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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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Global Cellular IoT Market

Product ID: SQMIG45E2193

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