New York, Dec. 18, 2021 (GLOBE NEWSWIRE) -- According to the new market research report "Cellular IoT Market to 2027 - Global Analysis and Forecasts by Technology (2G & 3G, 4G, LTE-M, NB-IoT, and 5G); End-Use Industry (Industrial, Infrastructure & Construction, Retail, Consumer Electronics, Automotive & Transportation, Energy & Utilities, Healthcare, and Others)", published by The Insight Partners, the global cellular IoT market is projected to reach US$ 18,280.7 million by 2027 from US$ 5,289.2 million in 2021; it is expected to register a CAGR of 22.6% during 2021–2027.
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| Report Coverage | Details |
| Market Size Value in | US$ 5,289.2 million in 2021 |
| Market Size Value by | US$ 18,280.7 Million by 2027 |
| Growth rate | CAGR of 22.6% from 2021-2027 |
| Forecast Period | 2021-2027 |
| Base Year | 2021 |
| No. of Pages | 150 |
| No. Tables | 56 |
| No. of Charts & Figures | 75 |
| Historical data available | Yes |
| Segments covered | Technology ; End-Use Industry |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Cellular IoT Market: Competitive Landscape and Key Developments
Arm Holdings Plc; AT&T, Inc.; Ericsson; Huawei Technologies Co., Ltd.; Mediatek Inc.; Qualcomm Incorporated; Sierra Wireless, Inc.; Sequans Communications SA; Thales group; and ZTE Corporation are among the key players in the global cellular IoT market. The leading companies are focusing on expanding and diversifying their market presence by acquiring new customer base, thereby tapping prevailing business opportunities.
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In 2020, MediaTek declared high interest from IoT device manufacturers for MediaTek’s MT3620. It is a microcontroller unit chip (MCU) developed along with Microsoft for direct integration of a Microsoft Azure Sphere security solution. This MCU facilitates the makers to develop secure IoT devices connected to Microsoft Azure Cloud services.
The IoT has been growing at an unprecedented rate from past few years due to the rising demand for connected devices and systems among consumers and enterprises. Cellular IoT is also being widely adopted across consumer electronics, retail, healthcare, and industrial sectors, among others. Presently, majority of the cellular IoT connections are enabled by either 2G or 3G connectivity technologies. However, the reach of 4G networks is growing at a fast pace owing to its advantages such as ability to ensure low latency, provide greater bandwidth, and support large number of devices. The number of 2G and 3G IoT connections is anticipated to decrease further with the emergence of 5G as a promising networking technology, as well as with the introduction of other IoT-targeted connectivity technologies such as Long-Term Evolution for Machines (LTE-M) and NB-IoT. Cellular IoT can be broadly classified into four types: massive IoT, broadband IoT, Critical IoT, and industrial automation IoT. Some of the major use cases of cellular IoT include asset management, smart metering, fleet management, AR/VR, drones/UAV, traffic control, automotive, building automation and control, and grid automation. Two major factors that are driving the growth of IoT connectivity worldwide include increasing inclination toward digitalization among industries and rising interest of mobile network operators to expand their business. The Cellular IoT Market is growing at an impressive pace due to increasing support from 3GPP standards, device manufacturers, chipset & module manufacturers, and network infrastructure providers. The IoT connections based on 5G, LTE-M, and NB-IoT are projected to rise at an impressive pace during the forecast period, and it is projected to outgrow the 2G and 3G IoT connections by a wide margin. The increasing number of IoT-connected devices and growing applications of IoT in the automotive sector are the major driving factors for the global cellular IoT market. However, interoperability issues due to fragmented network and connectivity ecosystem and concerns regarding 5G spectrum harmonization are the factors restraining the market growth. Despite these limitations, growing cases of 5G deployment is anticipated to boost the cellular IoT market growth during the forecast period.
The outbreak of COVID-19 has severely disrupted the supply chain and manufacturing of electronics equipment including the hardware component of cellular IoT. The pandemic led to lockdown scenarios creating disruption in the electronics equipment supply chain in 2020 and continued through till mid-2021. However, the telecom is likely to pick up pace sooner as governments across the globe have begun lifting various containment measure steadily to revive the economy. The production of electronics equipment is anticipated to gain pace, which is further foreseen to positively influence the electronics equipment and manufacturing including hardware components of cellular IoTs.
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Increasing Number of IoT-Connected Devices to Propel the Market in Coming Years:
Factors such as increasing levels of disposable income, availability of affordable smartphones, and internet plans with low tariff are leading to the rapid adoption of smartphones and other consumer electronics around the world, which is subsequently driving the growth of “connected things” or IoT. In addition, the increasing number of IoT use cases in smart homes, smart cities, smart transportation, and smart buildings is further driving the demand for IoT-connected devices. Ericsson Mobility Report (2019) estimated the rise in overall number of IoT connections worldwide from 10.8 billion in 2019 to 24.9 billion in 2025 at CAGR of 15%. These connections include wide area IoT connections, cellular IoT connections, and short-range IoT connections. The investments in IoT start-ups and supporting market ecosystem are also fueling the research and development of IoT technology. The major technology companies in the US, China, and Europe are playing important role in the development of IoT solutions. Google, Microsoft, Cisco, Amazon, GE, Qualcomm, Intel, and Samsung have also invested a considerable amount in the similar activities. For the successful deployment of IoT across industries, there is a growing demand for robust connectivity technologies. Hence, such increasing investments in communication technologies such as 5G, NB-IoT, and LTE-M at an unprecedented pace are driving the cellular IoT market growth globally.
Cellular IoT Market: Technology
Based on technology, the cellular IoT market is segmented into 2G & 3G, 4G, LTE-M, NB-IoT, and 5G. With growing number of mobile subscriptions and increasing demand for highly efficient networks that can handle rising data traffic, network operators are continuously focusing on innovating and improving communication technologies. The fast replacement of older 2G networks with 3G/4G, increasing 5G testing across the world, and advanced NB-IoT & LTE-M technologies are among the factors that are anticipated to drive the cellular IoT market in the coming years.
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