Cellular IoT Market Size, Share, Growth Analysis, By Component(Hardware, Software, Device Management, Signal Processing), By Type(2G, 3G, 4G, LTE-M), By End Use(Agriculture, Automotive & Transportation, Consumer Electronics, Energy), By Region - Industry Forecast 2024-2031


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

Cellular IoT Market Insights

Cellular IoT Market size was valued at USD 3.7 billion in 2019 and is poised to grow from USD 4.61 billion in 2023 to USD 26.78 billion by 2031, growing at a CAGR of 24.6% in the forecast period (2024-2031).

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.

Market Snapshot - 2024-2031

Global Market Size

USD 3.7 billion

Largest Segment

Software

Fastest Growth

Software

Growth Rate

24.6% CAGR

Global Cellular IoT Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)

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Cellular IoT Market Segmental Analysis

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.

Global Cellular IoT Market Share By Component, 2021 (%)

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Cellular IoT Market Regional Insights

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.

Global Cellular IoT Market By Geography, 2021 - 2028
  • Largest
  • Fastest

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Cellular IoT Market Dynamics

Cellular IoT Market Driver

  • 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).

Cellular IoT Market Restraint

  • Modules and devices for the cellular IoT operate inside a connected ecosystem. They are vulnerable to hacks even if they assist in streamlining several applications across important verticals. Cybercriminals are using cellular and IoT vulnerabilities to launch cyberattacks more successfully than ever before as a result of the rise in IoT devices on cellular networks.
  • For proper operation, the majority of cellular IoT devices rely on cloud networks. Due to the possibility of data theft or device piracy, unsecure cloud infrastructure makes cloud-based security a crucial component of cellular IoT security policy. An IoT device that depends on the cloud, such as a surveillance or delivery drone, is capable of processing information like navigational directions and picture data on its own. However, it may send movies or logs that it has recorded to the cloud. If the breach is not rapidly contained, it could endanger additional devices or the network as a whole. Battery drain, data channel rerouting, and denial of service (DoS) attacks are a few examples of typical cyber-attacks relating to cellular IoT devices.

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Cellular IoT Market Competitive Landscape

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

  • 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.

Cellular IoT Market Recent Development

  • In April 2021, The HL7845 Module was released by Sierra Wireless. The module is made to satisfy the IoT connectivity requirements of utilities in Europe and includes compatibility for the 450 MHz wireless spectra.
  • In March 2021, During Mobile World Congress Shanghai, Fibocom unveiled next-generation 5G NR modules complying with the 3GPP R16 standard (MWC-S21). The FM150 and FG160 5G module series of sub-6 GHz frequency range, as well as the FM160W and FG160W series of mmWave range, are all being launched.

Cellular IoT Key Market Trends

  • 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.
  • Time is thought to be a crucial factor when it comes to off-highway equipment, like cranes and excavators, with a restricted number of experts. To monitor both equipment and on-road assets, IoT and telematics solutions must be implemented. As a result, cellular IoT modules are being incorporated by telematics solution providers into their product offerings, which makes it simple for fleet managers and OEMs of off-highway vehicles to gather and analyze data to find patterns in the utilization of heavy equipment and issues in the field. IoT does not now appear to offer a viable architectural solution or a global standard to address the interoperability problem, at least not in the context of the technical market. Therefore, the creation of global standards for cellular IoT is urgently needed to solve the interoperability problems. Any global standard that aimed to cover such a wide range of IoT applications would need to be scalable. To do this, businesses, organizations, and developers must work to create a uniform standard that includes all different IoT apps, devices, platforms, and software, which appears to be challenging to accomplish in the coming years. Device specifications would vary based on their intended use; for example, security cameras and streaming video signals need low-power sensors. Because creating a single set of standards for the IoT is difficult, organizations that produce standards for wired and wireless IoT connectivity should cooperate to put practical solutions into place.

Cellular IoT Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.

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.

Report Metric Details
Market size value in 2019 USD 3.7 billion
Market size value in 2031 USD 26.78 billion
Growth Rate 24.6%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Component
    • Hardware, Software, Device Management, Signal Processing
  • Type
    • 2G, 3G, 4G, LTE-M, NB-LTE-M, NB-IoT, 5G
  • End Use
    • Agriculture, Automotive & Transportation, Consumer Electronics, Energy, Environment Monitoring, Healthcare, Retail, Smart Cities, Others.
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)
Companies covered
  • 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.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Cellular IoT Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Cellular IoT Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the 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 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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cellular IoT Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Cellular IoT Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Cellular IoT Market size was valued at USD 3.7 billion in 2019 and is poised to grow from USD 4.61 billion in 2023 to USD 26.78 billion by 2031, growing at a CAGR of 24.6% in the forecast period (2024-2031).

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.'

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).

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.

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.

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