The global cellular IoT market size reached US$ 4.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.3 Billion by 2028, exhibiting a growth rate (CAGR) of 20.9% during 2023-2028.
Cellular Internet of Things (IoT) refers to the integration of telecommunication devices with the internet. It utilizes advanced technologies, such as 3G, 4G, 5G and Low Power Wide Area (LPWA), for establishing reliable connections through various hardware devices and sensors. It is widely used for asset, warehouse and workforce management, remote plant monitoring, automation, cloud-based robotics, traffic management and telematics in smartwatches and fitness bands. Cellular IoT solutions simplify global deployment, establish a secured connection with other shared networks and support both low and high bandwidths. As a result, they find extensive applications across various industries, including agriculture, environment monitoring, healthcare, manufacturing, automotive and energy.
Cellular IoT Market Trends:
Significant growth in the telecommunications industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, rapid digitization and the increasing requirement for automation across industries are providing a thrust to the market growth. Medium and large-scale organizations are widely adopting Narrowband Internet of Things (NB-IoT) and Long-Term Evolution for Machines (LTE-M) solutions. These technologies can be integrated with the existing mobile networks to provide enhanced end-to-end security, device-level access and authentication and encrypted data transfer. Additionally, integration of the IoT, embedded sensors, Wi-Fi and Bluetooth with automobile systems are acting as other growth-inducing factors. Automotive manufacturers combine wireless communication into both luxury and economy vehicles to facilitate in-vehicle communication, vehicle-to-vehicle communication and vehicle-to-infrastructure communication. In line with this, these technologies are also used for smart metering, weather monitoring, infrastructure security and flood and agricultural management. Other factors, including increasing commercialization of 5G, along with significant infrastructural developments, especially in the developing economies, are anticipated to drive the market toward growth.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global cellular IoT market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, type and end use.
Breakup by Component:
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Hardware
Software
Device Management
Signal Processing
Breakup by Type:
2G
3G
4G
LTE-M
NB-LTE-M
NB-IoT
5G
Breakup by End Use:
Agriculture
Automotive and Transportation
Consumer Electronics
Energy
Environment Monitoring
Healthcare
Retail
Smart Cities
Others
Breakup by Region:
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North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Arm Limited, Commsolid GmbH (Goodix Technology (HK) Company Limited), MediaTek Inc., Qualcomm Incorporated, Sequans Communications, Sierra Wireless, Telefonaktiebolaget LM Ericsson, Telit, Texas Instruments Incorporated, Thales Group, U-Blox Holding AG and ZTE Corporation.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2022
Historical Period
2017-2022
Forecast Period
2023-2028
Units
US$ Billion
Segment Coverage
Component, Type, End Use, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
Arm Limited, Commsolid GmbH (Goodix Technology (HK) Company Limited), MediaTek Inc., Qualcomm Incorporated, Sequans Communications, Sierra Wireless, Telefonaktiebolaget LM Ericsson, Telit, Texas Instruments Incorporated, Thales Group, U-Blox Holding AG and ZTE Corporation.
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Key Questions Answered in This Report
The global cellular IoT market size was around US$ 4.5 Billion in 2022. The rising deployment of cellular IoT modules in smart city infrastructures and autonomous vehicles is primarily driving the market growth. Moreover, the emerging trend of industrialization, along with the growing adoption of automated devices for better efficiency, remote monitoring, and increased productivity across diverse sectors, is also augmenting the demand for cellular IoT platforms. Additionally, the elevating preferences toward cellular IoT in weather monitoring and infrastructure security are further propelling the global market.
Several benefits of cellular technology include extensive coverage, improved cost-effectiveness and affordability, enhanced remote management, high flexibility associated with connectivity, and excellent security. The cellular IoT networks are ubiquitous, mature, reliable and work out-of-the-box without requiring any extra hardware installation. Thus, the benefits associated with cellular IoT technology make it a predominant option among consumers these days.
The future of cellular IoT seems to be optimistic. The rising digitization and automation across diverse industries, such as manufacturing, automotive and agriculture, healthcare, energy & utilities, etc., are expected to drive the market growth in the coming years. Moreover, numerous medium- and large-scale organizations are widely adopting Narrowband Internet of Things (NB-IoT) and Long-Term Evolution for Machines (LTE-M) solutions, which will continue to augment the global cellular IoT market over the forecast period. Additionally, the growing adoption of cellular IoT for smart metering, weather monitoring, infrastructure security, and flood and agricultural management, is further anticipated to propel the market growth.
Cellular IoT is a cost-effective and affordable technology for several applications, such as assets in motion (cars, trucks, trains) as well as static assets (smart meters, smart city, smart factory environments). The cellular IoT uses the cellular network to connect physical devices to the internet. It can provide both indoor and outdoor applications and helps to support both low- and high-bandwidth applications. Furthermore, cellular-IoT platforms are also used for tracking data in public park systems, remote-starting excavators, environmental management, and fleet management with safer transportation, among others.
We expect the global cellular IoT market to exhibit a CAGR of 20.9% during 2023-2028.
As per the IMARC Group, the segments of the global cellular IoT market includes, by Component (Hardware and Software), by Type (2G, 3G, 4G, LTE-M, NB-LTE-M, NB-IoT, 5G), by End-Use (Agriculture, Automotive and Transportation, Consumer Electronics, Energy, Environment Monitoring, Healthcare, Retail, Smart Cities, and Others) and by Region (North America, Asia-Pacific, Europe, Middle East, and Africa).
The rising adoption of cellular IoT solutions across various industries, such as agriculture, healthcare, manufacturing, etc., to establish a secure connection with other shared networks, simplify global deployment, support low and high bandwidths, etc., is primarily driving the global cellular IoT market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing deployment of cellular IoT solutions to provide a reliable connectivity, during the remote working scenario.
Based on the component, the global cellular IoT market can be categorized into hardware and software. Currently, hardware accounts for the majority of the global market share.
Based on the type, the global cellular IoT market has been segregated into 2G, 3G, 4G, LTE-M, NB-LTE-M, NB-IoT, and 5G. Among these, 3G currently exhibits a clear dominance in the market.
Based on the end use, the global cellular IoT market can be bifurcated into agriculture, automotive and transportation, consumer electronics, energy, environment monitoring, healthcare, retail, smart cities, and others. Currently, energy holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global cellular IoT market include Arm Limited, Commsolid GmbH (Goodix Technology (HK) Company Limited), MediaTek Inc., Qualcomm Incorporated, Sequans Communications, Sierra Wireless, Telefonaktiebolaget LM Ericsson, Telit, Texas Instruments Incorporated, Thales Group, U-Blox Holding AG, and ZTE Corporation.
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