eSIM Market Size, Share, Growth Analysis, By Solution(Hardware and Connectivity Services), By Application(Consumer Electronics (Smartphones, Tablets, Smartwatches, Laptops), By Vertical(Automotive, Energy & Utilities, Manufacturing, Retail), By Region - Industry Forecast 2024-2031

eSIM Market size was valued at USD 10.843 billion in 2019 and is poised to grow from USD 12.61 billion in 2023 to USD 42.15 billion by 2031, growing at a CAGR of 16.5% in the forecast period (2024-2031).

eSIMs are becoming popular since they enable their customers to manage all connected devices remotely and digitally including smartphones, laptops, wearable equipment, medical equipment and many others. These enable the devices to switch network carriers without replacing a SIM card physically.

In 2022, more than 350 million eSIM-capable devices were shipped in many categories such as smartphones, tablets, medical equipment, IoT modules. According to the market projections, it is anticipated that the demand will reach at a value of 16 billion devices and almost every three in four cellular devices would be capable to support an eSIM by 2031. 

Smartphones are estimated to lead the shipments of eSIM-capable devices in the next few years, smartphones have been playing a very important role in driving growth of the market by providing benefits to other devices such as laptops, smartwatches, and others. Cellular connectivity through smartphones in smartwatches is an example through which demand for eSIM-supported smartwatches is also increasing.

eSIM is particularly well designed to the evolving landscape of smartphone usage. The number of people who are using more than one device is growing, whether they use two or more than two devices, one for their workspace and another for their personal use. It performs similarly to a traditional SIM card, but it has pre-programmed settings and it can be programmed by plugging into a modem or computer. The eSIMs was created mainly for the telecommunications sector, and primarily for network-attached storage installations (NAS).

US eSIM Market is poised to grow at a sustainable CAGR for the next forecast year.