Cellular IoT Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Cellular IoT Market
The Cellular IoT market size was valued at USD 4.40 billion in 2023, and the market is now projected to grow from USD 5.27 billion in 2024 to USD 22.95 billion by 2032, exhibiting a CAGR of 23.4% during the forecast period of 2024-2032.
A positive impact was witnessed by the pandemic on the cellular IoT market growth, provoking outstanding shifts in selection patterns and advertise needs. As lockdowns and travel confinements disturbed conventional commerce operations, there was a quickened acknowledgment of the significance of IoT arrangements in different businesses. This driven to an expanded request for such IoT applications, especially in segments such as healthcare, smart cities, and retail, where IoT arrangements played a significant part in guaranteeing progression and productivity amid challenging times.
The merging of the cellular IoT with edge computing speaks to a transformative move in information handling standards, empowering real-time investigation and decision-making at the arrange edge. This integration is especially impactful because it adjusts with the developing slant of enormous IoT systems, where a large number of interconnected gadgets create tremendous sums of information.
The speeding up of 5G organize organizations is complicatedly entwined with the burgeoning request for associated vehicles and telematics inside the market. It tackles the progressed capabilities of 5G, characterized by higher information speeds and lower idleness, to improve the proficiency and responsiveness of telematics arrangements. The integration into associated vehicles moreover encourages strong following and real-time over the air (OTA) upgrades empowered by 5G systems.
Comprehensive Analysis of Cellular IoT Market
The web of cellular IoT market on the basis of network is diverged into LTE-M, 2G/3G, NB-IoT, 4G and 5G. The most prevailing 4G network is playing a domineer in the cellular IoT market. On the application analysis, the market is classified into critical IoT, broadband IoT, Industrial Automation and massive IoT. The most crucial segment is characterized as broadband IoT. Every market has an end-user and thus the end-user analysis of cellular IoT is fragmented into industrial, commercial/enterprise and individual. The enterprise and commercial segment offer the most utilization of the cellular IoT market.
Asia Pacific with a most characterizing valuation of USD 2.29 billion makes the cellular IoT market share the most dominant one in the global market. China has been at the cutting edge of 5G framework improvement, contributing altogether to its authority within the advertise. The country's fast sending of 5G systems has encouraged improved capabilities for IoT applications, empowering speedier and more dependable network, pivotal for a few IoT utilize cases over businesses.
AT&T Corporation (U.S.), Qualcomm Incorporated (U.S.), Huawei Technologies Co., Ltd. (China), Nokia Corporation (Finland), Sierra Wireless (Canada), Zhongxing New Telecommunications Equipment Co., Ltd. (China), Telit Communications (Thales Group) (U.K.), Telefonaktiebolaget LM Ericsson (Sweden) are the major industry players are essentially reinforcing their bolster for IoT arrangements utilizing adherent and 5G systems, pointing to quicken selection rates. This concerted exertion includes growing foundation, improving arrange scope, and optimizing innovation to suit different IoT applications.
In January 2024, the company Nordic Semiconductor propelled its IoT improvements and displayed showings of low control Wi-Fi, LE Audio, Matter, and control administration at CES 2024 in Norway. The shown items include essential IoT innovations such as cellular IoT (LTE-M and NB-IoT), low-power Wi-Fi, Matter, DECT NR+, and Bluetooth Low Energy (Bluetooth LE), stamping the company's noteworthy commitment to the IoT scene at CES.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2017-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2017-2021
Growth Rate CAGR of 23.4% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Network
2G/3G
4G
LTE-M
5G
NB-IoT
By Application
Broadband IoT
Massive IoT
Industrial Automation
Critical IoT
By Connection
Wi-Fi
Broadband
Satellite
Cable
Others
By End-user
Individual
Commercial/Enterprise
Industrial
Retail
Healthcare
Manufacturing
Consumer Goods
Automotive
ICT
Others (Energy and Power)
By Region
North America (By Network, Application, Connection, End-user and Country)
U.S. (By Connection)
Canada (By Connection)
Mexico (By Connection)
South America (By Network, Application, Connection, End-user and Country)
Brazil (By Connection)
Argentina (By Connection)
Rest of South America
Europe (By Network, Application, Connection, End-user and Country)
U.K. (By Connection)
Germany (By Connection)
France (By Connection)
Italy (By Connection)
Spain (By Connection)
Russia (By Connection)
Benelux (By Connection)
Nordics (By Connection)
Rest of Europe
Middle East & Africa (By Network, Application, Connection, End-user and Country)
Turkey (By Connection)
Israel (By Connection)
GCC (By Connection)
North Africa (By Connection)
South Africa (By Connection)
Rest of the Middle East & Africa
Asia Pacific (By Network, Application, Connection, End-user and Country)
China (By Connection)
India (By Connection)
Japan (By Connection)
South Korea (By Connection)
ASEAN (By Connection)
Oceania (By Connection)
Rest of Asia Pacific
Please Note: It will take 5-6 business days to complete the report upon order confirmation.