According to the research report titled ‘eSIM Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Application; Vertical available with Market Study Report, worldwide eSIM market accounted for USD 392.7 million in 2019 and is predicted to reach USD 2,282.3 million by the year 2027, growing with a CAGR of 27.4% during the estimated timeframe.
 

Growing tech-savvy population has impelled the demand for smart wearables and smartphones, which in turn has compelled organizations to focus on technological advancements. Besides this, rapid expansion of automotive and consumer electronics industries is a major factor driving the growth of eSIM market.
 

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The unexpected surge in COVID-19 cases has compelled worldwide governments to impose temporary lockdowns in order to reduce the spread of the disease. This has resulted in factory shutdowns, supply chain disruptions and economic slowdown, which in turn is negatively influencing global eSIM market outlook.
 

Elaborating on the application spectrum, although the M2M segment accounted for majority of market share in 2019, the report states that smartphone segment is expected to showcase highest CAGR through 2027. Growing demand for eSIM among companies operating in energy & utility, laptop, automobile and smartphone sector is fueling the segmental share. These OEMs are developing and integrating eSIM in various applications. Inclination towards miniaturization of devices along with rising penetration of IoT solutions are also augmenting the adoption rates of eSIM in smartphone sector.
 

Considering the geographical landscape, North America held a significant market share in 2019, followed by Asia-Pacific and Europe respectively. Increasing popularity of smartphones, connected and autonomous vehicles is favoring the market outlook in North America. High concentration of telecom companies as well as smartphone and automotive manufacturers and rising penetration of smart technologies is boosting the growth of North America eSIM market.
 

Vodafone Group plc, Telefónica S.A, STMicroelectronics, Sierra Wireless, NXP Semiconductors N.V., Infineon Technologies AG, IDEMIA, Giesecke + Devrient Mobile Security GmbH, Gemalto N.V., and Deutsche Telekom AG are key participants in global eSIM market.