According to the latest report by IMARC Group, titled ‘Cellular IoT Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032’, provides an extensive analysis of the cellular IoT market analysis. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global cellular IoT market size reached US$ 5.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 25.4 Billion by 2032, exhibiting a growth rate (CAGR) of 18.2% during 2024-2032.
Cellular IoT Market Overview:
Cellular IoT refers to the connection of Internet of Things (IoT) devices using the cellular telecommunications network, specifically designed to support widespread connectivity across various applications. This technology enables a robust, secure, and scalable method of connecting physical devices to the internet across extensive areas, leveraging existing cellular network infrastructure. Cellular IoT devices typically exhibit characteristics such as low power consumption, extended operational life, and the ability to operate in remote or hard-to-access locations. They rely on technologies such as LTE-M and NB-IoT, which provide efficient power usage and deeper penetration for indoor connectivity. The primary advantage of cellular IoT lies in its ability to facilitate real-time data exchange and seamless connectivity for devices spread over large geographic areas, enhancing applications in industries like healthcare, agriculture, and smart cities.
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Cellular IoT Market Trends:
The global market for Cellular IoT is primarily driven by the increasing adoption of smart devices and the need for enhanced connectivity solutions. In line with this, the widespread deployment of advanced telecommunications infrastructure is providing a substantial impetus to the market. Moreover, the growing focus on enhancing operational efficiency and the need for real-time data monitoring in industries such as healthcare and agriculture is acting as a crucial growth-inducing factor. In addition to this, the expansion of the automotive and transportation sectors requiring robust connectivity for vehicle telematics and fleet management is resulting in higher demand for Cellular IoT solutions.
Besides this, the escalating demand for energy-efficient and reliable connectivity options due to rising energy costs is creating lucrative opportunities in the market. Also, the increasing investments in smart city projects around the world are positively influencing the market growth. The market is further driven by the integration of AI and machine learning technologies, which enhance the capabilities of IoT devices. Apart from this, the availability of customizable and scalable IoT solutions across both developed and emerging markets is propelling the market. Some of the other factors contributing to the market include the rapid proliferation of IoT applications across various sectors, the regulatory push for enhanced security and data privacy in IoT solutions, and extensive research and development activities aimed at improving the connectivity and efficiency of IoT devices.
Competitive Landscape:
Arm Limited
Commsolid GmbH (Goodix Technology (HK) Company Limited)
MediaTek Inc.
Qualcomm Incorporated
Sequans Communications
Sierra Wireless
Telefonaktiebolaget LM Ericsson
Telit, Texas Instruments Incorporated
Thales Group
U-Blox Holding AG and ZTE Corporation
Key Market Segmentation:
Breakup by Component:
Hardware
Software
Device Management
Signal Processing
Breakup by Type:
2G
3G
4G
LTE-M
NB-LTE-M
NB-IoT
5G
Breakup by End Use:
Agriculture
Automotive and Transportation
Consumer Electronics
Energy
Environment Monitoring
Healthcare
Retail
Smart Cities
Others
Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
Market Performance
Market Outlook
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
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