Cellular IoT Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Cellular IoT Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Cellular IoT Market (hereafter referred to as the market studied) is expected to register a CAGR of 23% over the forecast period, 2022-2027. The presence of fast-growing nations, rising adoption of advanced technologies, and an increasing number of connected devices are some of the major factors that are anticipated to fuel the growth of cellular IoT in the world.

Key Highlights

• The rise in digitalization and automation among industries across diverse verticals, such as manufacturing, automotive, and energy & utilities, are the key factors expected to drive the global cellular IoT market growth. In addition, the rise in demand for extended network coverage, growth in inclination toward business expansion beyond mobile broadband, and the need to accommodate a large number of connected devices among businesses across the globe are some of the other major factors expected to propel the growth of the cellular IoT market.
• The rising adoption of IoT in the automotive industry, commercialization of 5G, and the emergence of Narrowband Internet of Things (NB-IoT) and Long Term Evolution for Machines (LTE-M) are some aspects that are projected to assist the players operating in the cellular IoT market.
• The rising demand for end-to-end security, like device-level solid access and authentication, encrypted data transport, etc., is driving the global cellular IoT market as cellular IoT solutions deliver the robust infrastructure that helps companies minimize risk and maximize uptime.
• The coronavirus outbreak and its impacts are likely to slow cellular IoT investment and deployments and extend timelines for cellular IoT market growth in many sectors. However, there may be some opportunities for cellular IoT to shine as with major disruptions in global healthcare and supply chains, governments, hospitals, insurers, and logistics providers are having to react quickly and rethink how a more connected world could help better address the current crisis and avert or mitigate future ones.
• Globally, due to travel restrictions and government guidelines, businesses have either moved to WFH (work-from-home) environments or are operating under far from business-as-usual circumstances. Also, the world’s fixed broadband infrastructure quakes due to a massive increase in video conferencing and video content streaming.

Key Market TrendsIncreasing demand of cellular Iot for C-V2X in automotive sector to Drive The Market

• Cellular Vehicle-to-Everything (C-V2X) in the automotive sector is growing due to the increase in demand for safe & reliable road transportation, the rising adoption of autonomous vehicles, and the increase in the adoption of vehicle telematics by logistics & transportation companies.
• The increasing demand for enabling highly reliable, real-time communication at high speeds and in high-density traffic, Leveraging the comprehensive coverage of secure and well-established LTE networks are some of the factors that are boosting the demand for cellular IoT for C-V2X.
• The advancements in 5G technology would enable the applications of 5G-V2X, which is expected to offer better cybersecurity performance and handle many messages in congested traffic environments. Another factor that would drive the cellular IoT segment is the cost associated with hardware components.
• In September 2021 - Verizon and Nissan successfully finished a proof-of-concept project showcasing the potent synergy of edge computing over 5G and C-V2X (Cellular Vehicle-to-Everything). For the experiment, information gathered from roadside infrastructure and onboard vehicle sensors was analyzed at the Verizon network's edge. After processing, the data was quickly transmitted back to the vehicles for urgent driver notifications.

Asia-Pacific To Register Highest Market Growth

• Asia Pacific is anticipated to be the fastest growing market of cellular IoT as countries such as China and India have a large pool of semiconductor dealers. Also, the rising influx of technology companies in the region, coupled with the increasing investment in IoT technology in the region, is expected to boost the market growth rate.
• Governments in Asian countries such as India are also taking an interest in the cellular IOT market and initiating numerous smart infrastructure projects. In India, Japan, China, Korea, Malaysia, and Singapore, governments have promoted national cellular IoT strategies, which are further expected to encourage the growth of the cellular IoT market in these countries.
• The increasing adoption of smart meters and grids drives the growth of cellular IoT modules in the energy industry in the region. Further, the growth for energy management, together with increasing demand for green homes, drives the overall demand for the building automation market, resulting in high demand for cellular IoT deployment.
• For APAC enterprises, key strategic IoT drivers are cost and efficiency-related, where the major challenges are data/network security and ongoing costs. Global cloud and IT vendors are emerging as leading IoT providers in APAC, adding fuel to the market in the region.
• While data/network security and ongoing expenditures are the main issues, cost and efficiency are the key strategic IoT drivers for APAC businesses. Spending on enterprise IoT is likewise relatively low in APAC. Due to best-in-class technology and integration capabilities, international cloud and IT vendors are becoming the top IoT providers in APAC.

Competitive Landscape

The Cellular internet of things (IoT) market is competitive owing to the presence of many large and small players in the domestic and international markets. The market appears to be fragmented due to the presence of many technological giants in the market. Key strategies adopted by the major players in the market are product innovation and mergers and acquisitions. Some of the key developments in the market are:

• April 2021 - Luner, the self-service IoT connectivity platform for IoT developers and SMEs, launched its IoT Marketplace, delivering a complete one-stop-shop for developers looking to get their IoT projects off the ground. The Luner Marketplace would provide a growing selection of IoT hardware and related products to develop end-to-end IoT solutions. The company provides the AirLink range of cellular routers and gateways designed for IoT and enterprise applications.
• February 2021 - Qualcomm Technologies Inc. introduced a pair of new 5G chips for devices that claim to offer speeds up to 10 Gb/s. The company is targeting a broad swath of applications with its fourth-generation 5G modems, including new services & capabilities for industrial IoT. The company claims Snapdragon X65 is the worlds world's first 5G modem and radiofrequency front-end system that provides features introduced in 3GPP Release 16, the second phase of 5G standards that includes new capabilities like industrial IoT.
• January 2021 - Sequans Communications SA announced that Thales, its longtime partner in cellular IoT connectivity solutions, intends to use the company's second-generation Monarch 2 and Calliope 2 platforms as the basis for its new generation of Cinterion IoT LTE-M/NB-IoT and Cat 1 modules. Thales has used Sequans' first-generation massive IoT modem technology in its Cinterion IoT modules since 2015 and has shipped them globally.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.