The eSIM Market size is projected to reach US$ 7,238.61 million by 2031 from US$ 849.33 million in 2023. The market is expected to register a CAGR of 30.7% in 2023–2031. The rising adoption of IoT technology among customers is likely to remain a key eSIM market trend.
eSIM Market Analysis
The eSIM market is growing at a rapid pace due to the growing focus on remote SIM provisioning for M2M and the rising demand for innovative consumer electronics devices among consumers. The market is expanding steadily, driven by favorable government regulations for M2M communication. Moreover, the rising demand for smart solutions is providing lucrative opportunities for market growth.
eSIM Market Overview
The eSIM, or embedded subscriber identity module, is a digital SIM card that is effortlessly integrated into a mobile device such as a tablet or smartphone. In contrast to traditional physical SIM cards, which may be removed and replaced, an eSIM is seamlessly incorporated into the device's hardware infrastructure and can be carefully programmed with a wide range of mobile network profiles. This functionality allows consumers to smoothly switch between carriers and easily launch or adjust their mobile plans without the requirement for physical SIM card replacement.
The introduction of eSIM in the automotive industry has allowed for greater flexibility in equipping trucks and automobiles with cellular connectivity through the implementation of additional functions. The automotive sector is planning to adopt the next generation of connected automobiles by supporting the GSMA Embedded SIM Specification for improved vehicle connectivity. This is intended to improve security for a variety of linked services. However, eSIM holds immense potential in the automotive industry and is anticipated to create growth opportunities during the forecast period.
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eSIM Market: Strategic Insights
Market Size Value in US$ 392.74 Million in 2019 Market Size Value by US$ 2,282.27 Million by 2027 Growth rate CAGR of 27.36% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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eSIM Market: Strategic Insights
| Market Size Value in | US$ 392.74 Million in 2019 |
| Market Size Value by | US$ 2,282.27 Million by 2027 |
| Growth rate | CAGR of 27.36% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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eSIM Market Drivers and Opportunities
Growing Focus on Remote SIM Provisioning for M2M to Favor Market
Remote provisioning allows users to download an operator profile to an in-market SIM and alter or delete subscriber identity module (SIM) profiles without physically accessing the SIM card. The eSIM card is an essential component for machine-to-machine (M2M) connections, which include simple and seamless mobile connections for all forms of linked devices. M2M requires pervasive connectivity across geographic regions. eSIM eliminates the inconvenience of changing service providers, increasing operational efficiency, and functions in a controlled and secure environment. The most recent eSIM cards ensure profile compatibility and provide a major platform for gamers to collaborate on common grounds.
Rising Demand for Smart Solutions – An Opportunity in eSIM
Various smart solutions, such as electric vehicles, smart cities, and smart meters, are increasingly being used around the world due to the flexibility and connection provided by loT infrastructure, accelerating smart cities and infrastructure growth in emerging nations. The evolution and expansion of networks, the lower cost of hardware components, including actuators and sensors, and the emergence of new business models are a few key factors that introduce services such as smart grid deployment, automatic security systems, connected cars, and many others. This resulting an increased investment in developing innovative intelligent solutions for customers. Thus, the increased need for smart solutions among numerous industries such as automotive, energy and utilities, manufacturing, retail, consumer electronics, transportation and logistics, and others are creating opportunities for eSIM market participants during the forecast period.
eSIM Market Report Segmentation Analysis
Key segments that contributed to the derivation of the eSIM market analysis are application and vertical.
- Based on application, the eSIM market is bifurcated into connected cars, laptops and tablets, M2M, smartphones, wearables, and others. The M2M segment held a larger market share in 2023.
- On the basis of vertical, the market is segmented into automotive, energy and utilities, manufacturing, retail, consumer electronics, transportation and logistics, and others. The consumer electronics segment held the largest share of the market in 2023.
eSIM Market Share Analysis by Geography
The geographic scope of the eSIM market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, North America accounted for the largest eSIM market share, due to technological advancement.
Asia Pacific is projected to expand at a significant CAGR during the forecast period. The market in this region is segmented into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. The presence of key smartphone players such as Huawei Technologies Co Ltd and Samsung Electronics Co Ltd have developed eSIM handsets, which accelerate the adoption of eSIM in the smartphone market. Moreover, eSIM is also represented as a future of SIM technology for connected devices. Additionally, various OEMs from countries such as China and India are creating eSIM solutions and forming collaborative development teams throughout the ecosystem to create tactical development paths. For example, in June 2021, IDEMIA, an eSIM manufacturing company, established a new production facility in India, which is expected to expand worldwide eSIM production capacity. According to German digital solutions firm Giesecke+Devrient (G&D), 25-30% of smartphones will feature eSIM functionality by the end of 2024. However, expansion of the smartphone industry associated with growing digitalization is creating opportunities for the market during the forecast period.
eSIM Market Report Scope
eSIM Market News and Recent Developments
The eSIM market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for eSIM and strategies:
- In February 2023, Amdocs Ltd collaborated with Drei Austria to launch an innovative eSIM solution, allowing the Austrian operator’s customers to enjoy the benefits of digital eSIM technology in a purely app-based experience. Drei Austria customers who use the up³ app can now manage their eSIM on devices produced by Apple, Google, Samsung, and more. (Source: Amdocs Ltd, Press Release, 2023)
- In December 2022, Grover announced the launch of its own mobile virtual network operator (MVNO) for tech rental customers, Grover Connect, in the US. With Grover Connect, US customers can easily activate any eSIM enabled technology device without any friction. The Grover eSIM is available to customers at check-out in the US and will be rolled out to its European markets in the near future. (Source: Grover, Press Release, 2022)
- In October 2022, Bharti Airtel Ltd launched “Always On” IoT connectivity solution in India. Airtel’s “Always On” solution comprises dual profile M2M eSim which allows an IOT device to always stay connected to a mobile network from different Mobile Network Operators (MNOs) in the eSIM. Airtel's solution is an AIS-140 compliant, dual profile M2M eSim, best suited for vehicle tracking providers, auto manufacturers, and any use-cases where equipment works in remote locations requiring ubiquitous connectivity. (Source: Bharti Airtel Ltd, Press Release, 2022)
eSIM Market Report Coverage and Deliverables
The “eSIM Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Application ; Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global eSIM market was estimated to be US$ 849.33 million in 2023 and is expected to grow at a CAGR of 30.7% during the forecast period 2023 - 2031.
The growing focus on remote SIM provisioning for M2M and rising demand for innovative consumer electronics devices among consumers are the major factors that propel the global eSIM market.
The rising adoption of IoT technology among customers is anticipated to play a significant role in the global eSIM market in the coming years.
The key players holding majority shares in the global eSIM market are Deutsche Telekom AG, Thales SA, IDEMIA France SAS, Infineon Technologies AG, and NXP Semiconductors NV.
The global eSIM market is expected to reach US$ 7,238.61 million by 2031.
The incremental growth expected to be recorded for the global eSIM market during the forecast period is US$ 6,389.28 million.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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