Product ID: SQMIG45E2193
Global Cellular IoT Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Type(2G, 3G), By End Use(Agriculture, Automotive & Transportation) - Industry Forecast 2024-2031
Report ID:
SQMIG45E2193 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
101 |
Figures:
76
Global 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.
Global Cellular IoT Market Report Snapshots
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