LTE IoT

Global LTE IoT Market to Reach US$24.1 Billion by 2030

The global market for LTE IoT estimated at US$9.5 Billion in the year 2023, is expected to reach US$24.1 Billion by 2030, growing at a CAGR of 14.2% over the analysis period 2023-2030. NB-IoT Technology, one of the segments analyzed in the report, is expected to record a 15.2% CAGR and reach US$15.8 Billion by the end of the analysis period. Growth in the LTE-M Technology segment is estimated at 12.5% CAGR over the analysis period.

The U.S. Market is Estimated at US$2.7 Billion While China is Forecast to Grow at 13.1% CAGR

The LTE IoT market in the U.S. is estimated at US$2.7 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$3.6 Billion by the year 2030 trailing a CAGR of 13.1% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 12.4% and 11.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.8% CAGR.

Global LTE IoT Market - Key Trends and Drivers Summarized

Why Is LTE IoT Important for the Connected World?

LTE IoT is becoming a critical component of the Internet of Things (IoT) ecosystem, providing a reliable, low-power, wide-area (LPWA) connectivity solution for IoT devices. LTE IoT encompasses technologies such as Narrowband IoT (NB-IoT) and LTE-M, which are designed to support massive IoT deployments by offering low power consumption, extended coverage, and cost-effective connectivity. These technologies are ideal for a wide range of applications, including smart cities, asset tracking, industrial automation, and healthcare. With the number of connected devices expected to grow exponentially in the coming years, LTE IoT is poised to play a crucial role in enabling seamless communication between devices.

What Innovations Are Shaping the LTE IoT Market?

Technological advancements in power efficiency, coverage, and network management are driving the evolution of LTE IoT. New power-saving features such as Power Saving Mode (PSM) and Extended Discontinuous Reception (eDRX) are extending the battery life of IoT devices, enabling them to operate for years without requiring frequent battery replacement. Additionally, the development of enhanced coverage technologies is improving the ability of LTE IoT networks to support devices in challenging environments, such as deep indoor or underground locations. These innovations are making LTE IoT more scalable and efficient, enabling the deployment of large-scale IoT networks across various industries.

How Do Market Segments Define the Growth of LTE IoT?

Technologies include NB-IoT and LTE-M, with NB-IoT leading the market due to its ability to support massive IoT deployments with low data rates and extended coverage. Applications include smart cities, asset tracking, healthcare, and industrial automation, with smart cities representing the largest segment as governments invest in IoT infrastructure to improve urban management and sustainability. End-use industries include automotive, healthcare, manufacturing, and utilities, with the utilities sector driving significant demand for LTE IoT solutions to support smart meters and grid management systems.

What Factors Are Driving the Growth in the LTE IoT Market?

The growth in the LTE IoT market is driven by several factors, including the increasing adoption of IoT devices, advancements in LPWA technologies, and the growing demand for cost-effective and reliable connectivity solutions. As the number of connected devices continues to rise, LTE IoT is becoming the preferred solution for industries looking to deploy large-scale IoT networks that require low power consumption and extended coverage. The technology’s ability to support a wide range of IoT applications, from smart cities to industrial automation, is further propelling market growth. Additionally, the integration of LTE IoT with 5G networks is enhancing the scalability and performance of IoT deployments, supporting the continued expansion of the IoT ecosystem.

Select Competitors (Total 33 Featured) -

• Actility
• Athonet
• Ericsson
• Link Labs
• Mediatek
• Netnumber
• Orange
• Puresoftware
• Sequans Communications
• Sierra Wireless
• T Mobile
• Telensa
• Telstra
• Telus
• Vodafone Group

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.