Cellular IoT Market

The global cellular IoT market size was valued at US$ 5.4 Billion in 2023. 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 18.2% during 2024-2032.

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.