The global Cellular IoT Market size is projected to touch USD 9.65 billion by the end of 2025, as per the report released by Million Insights. It is projected to ascend with a CAGR of 21.4% from 2017 to 2025. Factors such as advancements in IoT and the development of machine-to-human and machine-to-machine communication are projected to bode well for market growth. The growing penetration of cellular connectivity and the easy accessibility of vast networks, mobile connectivity is predicted to gain traction in the market over the forecast duration.
The extensive preference for cellular IoT is the capability to capitalize range and mobility over other IoT methods giving an edge to the market. Further, cellular networks function on the existing network protocol and provide quality and reliable services with maximum security, which, in turn, is anticipated to fuel the adoption of this technology for both consumer and industrial applications.
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Cellular IoT technology works on the LTE, the growth of other LPWAN such as SigFox and LoRA at a higher cost of cellular networks may restrain the growth over the estimated duration. These latest technologies such as NarrowBand-LTE-M and NarrowBand-IoT play a significant role in the adoption of these technologies. These are designed for IoT devices and are ready to commercialize with various pilot projects being introduced across the globe.
Cellular IoT provides several benefits such as smaller module size, broader coverage, and deep indoor penetration. There are extensively used in high-density projects. This is also predicted to support the rising adoption of the latest technology by various manufacturers in the upcoming years. Moreover, cellular technologies, particularly LTE, are promoted by the group of key players of the industry and several organizations such as Global System for Mobile Association (GSMA) and 3rd Generation Partnership Project (3GPP), which is anticipated to bode well for the growth of the market over the forecast years. The key players in the cellular IoT market are ZTE Corporation, Telit Communications PLC, Gemalto NV, Texas Instruments, Commsolid GmbH, Sequans Communications, MediaTek Inc., Mistbase Communication System, Sierra Wireless, and Qualcomm Inc.
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Further key findings from the report suggest:
• North America is predicted to maintain its lead over the forecast years owing to growing preference for the latest LTE technology, particularly in the U.S.
• 2G occupied the largest revenue share in 2016, however, it is predicted to lose its share against the latest technologies such as NB-IoT, 4G, and LTE-M.
• Standard bodies such as 3GPP, are encouraging the network transformation in broadband and usage of cellular IoT, which is projected to augment the growth of the cellular IoT market over the estimated duration.
• Remote operation, predictive maintenance, cloud connectivity, remote maintenance, and monitoring are the key applications in various end-use industries.
• Several cellular IoT applications are expected to support market growth with the rapid rise in the device shipment from 2017 to 2025.
Million Insights has segmented the global cellular IoT market based on components, types, end use, and regions:
Cellular IoT Component Scope (Revenue, USD Million; 2014 – 2025)
• Hardware
• Software
• Digital management
• Signal Processing
Cellular IoT Type Scope (Revenue, USD Million; 2014 – 2025)
• 2G
• 3G
• 4G
• LTE-M
• NB-LTE- M
• NB-IoT
• 5G
Cellular IoT End-use Scope (Revenue, USD Million; 2014 – 2025)
• Agriculture
• Automotive & Transportation
• Consumer Electronics
• Energy
• Environment Monitoring
• Healthcare
• Retail
• Smart Cities
• Others
Cellular IoT Regional Outlook (Revenue, USD Million; 2014 – 2025)
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Middle East & Africa (MEA)
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