Chicago, Feb. 06, 2023 (GLOBE NEWSWIRE) -- According to the new market research report “Cellular IoT Market by Component (Hardware, Software, and Services), Technology (2G, 3G, 4G, LTE-M, NB-LTE-M, NB-IoT, and 5G), Application, Vertical and Geography(North America, Europe, APAC, South America & MEA) - Global Forecast to 2027” The cellular IoT market is projected to grow from USD 3.9 billion in 2021 to USD 15.4 billion by 2027; it is expected to grow at a CAGR of 25.7% from 2021 to 2027.
The key factors fueling the growth of the market include the increasing deployment of cellular IoT modules in smart city infrastructure and building automation verticals and growing demand for cellular IoT in agricultural automation and environmental monitoring. Additionally, increasing application of cellular IoT modules in medical wearables, and Increasing applications for cellular IoT modules in vehicle telematics and fleet management is expected to create a growth opportunity for the cellular IoT market.
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Scope of the Report
| Report Metric | Details |
| Years considered | 2018–2027 |
| Base year considered | 2020 |
| Forecast period | 2021–2027 |
| Forecast units | Volume (million units), Value (USD million/billion) |
| Segments covered | Component, Technology, Application, Vertical |
| Regions covered | North America, APAC, Europe, and RoW |
| Companies covered | Quectel (China), Thales Group (France), Fibocom Wireless (China), Telit Communications (UK), u-blox Holding (Switzerland), Sierra Wireless(US), Qualcomm (US), Mediatek (Taiwan), UNISOC Technologies (China), Altair Semiconductor (Israel), Intel (US), Nordic Semiconductor (Norway), Murata Manufacturing (Japan), Sequans Communication (France), Analog Devices (US), Qorvo (US), AT&T (US), GosuncnWelink Corporation (China), HiSilicon Technologies (China), MeiG Smart Technology (China), Neoway Technology (China), Sercomm Corporation (Taiwan), Skyworks (US), Xiamen CHEERZING IoT Technology (China), Commsolid (Goodix Technology (Germany) |
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Opportunity: Increasing applications for cellular IoT modules in vehicle telematics and fleet management
Vehicle telematics to enhance performance and connectivity, which maximizes an organization’s assets, is one of the key emerging use cases for cellular IoT.
According to MarketsandMarkets’ analysis, the telematics solutions market is projected to reach USD 62.6 billion by 2025 from USD 29.9 billion in 2020 at a CAGR of 15.9%. Apart from highway vehicles, the trend of implementing telematics solutions in off-highway vehicles is expected to present high growth opportunities for cellular IoT solution providers.
When it comes to off-highway vehicles, such as cranes and excavators, time is considered to be a critical aspect with a limited number of technicians. This necessitates the need for implementing IoT and telematics solutions to monitor both equipment and on-road assets. Therefore, telematics solution providers are implementing cellular IoT modules in their product offerings, which makes it easy for off-highway vehicle OEMs and fleet managers to collect and analyze data to identify heavy equipment usage trends and field-based problems.
Challenge: Development of common protocols and standards across IoT platform
Presently, in the technical market scenario, IoT does not seem to provide a promising architectural solution or a universal standard to solve the interoperability issue. Thus, there is an urgent requirement for making universal standards for cellular IoT to eliminate the interoperability issues.
Any universal standard seeking to encompass such diverse IoT applications would have to be scalable. To achieve this, enterprises, organizations, and developers are required to make efforts to develop a universal standard comprising all diverse IoT applications, devices, platforms, and software, which seems to be difficult to achieve in the next few years.
The requirement for devices would vary depending on their applications, for instance, low power sensors are required for security cameras and streaming video signals. The complexity of developing a unified set of standards is high in the case of IoT; thus, organizations that set standards for wired and wireless IoT connectivity should come together to implement effective solutions.
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Quectel (China)
Quectel is one of the leading players in the manufacturing of cellular IoT modules. The company is among the top 5 players in the market. Quectel offers cellular and GNSS modules for a broad range of cellular technologies, such as 5G, LTE/LTE-A, NB-IoT/LTE-M, Universal Mobile Telecommunications System (UMTS)/High-Speed Packet Access (HSPA
Thales Group (France)
Thales Group covers the entire IoT stack, starting from connectivity and security to management and analysis. The company’s connectivity stack comprises modules, terminals and gateways, modem cards, system on modules, development kits, and industrial SIM cards. Its security portfolio includes an IoT security platform with trusted key management solutions. Thales offers a Cinterion IoT suite that manages IoT devices and comprises connectivity management. Its product portfolio supports all cellular technologies, including LTE, NB-IoT, LTE Cat.M, and 5G.
Recent Developments in Cellular IoT Industry
- In April 2021, Sierra Wireless has launched its HL7845 Module. The module features support for 450 MHz wireless spectrum and is designed to meet the IoT connectivity needs of utilities in Europe.
- In March 2021, Fibocom has launched next-generation 5G NR modules compliant with 3GPP R16 standard during Mobile World Congress Shanghai (MWC-S21). The launch includes FM150 and FG160 5G module series 5G module series of sub-6 GHz frequency range as well as the FM160W and FG160W series of mmWave range.
- In February 2021, Quectel launched the second-generation RG520-F and RG520-N 5G IoT modules that are compliant with 3GPP Release 16 standards. These modules support the following bands: sub-6GHz, Time Division Duplex (TDD), Frequency Division Duplex (FDD), and Carrier Aggregation (CA).
- In February 2021, Fibocom has collaborated with Deutsche Telekom, the world’s leading integrated telecommunications company, and Redtea, a pioneering connectivity solutions provider, to deliver best-in-class commercial-ready nuSIM IoT modules.
- In January 2021, Quectel introduced RM500Q-AE, RM502Q-AE, and RM505Q-AE, a new set of 5G modules to accelerate the deployment of IoT devices. Its features include support to global 5G frequency bands, multi-gigabit data rates, multi-constellation GNSS capabilities, USB 3.0/3.1, PCIe 3.0, and eSIM interfaces.
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