USD 3.7 billion
Cellular IoT Market Size, Share, Growth Analysis, By Component(Hardware (Baseband Processor, RF Transceiver, RF Front End, Power Management Unit)), By Technology(2G, 3G, 4G, LTE-M), By Application(Alarms & Detectors, Smart Appliances, Smart Metering, Smart Parking), By Vertical(Agriculture, Automotive & Transportation, Consumer Electronics, Building Automation), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG45E2193 |
Region:
Global |
Published Date: September, 2024
Pages:
165
|Tables:
101
|Figures:
76
Cellular IoT Market Insights
Cellular IoT Market size was valued at USD 6.16 Billion in 2023 and is poised to grow from USD 7.74 Billion in 2024 to USD 48.36 Billion by 2032, growing at a CAGR of 25.72% during the forecast period (2025-2032).
The growing need for effective and secure connection solutions in various industries, be it healthcare, agriculture, and utilities, can be attributed to the emergence of cellular IoT. Cellular IoT networks enable sectors such as health, agriculture, and utilities to track assets and enhance predictive maintenance through IoT technologies, which are used to improve processes, increase productivity, and reduce cost. Development of 5G network technology is also another factor driving the growth of the cellular Internet of Things industry. With a high speed for data, low latency, and increased numbers of devices connected to a single 5G network, it opens new possibilities for creative applications of the Internet of Things, prompting explosive growth in the industry. Smart factories are being created by integrating IoT devices into production processes to build automated, networked machinery and systems. IoT devices also allow monitoring the use of energy in industrial plants, although this is also based on found areas for cost improvement. The global cellular IoT market is growing because of the increasing demand for holistic security such as encrypted data transfer and secure access to devices. Solutions for cellular Internet of Things offer a stable foundation, making it easier for companies to reduce risk and drive operational excellence. The market for cellular IoT is anticipated to grow on account of a rising need for wider network coverage, a tendency for expansion of business operations beyond traditional mobile broadband, and the need to support a large volume of connected devices across global enterprises.
US Cellular IoT Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Software
Fastest Growth
Software
Growth Rate
24.6% CAGR
Global Cellular IoT Market ($ Bn)
Country Share for North America Region (%)
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Cellular IoT Market Segmental Analysis
Global Cellular IoT Market is segmented by Component, Technology, Application, Vertical, and Region. Based on Component, the market is segmented into Hardware (Baseband Processor, RF Transceiver, RF Front End, Power Management Unit), Software (Prototyping Platform, Software Development Kit), Services. Based on Technology, the market is segmented into 2G, 3G, 4G, LTE-M, NB-LTE-M, NB-IoT, 5G. Based on Application, the market is segmented into Alarms & Detectors, Smart Appliances, Smart Metering, Smart Parking, Smart Street Lights, Surveillance & Monitoring, Trackers, Wearable Devices, Other Applications. Based on Vertical, the market is segmented into Agriculture, Automotive & Transportation, Consumer Electronics, Building Automation, Energy & Utility, Healthcare, Industrial/Manufacturing, Retail, Smart Cities, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Cellular IoT Market Analysis by Component
The hardware segment led the whole market with 58.8% of the market revenue in 2023. Ever-increasing dependable and robust hardware is required as networked devices sweep through manufacturing, healthcare, and agriculture applications of Internet of Things. Wireless cellular networks enable safe and efficient interaction between devices in reliance on the basic infrastructures created by hardware components such as sensors, modules, and gateways. The impetus on IoT deployment will also be expanded further by the extension of 5G networks, which can provide better connections, reducing latency, and improving speeds-all of which will make Internet of Things applications more efficient and scalable. Technical advancement has also led to the growth of low-cost, energy-efficient hardware solutions, making IoT implementation possible for enterprises of all sizes.
However, the software segment is anticipated to witness the fastest CAGR of 29.2% during the forecast period. The cellular IoT solutions market is fueled by increasing demand for connected devices, including wearables, smart home appliances, and industrial sensors. Technological developments in 5G technology make real-time communication possible due to faster data transmission and reduced latency. In addition, IoT technologies are critical in smart city initiatives that rapidly advance the rollout of cellular IoT. Industry takes IoT for the supply chain efficiency, automation, and predictive maintenance. Industrial applications might benefit from the dependable connection offered by cellular IoT.
Cellular IoT Market Analysis by Technology
In 2023, the market was dominated by the 4G technology segment. For one thing, 4G technology offers much stronger connectivity and much faster data transfer rates compared to 2G and 3G technologies, and lesser latency, making it increasingly sought after in the cellular IoT industry. Such applications as industrial IoT (IIoT) installations, smart city infrastructure, and connected cars, which require dependable connectivity and real-time data transfer, find this crucial. With wider coverage and more reliable connections, 4G LTE is suitable for Internet of Things devices placed in difficult or distant locations where good connectivity is a must. Besides this, 4G networks are also one of the alternatives that growing IoT systems can rely on without major improvements in infrastructure because they have already reached maturity and are globally accepted by the telecom operators. It is expected that the 5G category will grow at the highest rate during the projection period.
Comparing 5G networks with earlier generations such as 4G LTE, 4G LTE has much faster data transfer rates and much reduced latency. Improved performance in these aspects is critical for Internet of Things applications that need to process data in real-time such as industrial automation, driverless car, and remote healthcare monitoring. Scalability is an important enabler of IoT deployments at scale because 5G networks can support many more devices per unit area than earlier generations of cellular networks, without necessarily degrading the network speed. More companies are using IoT solutions in an effort to improve operational efficiency and create new services.
Global Cellular IoT Market By Component
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Cellular IoT Market Regional Insights
Strong pursuit of IoT implementation projects by solution providers and component manufacturers in North America is most predicted to make this region global revenue leader in the cellular IoT market. An area with an increasingly fast-changing technological environment, it fosters innovation and starts adopting smart, connected devices early. Key industries such as logistics, healthcare, and automobiles are rapidly adapting to cellular IoT solutions to increase productivity and enhance the consumer experience. In North America, the market is slated to reach more than US$ 3.28 billion by 2025 at an expected CAGR of 18.8%, indicating this region's pivotal importance in the global Cellular IoT market.
However, Europe is expected to be the largest shareholder in the cellular IoT market in 2023, with the biggest market share at 32.3%. The demand in the market arises from the deepening adoption of smart city projects in major metropolitan cities across Europe. In these projects, cellular IoT is used to make enhancements for traffic management, waste management, streetlights, and all the other urban management systems that increase sustainability and efficiency. More and more, the transportation and automotive industries use cellular IoT for remote diagnostics, fleet management, and even vehicle tracking themselves-all of which reduce costs and increase efficiency.
Global Cellular IoT Market By Geography
- Largest
- Fastest
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Cellular IoT Market Dynamics
Cellular IoT Market Driver
Rising Demand for Smart Devices
- The increasing demand for smart devices in industries such as manufacturing, health care, and auto is the other significant factor driving the cellular IoT market. Moreover, the larger the number of connected devices, the higher is the demand for dependable and efficient cellular communication. All these attributes of boosting automation, improving data collecting, and allowing real-time monitoring therefore trend in the creation of IoT solutions and help grow the cellular IoT ecosystem.
Expansion of 5G Networks
- Another relevant driver for the cellular IoT market is 5G networks' deployment. This technology allows seamless connectivity, so as to open a new IoT generation that will need a higher data rate, low latency, and more capacity. Businesses use 5G for applications such as driverless cars and smart cities and remote monitoring. This network technological breakthrough improves the abilities of current IoT solutions and opens opportunities for new expansion.
Cellular IoT Market Restraints
Security Issues
- Increased connected devices have raised the threat of cyberattacks, and so security is a critical barrier for the growth of the market for cellular IoT. The risks associated with data transfer and device management still concern companies. For many companies, the cost and complexity of meeting high standards of security are already limiting factors for complete usage of full-scale cellular IoT solutions. Issues of security must be resolved to allow trust to be established and more extensive adoption in the market.
High Deployment Cost
- One of the major concerns that many organizations, primarily the SMEs, have with deploying cellular IoT solutions is the high cost. Infrastructure, device management, and data plan costs can add up rapidly. Businesses get themselves into a situation where they cannot explain the expenses. The price-sensitive sectors that are looking into IoT opportunities might have slower adoption, and this holds the market back from growing.
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Cellular IoT Market Competitive Landscape
To expedite adoption rates, leading industry players are pulling out all stops in their commitment to IoT solutions utilizing 5G and satellite networks. It is, in fact, a series of infrastructural evolution, development of network coverage, and technology optimization as part of the support mechanisms for different applications of IoT. Through these efforts, companies are trying to exploit 5G network capabilities in the form of high speed as well as low latency for urban and industrial IoT deployments while overcoming connectivity problems in areas that lie quite far or possess tough terrains through satellite-based IoT solutions.
Cellular IoT Market Top Player’s Company Profiles
- Quectel
- Thales Group
- Fibocom Wireless
- Telit Communications
- U-Blox Holding
- Sierra Wireless
- Qualcomm
- MediaTek
- Unisoc Technologies
- Sony
- Nordic Semiconductor
- Murata Manufacturing
- Sequans Communication
- Analog Devices
- GosuncnWelink Corporation
- Hisilicon Technologies
- Meig Smart Technology
- Neoway Technology
- Sercomm Corporation
- Skyworks
- Xiamen Cheerzing IoT Technology
- Commsolid (Goodix Technology)
Cellular IoT Market Recent Development
- In April 2024, Cisco revealed a new IoT connectivity device that will be used with XL Axiata to drive the improvement of IoT services in Indonesia. This move further indicates that Cisco is focusing on implementing its digital know-how to bring about transformation and productivity in various sectors of the country.
- In February 2024, Fibocom and STMicroelectronics have launched a smart home solution that combines STMicroelectronics' cutting-edge semiconductor technologies with the IoT connectivity expertise of Fibocom to bestow inventive prospects with smart home technology.
- In November 2023, Telenor and Polarium partnered to provide IoT connection services to energy storage solutions that are managed globally. By teaming up with Telenor, and therefore using the latter's cutting-edge cellular-managed connection, Polarium could supply a wide range of digital solutions such as fleet management, anti-theft, remote monitoring, and tracking services to ensure totally comprehensive coverage of energy storage systems.
Cellular IoT Key Market Trends
- Integration of AI: Cellular IoT is increasingly AI-integrated, a trend that further enhances the analytics and decision-making abilities of data. This happens because of AI-led analytics that offers organizations an easier route in attempting to distill meaningful insights from large volumes of data generated by networked devices. The trend further empowers predictive maintenance, optimizes resource allocation, and improves operationally productive efficiency in many sectors. With the maturity of the cellular IoT, AI technologies should proliferate with growth in employment.
- Emphasis on Sustainability: The cellular IoT market is embracing sustainability at a faster pace because businesses realize the importance of eco-friendly practices. Most companies are using IoT technologies in their supply chain operations to ensure that they save waste, check energy consumption, and manage utilization. Demand for environmentally friendly goods and behaviors, plus legal obligations, drive the interest in sustainability. Due to this, demand for cellular IoT solutions supporting sustainability across industries is picking up pace.
Cellular IoT Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the cellular IoT market is expected to rise impressively with factors such as 5G network expansion and growing demands for smart devices. These components enable companies across several industries to implement advanced IoT solutions that improve connectivity and operational efficiency. However, barriers, such as the commercial implementation costs and security concerns, would drive back the adoption of the commercialized technology. Still, new trends that shape the market's future include the incorporation of artificial intelligence and sustainability, despite such adversities. Cellular IoT is therefore expected to increase with the adoption of connected technologies and ever-changing industries. This opens new frontiers in the doors of collaboration and innovation.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.9 billion |
| Market size value in 2031 | USD 38.47 billion |
| Growth Rate | 25.72% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cellular IoT Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cellular IoT Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cellular IoT Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cellular IoT Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cellular IoT Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cellular IoT Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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