Cellular IoT Market Size - By Component (Hardware, Software, Services), By Type (MNO Connectivity, LPWA Network Connectivity, Others), By Application, By End-use Industry & Forecast 2024 - 2032

Cellular IoT Market Size - By Component (Hardware, Software, Services), By Type (MNO Connectivity, LPWA Network Connectivity, Others), By Application, By End-use Industry & Forecast 2024 - 2032

Global Cellular IoT Market will experience over 26% CAGR between 2024 and 2032 ushered by a growing demand for smart connected devices across various industries, including consumer electronics, healthcare, and transportation. The growing demand for smart devices has propelled the need for reliable connectivity solutions. As consumers and businesses adopt connected devices across various sectors, such as healthcare, transportation, and smart homes, there is a heightened requirement for robust cellular networks to support real-time data exchange. This trend drives innovation and investment in cellular IoT technologies, further expanding market opportunities and enabling seamless integration of smart devices into everyday life.

For instance, in July 2024, STMicroelectronics incorporated the Ceva Cellular IoT Platform into its NB-IoT industrial module. This integration aims to deliver highly reliable and strong NB-IoT data communication, along with resilient and accurate GNSS geo-location capabilities for IoT devices and assets. Ceva's Cellular IoT IP platform powers STMicroelectronics' ST87M01 cellular IoT modules, designed for various applications, including smart meters, smart grids, smart buildings, smart cities, industrial condition monitoring, factory automation, smart agriculture, and environmental monitoring.

The overall cellular IoT industry is segmented based on component, type, application, end-use industry, and region.

The low power wide area segment will grab a remarkable cellular IoT market share through 2032. The demand for cellular IoT is rising significantly across the low-power wide-area segment due to its ability to cater to applications requiring long-range communication with low power consumption. This segment encompasses devices and sensors that operate over vast areas while consuming minimal energy, ideal for applications in smart agriculture, environmental monitoring, and asset tracking. Cellular IoT technologies like NB-IoT and LTE-M offer robust connectivity, ensuring reliable data transmission over large distances without frequent battery replacements. As industries and municipalities increasingly adopt IoT for efficiency and sustainability, the scalability and reliability of cellular solutions drive their adoption in low power wide area applications.

The hardware segment will exhibit a promising growth rate in the cellular IoT market. The demand for cellular IoT is growing rapidly within the hardware segment due to the increasing integration of IoT capabilities into devices and equipment. This trend is driven by the need for real-time data collection, remote monitoring, and automation across various industries. Cellular IoT enables devices to connect directly to cellular networks, ensuring seamless communication and data transfer without relying on local Wi-Fi networks. This capability is particularly valuable in remote and mobile applications where continuous connectivity is crucial for operational efficiency, safety, and improved decision-making processes, catapulting the adoption of cellular IoT in hardware solutions.

Europe cellular IoT market infers a strong CAGR from 2024 to 2032. In Europe, the demand for cellular IoT is surging due to regulatory support and industry initiatives promoting digital transformation. Governments and businesses are investing heavily in IoT technologies to enhance competitiveness, sustainability, and public services. Cellular IoT's reliability and security are crucial in sectors for example transportation, healthcare, and energy management, where stringent data protection rules and robust connectivity are crucial. Additionally, the emergence of 5G networks in Europe accelerates IoT adoption by offering high-speed, low-latency connectivity, enabling innovative applications such as smart cities and autonomous vehicles to thrive.