The latest report by IMARC Group, titled “Cellular IoT Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global cellular IoT market size reached US$ 3.56 Billion in 2021. Cellular IoT refers to the advanced wireless technology used to connect various telecommunication devices without any physical connection. 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. Depending on the needs of the IoT device and application, there are primarily two types of cellular IoT connections, namely, Narrowband Internet of Things (NB-IoT) and Long-Term Evolution for Machines (LTE-M). As cellular IoT solutions establish a secure connection with other shared networks, simplify global deployment, and support low and high bandwidths, they are extensively utilized across various industries, including agriculture, environment monitoring, healthcare, manufacturing, automotive, and energy.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cellular IoT Market Trends:
The market is primarily driven by the significant growth in the telecommunication industry. Besides this, the increasing requirement for automation across multiple industries is also contributing to the market growth as organizations are widely utilizing LTE-M and NB-IoT solutions. In addition, the growing integration of the IoT embedded sensors, Wi-Fi, and Bluetooth with automobile systems represents another growth-inducing factor. Presently, automotive manufacturers are incorporating wireless communication into luxury and economy vehicles to facilitate in-vehicle, vehicle-to-vehicle, and vehicle-to-infrastructure communication. Furthermore, the increasing commercialization of 5G, the rising utilization of cellular IoT in weather monitoring and infrastructure security, and significant infrastructural developments in developing economies are some of the other factors anticipated to propel the market growth. Looking forward, IMARC Group expects the market value to reach US$ 11.95 Billion by 2027, exhibiting a CAGR of 21.8% during the forecast period (2022-2027).
- Based on the component, the market has been bifurcated into hardware and software (device management and signal processing).
- On the basis of the type, the market has been classified into 2G, 3G, 4G, LTE-M, NB-LTE-M, NB-IoT, and 5G.
- Based on the end use, the market has been segmented into agriculture, automotive and transportation, consumer electronics, energy, environment monitoring, healthcare, retail, smart cities, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, along with the profiles of the key players. Some of these players 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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