards are necessary.
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Among the major uses of cellular IoT in smart cities are streetlights, garbage management, parking management, and traffic sensing and control devices. Governments around the world are particularly focused on modern infrastructure improvements, and many pilot projects are being launched to achieve this goal. The governments of Eastern Europe and North America are also promoting these kinds of projects and establishing public-private partnerships (PPPs).
One of the primary elements improving the market’s prognosis is the telecoms sector’s spectacular global growth. By integrating these technologies with the present mobile networks, enhanced end-to-end security, device-level access control and authentication, and encrypted data transport can be made available. Additional factors that promote growth in the IoT are its integration with embedded sensors, Wi-Fi, and Bluetooth in automotive systems.
The market is significantly impacted by laws and norms pertaining to spectrum allotment, data protection, and Internet of Things devices. Adherence to local, national, and international legislation is essential for IoT service providers and device makers.
There are many device makers, network operators, and IoT platform vendors in this fiercely competitive sector. Competition lowers costs and promotes innovation. Cellular IoT use cases and needs vary throughout industries. Cellular IoT market growth depends on comprehending and meeting the unique requirements of vertical markets, such as smart cities, healthcare, and agriculture.
Cellular IoT Market Competitive Outlook
Qualcomm, Huawei, Sierra Wireless, Gemalto, Thales, and Tel
Market Segmental Analysis
By End-User
Agriculture
Automotive & Transportation
Consumer Electronics
Energy
Environment Monitoring
Healthcare
Retail
Smart Cities
Others
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By Component
Hardware
Software
Device Management
Signal Processing
Services
By Technology
2G
3G
4G
LTE-M
NB-LTE-M
NB-IoT
5G
Country Scope
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria
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