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 industry, including cellular IoT market demand. The report also covers competitor and regional analysis and the latest advancements in the global market.
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.
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Factors Affecting the Growth of the Cellular IoT Industry:
- Evolving Telecommunications Infrastructure:
The global cellular IoT market is undergoing rapid growth, significantly influenced by the continuous evolution of telecommunications infrastructure, notably the rollout of 5G networks. This advancement promises higher speeds, reduced latency, and increased connectivity for IoT devices, expanding market size and accelerating market growth. Market analysis indicates that as telecommunications infrastructure becomes more robust and capable, the potential applications for cellular IoT expand, driving the market share in various sectors, including automotive, healthcare, and smart cities. Additionally, the ongoing development in this area signals a positive market outlook, with 5G technology being a key driver of future trends and innovations.
- Rise in Smart City Initiatives:
Smart city projects around the world are major contributors to the expansion of the cellular IoT market. These initiatives rely heavily on IoT devices for monitoring, data collection, and management of urban services, thereby necessitating robust cellular connectivity solutions. As governments and private entities invest in smart infrastructure, the demand for cellular IoT solutions escalates, enhancing market growth. This trend increases the market size and also diversifies the market share across different regions. Market analysis shows a growing recognition of the value provided by IoT in managing resources efficiently, predicting the continued influence of smart city projects on market trends and outlook.
- Increasing Focus on Industry 4.0:
The global cellular IoT market is also driven by the industrial sector’s shift towards Industry 4.0, characterized by automation and data exchange in manufacturing technologies. This transformation requires reliable and secure connectivity for a plethora of devices, from sensors to autonomous vehicles within the manufacturing environment. Cellular IoT stands out as a critical enabler of this connectivity, fostering market growth by facilitating seamless communication and operational efficiency. Market analysis underscores the role of cellular IoT in realizing the vision of smart factories, projecting an upward trajectory in market size and share as industries continue to integrate IoT technologies into their operations, reflecting a bullish market outlook.
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Cellular IoT Market Trends:
The global cellular IoT market is witnessing significant trends that are propelling its growth, including the increasing adoption of low-power wide-area network (LPWAN) technologies such as NB-IoT and LTE-M. These technologies offer the advantages of low power consumption, deep coverage, and cost-effectiveness, making them ideal for a wide range of IoT applications.
Furthermore, there’s a rising demand for integrated IoT solutions that combine hardware, software, and services, facilitating easier deployment and management of IoT devices. Additionally, the inclination towards edge computing is enhancing data processing capabilities at the network edge, reducing latency, and improving efficiency in IoT operations, thereby driving the market forward.
Competitive Landscape With Key Players:
- 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
Cellular IoT Market Report Segmentation:
By Component:
- Hardware
- Software
- Device Management
- Signal Processing
Hardware holds the largest segment by component in the cellular IoT market due to the foundational need for physical devices, including sensors and modules, which are essential for establishing IoT connectivity and data collection across various applications.
By Type:
- 2G
- 3G
- 4G
- LTE-M
- NB-LTE-M
- NB-IoT
- 5G
3G technology represents the largest segment by type, as it remains prevalent in many regions worldwide, offering a balance between speed, availability, and cost, making it a widely adopted standard for IoT deployments in areas not yet covered by newer generations.
By End Use:
- Agriculture
- Automotive and Transportation
- Consumer Electronics
- Energy
- Environment Monitoring
- Healthcare
- Retail
- Smart Cities
- Others
The energy sector emerges as the largest segment by end use, driven by the critical need for remote monitoring, control of energy distribution, and efficient resource management, where cellular IoT solutions play a pivotal role in enabling smart grids and renewable energy integration.
By Region:
- North America (United States, Canada)
- 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)
North America is the largest market by region, attributed to its early adoption of IoT technologies, robust telecommunications infrastructure, and significant investments in IoT development and deployment across various industries, including automotive, healthcare, and manufacturing.
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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