June 22, 2020
As per the report titled ‘Cellular IoT Market to 2027 - Global Analysis and Forecasts by Technology; End-Use Industry, available with Market Study Report LLC, global cellular IoT market was worth USD 2.94 Bn in 2018 and is projected to accrue USD 18.2 billion by 2027, expanding with a hefty CAGR of 22.5% throughout the study period.
According to the study, rapidly growing economies, increasing adoption of advanced technologies, rising penetration of connected devices, and digitization initiatives are among the major growth drivers of global cellular IoT market, cites the report.
Commercialization of 5G, deployment of IoT technology in the automotive industry, and emergence of highly efficient networking technology like Narrowband Internet of Things (NB-IoT) and Long Term Evolution for Machines (LTE-M) are further augmenting the industry growth.
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Based on technology, global cellular IoT market is categorized into 2G & 3G, 4G, 5G, LTE-M, and NB-IoT. The LTE-M and NB-IoT segments are slated to witness significant growth in the forthcoming years, owing to increasing investments in these technologies for fulfilling specific IoT network demands. Benefits such as broader coverage area, minimal energy consumption, low device complexity, better system capacity, and high spectral efficiency are the key factors encouraging the adoption of these technologies.
Speaking of the end-use Industry, the market is classified into infrastructure & construction, industrial, retail, automotive & transportation, consumer electronics, healthcare, energy & utilities, others. Consumer electronics is expected to witness substantial growth in the upcoming years, on account of proliferation of smartphones and smart home devices, in tandem with growing availability of 5G internet access.
As per the regional analysis, global cellular IoT market is fragmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America accounted for majority market share in 2018 and is expected to follow similar growth trend over the forecast duration. Europe and Asia are the other prominent regional contributors.
Major players operating in global cellular IoT market are AT&T, Inc., Arm Holdings Plc, Ericsson, Mediatek Inc., Huawei Technologies Co., Ltd., Qualcomm Incorporated, Sequans Communications SA, Sierra Wireless, Inc., ZTE Corporation, and Thales Group. These industry giants are focused on launching LTE-M and NB-IoT technologies in various countries to improve their market reach.