USD 3.7 billion
Report ID: SQSG45E2031 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 101 | Figures: 76
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).
The key functionalities propelling Cellular IoT Market expansion include elements like robust security, ubiquitous mobility, and resilient networks. Additionally, it is expected that the need to connect high density, low power, and low-cost devices at a cost-effective scale will contribute to the rising demand for IoT platforms across various verticals. The LTE technology serves as the communication backbone for several solutions that use broadband connections for machine-to-machine data transmission. As a result, improvements in LTE's "massive adoption" and technological advancements within the IoT ecosystem are viewed as being the primary drivers of the rising IoT demand over cellular networks. In addition, the capability of these solutions to address a variety of IoT use cases will probably be significantly impacted by their ability to operate with local connectivity and networking technologies, such as Wi-Fi and Bluetooth.
Cellular network expansion is expected to be fueled by new applications like wearables, fleet management, automotive connectivity, and connectivity for healthcare devices. They also have uses in a variety of other fields, such as smart meters, weather monitoring systems, personnel traffic pattern monitoring, infrastructure security systems, flood management, and agricultural management, to name just a few.
Cellular technology is becoming increasingly prevalent as the primary connectivity standard thanks to the initiatives and active support of numerous industry players dispersed throughout the value chain. These initiatives have drawn a lot of attention from industry players, including makers of chipsets and modules, infrastructure service providers, carriers, and vendors of IoT solutions. The fastest and broadest adoption of broadband technology in the IoT ecosystem has been attributed to these collaborations. For a few years, Cellular IoT Market growth may be constrained by factors like fragmentation and intense competition from LPWAN technologies like LoRA and SigFox; however, numerous efforts to standardize the industry and significant new applications for cellular IoT are expected to support the technology's growth in the years to come.
US Cellular IoT Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.7 billion
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Global Cellular IoT Market is segmented based on Component, End Use, Type, and Region. Based on Components the Cellular IoT Market is further sub-segmented into Hardware, Software, Device Management, and Signal Processing. Based on Type the Cellular IoT Market is further sub-segmented into 2G, 3G, 4G, LTE-M, NB-LTE-M, NB-IoT, and 5G. Based on End Use the Cellular IoT Market is further sub-segmented into Agriculture, Automotive & Transportation, Consumer Electronics, Energy, Environment Monitoring, Healthcare, Retail, Smart Cities, and Others. Based on Region the Cellular IoT Market is further sub-segments into North America, Europe, Asia Pacific, Latin America, and MEA.
Cellular IoT Market Analysis by Cellular IoT
Due to the enormous number of deployed devices, the hardware segment commands a significant portion of the overall cellular IoT market. Additionally, the IoT use cases that include extensive deployments of sensors and nodes and that can be readily supplemented with local network connections benefit more from cellular technology. In 2021, the hardware sector accounted for more than 65% of the market as a whole. Device management and signal processing are two other sub-segments of the software market, with device management projected to grow throughout the forecast period. The signal processing market is expected to expand steadily over the next few years because the cellular network architecture is already in place and new LTE bands would require software updates. Over the projection period, the software segment is expected to expand at a remarkable CAGR of 23.3%.
Cellular IoT Market Analysis by Type
The Cellular IoT Market has been divided into 2G, 3G, 4G, LTE-M, NB-LTE-M, NB-IoT, and 5G segments depending on technology. As it offers low-cost certificates and modem alternatives and has the most consumers worldwide, 2G held the greatest market share in terms of revenue among these in 2021. Though standards and technologies for machine-to-machine and IoT connections are rapidly expanding and providing cutting-edge and effective cellular services, 2G is expected to lose ground shortly. By the end of 2021, the commercialization of technologies like LTE-M, NB-LTE-M, and NB-IoT is expected. These technologies are also expected to expand quickly in industrial applications. Due to its predicted widespread usage in industrial machine-to-machine communication, NB-LTE-M is expected to increase at a CAGR of 42.3% over the projection period. While 5G technology is still being developed, it is predicted to grow the fastest since it will support a wide range of applications and provide a lot of bandwidth for high-speed ones.
Cellular IoT Market Analysis by End Use
Due to the need for large installations and dense end-point connections, cellular technology usage is expected to grow, with the manufacturing, energy, and utility sectors likely to stand to gain the most from it. With a Cellular IoT Market share of 21.0% in 2021, the energy sector held the highest share and is expected to expand over the next few years. Cellular machine-to-machine communication enables the cost-effective utilization of sensor networks and underlying infrastructure, which is required to more effectively exploit new technologies like IoT, cloud, and big data. These benefits have led to a rise in the demand for the technology in applications for smart cities. Over the forecast period, a high growth rate of 23.8% is predicted for this application.
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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.
Throughout the forecast period, it is expected that the European region would also create sizable revenues and have good growth. Due to the enormous deployments that cellular connectivity in IoT applications ensures in fields like fleet tracking and management of capillary networks and smart buildings, the Asia Pacific region is predicted to experience the fastest growth for the application. Throughout the projected period, the population will continue to expand, consumer demand will be high, and disruptive technology will increasingly be used in industrial applications.
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Cellular IoT Market Driver
Cellular IoT Market Restraint
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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.
Cellular IoT Market Top Player’s Company Profiles
Cellular IoT Market Recent Development
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According to the analysis, the hardware sector segment dominated the global Cellular IoT Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, North America dominated the global Cellular IoT Market owing to the region's highly aware and economically stable population.
|Market size value in 2021||USD 3.7 billion|
|Market size value in 2030||USD 4.61 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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For the Global 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 Global 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.
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