Global eSIM Market to Reach US$ 24.8 Billion by 2028, Supported by the Increasing Adoption of IoT Connected Devices Across Sectors

According to the latest report by IMARC Group, titled " eSIM Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global eSIM market reached a value of US$ 8.5 Billion in 2022. Embedded SIM (eSIM) represents a form of reprogrammable hardware chipset that is installed permanently into an electronic device to support multiple accounts. It aids in activating the mobile plan, authenticating user identity, allowing switching to various mobile network operators (MNOs), updating software settings, and providing additionally secured over-the-air (OTA) update capability. As compared to a traditional SIM card, eSIM offers superior reliability, optimal security, and improved network, while eliminating the physical need of swapping or handling SIM cards in specific slots. Consequently, it is extensively used in connected vehicles, smartphones, laptops, and machine-to-machine (M2M) operations. Apart from this, eSIM is easier to activate, requires minimal space, and is affordable, due to which it is further utilized across various industrial verticals. At present, eSIM chips are mainly available in soldered and removable forms.

Global eSIM Market Trends:

The increasing need for consumer electronics with enhanced connectivity, high reliability and improved security in both the residential and commercial sectors is primarily driving the eSIM market growth. In line with this, the significant expansion in the automotive industry has prompted the extensive deployment of eSIM in different connected automobiles and infotainment solutions, such as vehicle telematics, smart meters, and navigation, which is acting as another growth-inducing factor. Additionally, the favorable initiatives being undertaken by governments of various countries that emphasize on remote SIM provisioning for promoting machine-to-machine (M2M) operations to perform wireless communication and ensuring straightforward mobile connections are contributing to the market growth. This further supported by the rapid technological advancements in connected ecosystem, such as the introduction of analytical solutions and the internet of things (IoT), which, in turn, has facilitated the adoption of the wireless, cellular-based solutions, such as eSIMs, amongst different industrial verticals. Other factors, including the growing penetration of wearable and smart technologies, along with strategic collaborations amongst key players to manufacture upgraded eSIM solutions, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 24.8 Billion by 2028, growing at a CAGR of 20.12% during 2023-2028. 

Market Summary:

• Based on the type, the market has been bifurcated into data-only, and voice, SMS, and data eSIM.
• On the basis of the solution, the market has been segmented into hardware and connectivity services.
• Based on the application, the market has been categorized into connected car, smartphone and tablet, wearable device, M2M, and others.
• Based on the industry vertical, the market has been classified into automotive, consumer electronics, manufacturing, telecommunication, transportation and logistics, and others.
• On a regional basis, the market has been segregated into North America (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 being Apple Inc., Arm Limited, AT&T Inc., Deutsche Telekom AG, Giesecke+Devrient GmbH, IDEMIA, Infineon Technologies AG, NTT Docomo Inc. (Nippon Telegraph and Telephone Corporation), NXP Semiconductors N.V., Samsung Electronics Co. Ltd., Sierra Wireless, STMicroelectronics, Telefónica S.A., Thales Group and Vodafone Group Plc.

Report Scope:

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