What is the global market size of Cellular IoT Market?

Global Cellular IoT Market size was valued at USD 3.7 billion in 2021 and is poised to grow from USD 4.61 billion in 2022 to USD 26.78 billion by 2030, growing at a CAGR of 24.6% in the forecast period (2023-2030).

Who are the key vendors in the Global Cellular IoT Market?

The primary driving force in the Cellular IoT Market is the many measures done by major Cellular IoT Market participants to standardize and boost the usage of cellular IoT in cutting-edge applications. To promote the general adoption of these machine-to-machine technologies, particularly NB-IoT, LTE-M, and 5G, other industry alliances and working groups have also been established. The involvement of industry players, from component manufacturers to service providers, in the promotion of these technologies is an intriguing occurrence in the Cellular IoT Market. 'Huawei Technologies Co. Ltd.', 'Ericsson AB', 'Nokia Corporation', 'AT&T Inc.', 'Verizon Communications Inc.', 'Sierra Wireless, Inc.', 'Qualcomm Inc.', 'Deutsche Telekom AG', 'Telit Communications PLC', 'Vodafone Group PLC', 'China Mobile Limited', 'Cisco Systems Inc.', 'Orange S.A.', 'Telefonica S.A.', 'STMicroelectronics N.V.', 'ARM Holdings PLC', 'Gemalto N.V.', 'Texas Instruments Inc.', 'Thales Group', 'Aeris Communications Inc.'

What is the key driver of Global Cellular IoT Market?

The two most important sectors implementing cellular IoT modules are smart city infrastructure and building automation. By 2021, these verticals were responsible for roughly 30% of the cellular IoT market's revenue. The internet can now be accessed by battery-operated devices thanks to new cellular IoT technologies like NB-LTE-M, NB-IoT, and 5G. These technologies can assist in linking devices more effectively than the current 2G and 3G technologies, from smart parking to smart street lighting. Streetlights, traffic sensing and control devices, infrastructure monitoring devices, trash management devices, and parking management devices are some of the key uses of cellular IoT in smart cities. Modern infrastructure changes are a specific area of concentration for governments around the world, and numerous pilot projects are being established to accomplish this. Additionally, the governments of North America and Eastern Europe are encouraging such initiatives and creating public-private partnerships (PPPs).

What is the key market trend for Global Cellular IoT Market?

One of the major rising use cases for cellular IoT is vehicle telematics, which improves performance and connection while maximizing an organization's assets. The market for telematics solutions is expected to grow at a CAGR of 15.9% from US$ 29.9 billion in 2021 to US$ 62.6 billion by 2025. For cellular IoT solution providers, the trend of adopting telematics solutions in off-highway vehicles—in addition to highway vehicles—is expected to present strong growth prospects.

Which region accounted for the largest share in Global Cellular IoT Market?

Due to the aggressive pursuit of IoT implementation projects by solution vendors and component manufacturers, the North American region is expected to dominate the Cellular IoT Market in terms of revenue. The fast-evolving technology landscape and the ability of sectors to adopt smart and connected products from their genesis are some key reasons for the region's success. By 2025, it is projected that the region will develop at a CAGR of 18.8% and reach US$ 3.28 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 2024-2031

Report ID: SQMIG45E2193 | Region: Global | Published Date: September, 2024
Pages: 165 | Tables: 101 | Figures: 76

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Global Cellular IoT Market size was valued at USD 4.9 billion in 2022 and is poised to grow from USD 6.16 billion in 2023 to USD 38.47 billion by 2031, growing at a CAGR of 25.72% during the forecast period (2024-2031).

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. '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)'

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.

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.

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.

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What is the global market size of Cellular IoT Market?

Who are the key vendors in the Cellular IoT Market?

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