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

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).

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.