Cellular IOT Market Size, Share, Growth, and Industry Analysis, By Type (2G, 3G, 4G, LTE, NB–IoT, 5G, and Other), By Application (Automotive & Transportation, Energy, Manufacturing, Building Automation and Smart City, and Other.), Regional Insights and Forecast To 2032

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CELLULAR IOT MARKET REPORT OVERVIEW

Global cellular iot market size was estimated at USD 2.38 billion in 2023 and is expected to reach USD 4.39 billion by 2032 at a 7% CAGR. during the forecast period.

Cellular networks are used to facilitate communication between different Internet of Things devices, a phenomenon known as cellular IoT (Internet of Things). These gadgets, which can be anything from appliances and cars to sensors and actuators, use cellular technology to send data across great distances frequently with little power consumption. A few benefits of this IoT are its extensive coverage, scalability, and dependability. It helps gather important data for analysis and decision-making, permits real-time monitoring and control of remote assets, and supports a wide range of applications in sectors like manufacturing, transportation, healthcare, and agriculture.

Businesses looking for effective connectivity alternatives will find that cellular IoT offers a tempting solution given the increasing number of connected devices and the need for real-time data analytics. In the upcoming years, the market is anticipated to continue expanding at a rapid rate. The development of low-cost IoT devices, the emergence of smart city projects, and improvements in cellular network technology are some of the factors that are driving the market's expansion. Furthermore, it is anticipated that the integration of IoT with cutting-edge technologies like edge computing and artificial intelligence will spur innovation across a range of industries and open up new doors, supporting the market's ongoing growth.

COVID-19 Impact: Market Growth Increased by the Pandemic due to an Increase in Remote Work Setup

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic has had a positive impact on the market, primarily because of the growing demand for remote monitoring and management solutions across many industries. The use of IoT devices has increased as businesses and organisations have adjusted to the demands of distant work and social separation. These gadgets use cellular connectivity to deliver control and data transfers in real time. This has been particularly evident in the healthcare sector with regard to remote patient monitoring, in the manufacturing sector with regard to predictive maintenance and asset tracking, and in smart city applications with regard to remote infrastructure management and monitoring.

LATEST TRENDS

"Growing Technological Developments Lead to Market Growth"

Adoption of 5G technology, which enables faster data transfer speeds and reduced latency, increasing the potential for Internet of Things applications, was one of the major themes. In addition, focus was placed on the development of low-power wide-area (LPWA) technologies, like LTE-M and NB-IoT, which met the needs of IoT devices that required long battery life and low-cost connectivity. Furthermore, the increasing integration of edge computing technology, artificial intelligence, and IoT enhanced productivity and decision-making capabilities, enabling real-time data processing and insight creation at the network edge.

CELLULAR IOT MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into 2G, 3G, 4G, LTE, NB–IoT, 5G, and Other

• 2G: 2G remains relevant in certain IoT applications due to its widespread coverage and low power consumption.

• 3G: 3G offers higher data rates and improved reliability compared to 2G, making it suitable for applications requiring moderate bandwidth and latency.

• 4G/LTE: With faster data speeds and lower latency, 4G/LTE enables high-performance IoT applications such as video streaming and real-time monitoring.

• NB-IoT: Narrowband IoT offers excellent coverage, low power consumption, and cost-effectiveness, making it ideal for large-scale deployments of low-data-rate IoT devices.

• 5G: 5G provides ultra-fast speeds, ultra-low latency, and massive device connectivity, unlocking new possibilities for mission-critical IoT applications and services.

By Application

Based on application the market is classified into Automotive & Transportation, Energy, Manufacturing, Building Automation and Smart City, and Other.

• Automotive & Transportation: It enables advanced vehicle telematics, fleet management, and autonomous driving applications, revolutionizing the automotive industry's efficiency and safety standards.

• Energy: It facilitates smart metering, grid optimization, and remote asset monitoring, enhancing operational efficiency and enabling the transition towards sustainable energy solutions.

• Manufacturing: Streamline manufacturing processes through predictive maintenance, asset tracking, and real-time production monitoring, optimizing resource utilization and enhancing overall productivity.

• Building Automation and Smart City: Enable remote monitoring and control of infrastructure, enhance energy efficiency, and improve urban management and sustainability.

DRIVING FACTORS

"Government Initiatives Lead to an Increase in Market Demand"

Governmental policies that encourage the use of IoT solutions for public safety, energy management, and environmental monitoring, among other uses, are also driving the growth of the market. Everywhere, governments recognise the potential benefits of IoT in addressing societal concerns; thus, they are passing legislation and offering various incentives to encourage the technology's adoption. In addition, the growing number of reasonably priced IoT devices and modules, combined with the expanding ecosystem of IoT service providers and platform suppliers, is lowering entry barriers for businesses looking to employ IoT solutions.

"Technological Advancements Accelerate Market Growth"

The increasing demand for connected devices in a range of industries, including manufacturing, healthcare, agriculture, and smart cities, is driving cellular IoT market growth. These devices require robust infrastructure and solutions because they rely on cellular networks for efficient and safe data transmission. Second, advancements in cellular technology, including the introduction of 5G networks, are creating new avenues for Internet of Things applications. 5G's higher device density, reduced latency, and quicker data throughput enable a wider range of Internet of Things use cases that require real-time data processing and high-bandwidth communication.

RESTRAINING FACTORS

"High Initial Investment Slows Down the Market Growth"

The market is facing several obstacles that are preventing it from expanding and becoming widely accepted. First off, the cost of IoT solutions, which includes hardware, connection, and maintenance costs, is a significant barrier to their adoption. This is particularly valid for smaller businesses and developing markets. Concerns about security and privacy lapses further impede the adoption of such solutions, especially in sensitive sectors like healthcare and banking. Legislative obstacles concerning data management and spectrum allocation, as well as issues with interoperability between different IoT platforms and devices, further complicate and unpredictably affect the ecosystem.

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CELLULAR IOT MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific is Dominating the Market due to its Rapid Urbanization"

Asia-Pacific has the biggest cellular IoT market share, owing to rapid urbanization, increased smart device adoption, and huge investments in IoT infrastructure undertaken by countries such as South Korea, Japan, and China. The region's large population, growing disposable incomes, and growing need for connected solutions across a range of industries, including manufacturing, transportation, and healthcare, are driving the growth of the deployments. Supportive government initiatives and legislative frameworks that encourage digital transformation also contribute to Asia-Pacific's leadership in this sector.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Some of the major players in the cellular IoT market are leading telecommunications companies that offer reliable cellular networks for IoT connectivity, chipset manufacturers that develop cutting-edge technologies to power IoT devices, module providers that create small and effective hardware solutions for seamless integration, platform providers that offer comprehensive IoT management solutions, and system integrators that support the deployment and optimisation of IoT solutions across various industries. By cooperating to promote innovation, standardisation, and scalability, these players aid in the growth and enhancement of the cellular IoT ecosystem.

List of Top Cellular Iot Companies

• Qualcomm (U.S.)
• Gemalto (Netherlands)
• Sierra Wireless (Canada)
• U-Blox Holding (Switzerland)
• MediaTek (Taiwan)
• Telit Communications (U.K.)
• Mistbase (Sweden)
• Sequans (France)
• CommSolid (Germany)

INDUSTRIAL DEVELOPMENT

April 2021: The HL7845 Module has been released by Sierra Wireless. The module is intended to satisfy the IOT connectivity requirements of utilities in Europe and supports 450 MHz wireless spectrum.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence the market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.