Westford, USA, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Cellular IoT market is growing rapidly with immense potential. According to a recent study by SkyQuest, the number of cellular IoT connections grew from 700 million in 2017 to 5.6 billion by 2022. This represents a compound annual growth rate (CAGR) of 42%. This growth will bring new challenges and opportunities for operators, as they look to meet the needs of their customers while managing the increased data traffic and capacity requirements.
The primary driver of the growth of the cellular IoT market is the increasing demand for low-power wide-area (LPWA) networks. LPWA networks are well suited for IoT applications that require long battery life and low data rates. Some of the most popular LPWA technologies include LoRaWAN and Sigfox. In addition, cellular operators are beginning to launch NB-IoT and LTE-M networks, which offer higher data rates and lower latency than LPWA networks. These technologies are particularly well suited for applications that require real-time data or high data throughput.
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There are a number of factors driving the growth of cellular IoT. One is the increasing availability of affordable cellular data plans. This has made it more practical for businesses and consumers to use cellular data to connect their devices. Another factor is the continued miniaturization of cellular IoT market, which has made it possible to embed cellular connectivity into an ever-increasing range of devices.
The growing demand for cellular IoT is resulting in an increase in investment in the development of new cellular technologies. 5G, the next generation of cellular technology, is currently deployed and tested across several countries like India with the aim of commercial rollout by 2023. 5G promises even higher bandwidths and lower latencies than current 4G networks, making it even better suited for cellular IoT devices.
Potential of Cellular IoT Market is Infinite
One of the most exciting things about cellular IoT is its potential for new and innovative applications. For example, it could be used for real-time monitoring of critical infrastructure, smart city applications like intelligent traffic management, or even personal health and fitness tracking.
The possibilities are endless, and we are only just beginning to scratch the surface of what cellular IoT can do. With the right investment and support, there is no doubt that cellular IoT will play a major role in our connected future.
With the rapid expansion of cellular IoT market, there is a growing need for reliable, cost-effective connectivity solutions. eSIMs are increasingly being adopted as a way to provide flexibility and agility in cellular connectivity, especially in smartwatches, smartphones and wearable devices. eSIMs allow devices to be connected to multiple operator networks without the need for physical SIM cards. This makes it easy to change operator networks or add additional network capacity as needed. As the demand for cellular IoT grows, so does the need for reliable and cost-effective connectivity solutions. eSIMs offer a flexible and agile way to connect devices to multiple operator networks without the need for physical SIM cards.
Cellular IoT is a natural fit for applications that need to be always on and always connected, such as utility meters, security systems, and industrial equipment in the global cellular IoT market. The wide geographical coverage of cellular networks makes them ideal for deployment in remote or difficult-to-reach locations. And because cellular IoT devices can be deployed independently of wired infrastructure, they offer greater flexibility and scalability than other types of IoT solutions.
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The benefits of cellular IoT have not gone unnoticed by the business community. A recent survey by SkyQuest found that nearly two-thirds of enterprises are planning to deploy cellular IoT solutions in the next five years. Furthermore, many enterprises in the cellular IoT market see cellular IoT as a key enabler for their digital transformation initiatives. One of the main benefits of cellular IoT is that it offers a wide coverage area. This makes it ideal for applications where devices need to be able to connect from anywhere, such as in smart city applications or tracking devices. Cellular IoT also offers high bandwidth and low latency, which are important for applications that require real-time data transfer, such as video monitoring or remote control.
Sub-Gigahertz Bands Offers Positive and Promising Growth Opportunity for Cellular IoT Market
The Sub-Gigahertz (Sub-GHz) band is one of the most popular unlicensed radio frequencies used in short-range IoT applications. Sub-GHz has several advantages for communication over other frequencies, including longer range, lower power consumption, and better penetration through walls and other obstacles. Despite these advantages, cellular IoT technologies have been slow to adopt Sub-GHz for a variety of reasons.
One reason is that the initial investment in infrastructure and devices can be prohibitively expensive for the cellular IoT market growth. For instance, three telecom operators namely Reliance Jio, and Bharti Airtel, and VI in India spent over Rs 1.5 trillion, which is around US$ 19 trillion. Another reason is that many cellular operators are reluctant to support a technology that competes with their existing investments in LTE and 5G.
However, there are a number of recent developments that suggest cellular IoT technologies will begin to adopt Sub-GHz in the near future. First, the price of Sub-GHz chipsets and modules has been falling rapidly, making it more affordable for cellular IoT applications. Second, new standards like LoRaWAN and Sigfox are beginning to gain traction among cellular operators across the global cellular IoT market. Finally, new business models are emerging that allow cellular operators to monetize their investment in Sub-Ghz infrastructure.
As the price of Sub GHz chipsets continue to fall and new standards gain traction, we expect to see a rapid adoption of Sub GHz in cellular IoT applications. This will open up a whole new world of possibilities for short range communication, including smart buildings, industrial automation, and asset tracking.
Lucrative Opportunity for Network Operation, Device Manufacturers, Application Developers and Platform Providers
According to the report, the total number of cellular IoT connections will grow from 5.6 billion in 2022 to 8.3 billion by 2025. This growth is being driven by a number of factors, including the expansion of 4G and 5G networks, the increasing adoption of IoT devices and applications, and the growing need for low-power wide-area (LPWA) networks.
SkyQuest's analysis of the cellular IoT market shows that there are opportunities for all players in the cellular IoT ecosystem, including network operators, device manufacturers, platform providers, and application developers. Network operators can benefit from the growing demand for LPWA networks by offering new services and products to their customers. Device manufacturers can capitalize on the growing demand for IoT devices by developing new products and solutions. Platform providers can provide solutions that enable developers to quickly create and deploy new applications. And application developers can create innovative new applications that take advantage of the capabilities of cellular IoT devices and networks.
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Key Players in Global Cellular IoT Market
- Texas Instruments (US)
- ZTE Corporation (China)
- Quectel (China)
- Thales Group (France)
- Fibocom Wireless (China)
- Telit Communications (UK)
- U–Blox Holding AG (Switzerland)
- Sierra Wireless (US)
- Qualcomm (US)
- Mediatek (Taiwan)
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