Cellular IoT Market Strategies, Trends, and Forecast by 2031
The cellular IoT market size is projected to reach US$ 33.15 billion by 2031 from US$ 5.60 billion in 2023. The cellular IoT market is expected to register a CAGR of 24.9 % in 2023–2031. Cellular IoT modules are increasingly being used in smart city infrastructure and building automation, as well as in agricultural automation and environmental monitoring, driving market expansion.
Cellular IoT Market Analysis
Cellular IoT can manage the very sensitive and unique requirements of complicated applications and settings, as well as the more basic needs of the massive IoT market. There are two primary types of cellular IoT: Long Term Evolution for Machines (LTE-M) and Narrowband Internet of Things (NB-IoT). Examples of NB-IoT and LTE-M applications include precision agriculture, smart cities, vending machines, fleet monitoring, and others, all of which present considerable prospects for cellular IoT market share. These applications require long-distance communication that is both reliable and secure.
Cellular IoT Market Overview
The presence of quickly growing nations, rising acceptance of advanced technologies, and an growing number of connected devices are among the primary reasons projected to drive the global expansion of cellular IoT. The global cellular IoT market is predicted to grow due to increased digitalization and automation in industries such as automotive, manufacturing, and energy & utilities. Increased demand for extended network coverage, improved inclination toward business development beyond mobile broadband, and the need to accommodate a huge number of connected devices among businesses worldwide are all anticipated to drive the size of the cellular IoT market.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Cellular IoT Market: Strategic Insights
Market Size Value in US$ 2,946.3 Million in 2018 Market Size Value by US$ 18,280.7 Million by 2027 Growth rate CAGR of 22.6% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Cellular IoT Market: Strategic Insights
| Market Size Value in | US$ 2,946.3 Million in 2018 |
| Market Size Value by | US$ 18,280.7 Million by 2027 |
| Growth rate | CAGR of 22.6% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Cellular IoT Market Drivers and Opportunities
Implementing Cellular IoT Modules in Smart City Infrastructure and Building Automation to Favor Market
Smart city building and infrastructure automation are the two most important vertical deployments of cellular IoT modules, accounting for the majority of the cellular IoT market's revenue. Battery-operated devices can now connect to the internet thanks to emerging cellular IoT technologies such as NB-LTE-M, NB-IoT, and 5G. These technologies connect devices more effectively than current 2G and 3G technologies, including smart parking and smart street lighting. Streetlights, traffic sensing and control devices, garbage management devices, and parking management devices are just a few of the many uses for cellular IoT in Smart Cities. Modern infrastructure improvements are a top priority for governments around the world, and several pilot projects are being launched to achieve this goal.
Increasing Applications in Vehicle Telematics and Fleet Management
Vehicle telematics is one of the most important new applications for cellular IoT, as it enhances performance and connection while utilizing an organization's resources. The trend of deploying telematics systems in off-highway and highway vehicles is expected to generate significant development potential. When it comes to off-highway equipment, such as cranes and excavators, with a limited number of professionals, time is critical. Implementing IoT and telematics solutions is necessary for monitoring equipment and on-road assets. As a result, telematics solution providers are incorporating cellular IoT modules into their product offerings, making it easy for fleet managers and off-highway vehicle OEMs to gather and analyze field data, trends, and problems.
Cellular IoT Market Report Segmentation Analysis
Key segments that contributed to the derivation of the cellular IoT market analysis are technology, deployment, end-use industry, and end user.
- Based on technology, the cellular IoT market is segmented into 2G & 3G, 4G, LTE-M, NB-IoT, and 5G.
- Based on the end-use industry, the cellular IoT market is segmented into industrial, infrastructure & construction, retail, consumer electronics, automotive & transportation, energy & utilities, healthcare, and others.
Cellular IoT Market Share Analysis by Geography
The geographic scope of the cellular IoT market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. Countries such as India and China have a huge number of semiconductor dealers. Furthermore, the growing entry of technology businesses in the region, as well as increased investment in IoT technologies, are projected to drive market expansion. Governments across Asian countries, such as India, are also interested in the cellular IoT industry and are implementing a number of smart infrastructure projects. The governments of India, Japan, China, Korea, Malaysia, and Singapore have advocated national cellular IoT policies.
Cellular IoT Market Report Scope
Cellular IoT Market News and Recent Developments
The cellular IoT 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:
- In May 2022, - Audi, offered an update on its collaboration with mobility platform Spoke and other partners to employ cellular vehicle-to-everything (C-V2X) technology to assist minimize accidents involving bicycles and vehicles. Furthermore, Audi worked with C-V2X, which uses LTE cellular signals and direct PC5 signals that do not require a cellular network to detect a cyclist.
(Source: Audi, Press Release, 2022)
- In January 2023, Sierra Wireless announced the launch of Smart Connectivity Premium in the United States, which includes eUICC capabilities and expanded connectivity coverage. Furthermore, with its multi-IMSI, multi-profile design supported by GSMA eSIM (eUICC) requirements, Smart Connection Premium delivers resilient IoT-managed connection that is future-proofed across countries and technologies using a single global SIM.
(Source: Sierra Wireless, Press Release, 2023)
Cellular IoT Market Report Coverage and Deliverables
The "Cellular IoT 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
Technology ; End-Use Industry
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 cellular IoT market was estimated to be US$ 5.60 billion in 2023 and is expected to grow at a CAGR of 24.9 % during the forecast period 2023 - 2031.
Implementing cellular IoT modules in smart city infrastructure and building automation are the major factors that propel the global cellular IoT market.
LTE-M and NB-IoT are anticipated to play a significant role in the global cellular IoT market in the coming years.
The key players holding majority shares in the global cellular IoT market are Arm Holdings Plc., AT&T, Inc., Ericsson, Huawei Technologies Co., Ltd., and Mediatek Inc.
The global cellular IoT market is expected to reach US$ 33.15 billion by 2031.
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.
Trends and growth analysis reports related to Cellular IoT Market
May 2024
Deepfake AI Detection Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Software and Services), Deployment (Cloud and On-Premises), Enterprise Size (Large Enterprises and SMEs), Industry Vertical (Media and Entertainment, BFSI, Government and Politics, Healthcare and Life Sciences, IT and Telecom, Retail and E-Commerce, and Others), and Geography
May 2024
Environmental Consulting Service Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Service Type (Investment Assessment and Auditing, Permitting and Compliance, Project and Information Management, Monitoring and Testing, and Others), Media Type (Water Management, Waste Management, and Others), Vertical (Energy and Utilities, Chemical and Petroleum, Manufacturing and Process Industries, Transportation and Construction Industries, and Others), and Geography
May 2024
Cloud OSS BSS Market
Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By solution [OSS (Network Management & Orchestration, Resource Management, Analytics & Assurance, and Service Design & Fulfilment) and BSS (Billing & Revenue Management, Product Management, Customer Management, and Others)], Deployment Model (Public Cloud, Private Cloud, and Hybrid Cloud), Enterprise Size (Small & Medium Enterprises and Large Enterprises), and Industry (IT & Telecom, BFSI, Media & Entertainment, Healthcare, and Others), and Geography
May 2024
Unified Endpoint Management Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Solutions and Services), Deployment Type (Cloud-Based and On-Premise), Platform (Desktop and Mobile), Organization Size (Large Enterprises and SMEs), End User (BFSI, Government and Defense, Healthcare, IT and Telecom, Automotive and Transportation, Retail, Manufacturing, and Others), and Geography
May 2024
AI in Computer Vision Market
Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Software and Hardware) and End Use Industry (Security and Surveillance, Manufacturing, Automotive, Retail, Sports and Entertainment, and Others), and Geography
May 2024
Automotive Dealer Management System Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Software and Services), Application (Inventory Management, Appointment Scheduling, Customer Relationship Management, Dealer Tracking, and Others), Deployment (Cloud-Based and On-Premise), and Geography
May 2024
Electronic Data Interchange Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Solution and Services), Type (Direct Electronic Data Interchange, Electronic Data Interchange via AS2, Electronic Data Interchange via VAN, Mobile Electronic Data Interchange, Web Electronic Data Interchange, Electronic Data Interchange Outsourcing, and Others), Industry (BFSI, Retail & Consumer Goods, Healthcare, IT & Telecommunication, Transportation & Logistics, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
May 2024
Artificial Intelligence (AI) in Agriculture Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Hardware, Software, and Services), Application (Precision Farming, Drone Analytics, Agriculture Robots, Livestock Monitoring, and Others), and Geography
Get Free Sample For