Report : Cellular IoT Market to 2027 - Global Analysis and Forecasts by Technology (2G & 3G, 4G, LTE-M, NB-IoT, and 5G); End-Use Industry (Industrial, Infrastructure & Construction, Retail, Consumer Electronics, Automotive & Transportation, Energy & Utilities, Healthcare, and Others)
According to the new research report published by The Insight Partners, titled "Cellular IoT Market - Global Analysis and Forecast to 2027", the global cellular IoT market is expected to reach US$ 18.2 Bn in 2027, registering a CAGR of 22.6% during the forecast period 2019-2027.
The cellular IoT market has witnessed eminent growth in the last couple of years globally. Cellular IoT is also being widely adopted across industries such as consumer electronics, retail, healthcare, and industrial. Presently, majority of the cellular IoT connections are enabled by either 2G or 3G connectivity technologies. However, the penetration of 4G connectivity is growing at a fast pace owing to the advantages offered by this technology such as low latency, greater bandwidth, and support for large number of devices. The number of 2G and 3G IoT connections is anticipated to decrease further with the arrival of 5G and other IoT targeted connectivity technologies such as LTE-M and NB-IoT. Cellular IoT can be broadly classified into four types including massive IoT, broadband IoT, Critical IoT, and industrial automation IoT. Some of the major use cases of cellular IoT include asset management, smart metering, fleet management, AR/VR, drones/UAV, traffic control, automotive, building automation & control, and grid automation among others. The two major factors that are driving the growth of IoT connectivity across the globe include increasing push for digitalization among industries and rising interest of mobile network operators to expand their business. The ecosystem of cellular IoT is growing at an impressive pace with 3GPP standards, device manufacturers, chipset & module manufacturers, and network infrastructure providers.
LTE-M and NB-IoT technologies are the upcoming trend in the cellular IoT market. The increasing investments in highly efficient networks such as LTE-M and NB-IoT to meet the specific IoT network demands are anticipated to drive the future growth of cellular IoT market. LTE-M and NB-IoT technologies offer advantages such as greater coverage, low device complexity, minimum power consumption, high spectral efficiency, and improved system capacity among others. Some of the major benefits offered by this technology include fast data throughput, roaming, voice services, and mobility. These technologies can also easily coexist with present mobile networks such as 2G, 3G, & 4G and also support all privacy & security features of these mobile networks. Some of the use cases of LTE-M technology include asset management, fleet management, logistics management, location monitoring, smart shelving and others.
The cellular IoT market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, MEA, and SAM. The North America region holds the highest market share; whereas APAC is projected to be the fastest-growing region as well in the coming years. The growing investment in 5G, LTE-M, and NB-IoT in China, South Korea, and North East Asian countries is the major reason behind the unprecedented growth of cellular IoT in the APAC region. The other developing regions such as MEA and SAM are also expected to contribute to the cellular IoT growth, owing to the increasing government initiatives for digitalization of economy with the adoption of advanced technologies such as IoT.
The cellular IoT market by end use industry is segmented into industrial, infrastructure & construction, retail, consumer electronics, automotive & transportation, energy & utilities, healthcare, and others. The consumer electronics holds a significant share in the market, on the other hand, automotive & transportation is expected to be the fastest-growing end use industry during the forecast period. The self-driving cars and trucks are some of the promising applications of IoT in automotive. In transportation sector, there are numerous possibilities where IoT can be utilized to collect and analyze data from various sources to optimize and adjust transport/shipping routes and simplify distribution networks. The existing and prospective applications of IoT in the automobile and transportation sector will drive the growth of cellular IoT market in the coming years.
Based on technology, the cellular IoT market is segmented into 2G & 3G, 4G, LTE-M, NB-IoT, and 5G. The 5G is predicted to be the fastest growing technology in the market. The fast developing 5G ecosystem is driving the growth of 5G trials and subscriptions across the world. China is anticipated to be the major growth driving region for the upcoming 5G adoption.
The major players operating in the market for cellular IoT market are Arm Holdings Plc, AT&T, Inc., Ericsson, Huawei Technologies Co., Ltd., Mediatek Inc., Qualcomm Incorporated, Sierra Wireless, Inc., Sequans Communications SA, Thales group, and ZTE Corporation among others.
Cellular IoT Market - Geographic Breakdown, 2018 & 2027
The report segments the global cellular IoT market as follows:
Global Cellular IoT Market - By Technology
Global Cellular IoT Market - By End Use Industry
Global Cellular IoT Market - By Geography
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