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 2024-2031

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.