eSIM Market Size, Share & Trends Analysis Report By Solution (Hardware, Connectivity Services), By Application (Consumer Electronics, M2M), By Region, And Segment Forecasts, 2023 - 2030

eSIM Market Size, Share & Trends Analysis Report By Solution (Hardware, Connectivity Services), By Application (Consumer Electronics, M2M), By Region, And Segment Forecasts, 2023 - 2030

eSIM Market Growth & Trends

The global eSIM market is expected to reach USD 15,464.0 million by 2030 at a CAGR of 7.9% from 2023 to 2030, according to a study conducted by Grand View Research, Inc. Technological developments in consumer electronic devices such as smartphones, laptops, tablets, wearables fueling the eSIM market growth. Furthermore, due to the small size of the chipset, eSIMs are likely to be widely used in smartphones. For example, in 2018, Apple, Inc. released an iPhone featuring dual SIM capabilities, including a Nano-SIM and an eSIM. Furthermore, Apple, Inc. has included eSIM in their tablet and watch series.

SIM cards with eSIMs are considerably smaller than those with physical SIMs. Chipsets are therefore smaller when integrated into devices. Device manufacturers benefit from eSIM technology since they can save space by eliminating the physical SIM card tray and SIM card slot. Thus, factors such as compact design specification and multiple carrier support of the eSIM are propelling the market growth.

The 5G technology is intended to deliver faster internet speeds and more network capacity. 5G is expected to provide download speeds of 1 gigabit per second while lowering latency to less than a millisecond. This is expected to have a beneficial impact on the eSIM market, expanding its acceptance across a range of cellular-enabled devices. As a result, network service providers and OEMs are overhauling their infrastructure in order to efficiently manage the connectivity and speed provided by 5G. eSIM technology, which can be easily integrated into smaller devices like fitness bands, wearables, and smartwatches, is the future of 5G.

eSIM Market Report Highlights

• Due to connectivity subscriptions from M2M devices, the connectivity services segment held the greatest market share in 2022
• The hardware segment is expected to attain a substantial CAGR throughout the forecasted period due to smartphone manufacturers' use of eSIM technology
• Due to technological improvements and IoT connectivity among devices, the consumer electronics segment is expected to expand at a considerable CAGR of more than 9.2% throughout the forecast period

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