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, global eSIM market generated revenues worth USD 392.7 million in the year 2019 and is expected to grow with a CAGR of 27.4% during the analysis timeframe. The market is expected to accumulate USD 2282.3 million by the year 2027.
 

Growing demand for smartphones and smart wearables owing to rising middle-aged and tech-savvy population have compelled various manufacturers to develop advanced technologies, which in turn is a major factor driving the eSIM market growth.
 

Rapid expansion of automobile and electronics sectors in countries such as UK, India, Germany, Japan, China and the U.S. is further aiding the market expansion. Numerous OEMs are also focusing on innovating and incorporating eSIMs in an array of applications. Additionally, growing inclination towards miniaturization and IoT technology across several industry verticals is stimulating the industry outlook.
 

However, the emergence of COVID-19 outbreak has compelled worldwide governments to enforce strict lockdowns in order to curb the spread of the disease, which in turn has resulted in restrictions on business processes and travel. It has also led to global economic slowdown, factory shutdowns, and disrupted supply chain, thereby adversely affecting the eSIM market growth.
 

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Elaborating on the application spectrum, the market is split into wearables, smartphones, M2M, tablets, laptops & tablets, connected cars and others. The report projects that smartphone manufacturers are going to be major stakeholders in terms of revenue in global eSIM market during 2020-2027.
 

As per the vertical, eSIM market is divided into transportation & logistics, consumer electronics, retail, manufacturing, energy & utilities and automotive industries.
 

From the regional perspective, North America eSIM market is predicted to expand substantially during the forecast period. Rising penetration of autonomous vehicles, connected car technologies and smartphones is augmenting the regional demand for eSIM. Additionally, prevalence of numerous telecom companies, automotive manufacturers and smart consumer electronics producers is also favoring the market scenario in North America.
 

Vodafone Group Plc, Telefonica S.A., STMicroelectronics N.V., Sierra Wireless Inc., NXP Semiconductors N.V., Infineon Technologies AG, IDEMIA, Giesecke+Devrient GmbH, Gemalto N.V. and Deutsche Telekom AG are the major companies in global eSIM market.