Dublin, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The "Global Cellular IoT Market by Type (2G, 3G, 4G), Component (Hardware, Software), Application, End-User - Cumulative Impact of COVID-19, Russia Ukraine Conflict, and High Inflation - Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Cellular IoT Market is experiencing substantial growth, with an estimated valuation of USD 4.57 billion in 2023 and a projected growth rate of 19.6% to attain an impressive USD 16.1 billion by the year 2030.
This upward trajectory reflects the increasing demand for advanced cellular IoT technologies, particularly in smart cities, the automotive industry, and various other sectors.
Market Segmentation and Coverage
This comprehensive research report delves into the Global Cellular IoT Market, providing valuable insights into revenue forecasts and trend analysis across the following sub-markets:
- Type: The market encompasses various cellular generations, including 2G, 3G, 4G, 5G, LTE-M, NB-IoT, and NB-LTE-M. Notably, NB-IoT dominated the market with a substantial 24.70% market share in 2022, closely followed by 4G.
- Component: The market segments into Hardware and Software, with Hardware commanding the lion's share at 76.23% in 2022, while Software played a pivotal role as well.
- Application: Cellular IoT applications are diverse, covering Connected Vehicle, Drones or UAV, Fleet Management, Smart Grid Automation, Smart Metering, Traffic Safety & Control, and VR/AR. Remarkably, VR/AR accounted for the largest market share of 7.22% in 2022, followed by Smart Metering.
- End-User: The market caters to various industries, including Agriculture, Automotive & Transportation, Consumer Electronics, Energy, Environmental Monitoring, Healthcare, Retail, and Smart Cities. Consumer Electronics claimed the largest market share at 38.51% in 2022, with Retail following closely behind.
- Region: The market spans across the Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas secured the largest market share of 37.33% in 2022, with Europe, Middle East & Africa also contributing significantly.
Market Dynamics
Drivers
The Global Cellular IoT Market is being driven by several key factors:
- Increasing implementation of advanced cellular IoT technologies.
- Growing demand for connected devices and Cellular IoT in Smart Cities.
- Utilization of 5G Cellular IoT in homeland security, particularly for surveillance.
Restraints
Nevertheless, there are certain challenges that must be addressed:
- The high cost associated with IoT infrastructure.
- Legal and regulatory issues concerning IoT.
Opportunities
Exciting opportunities lie ahead:
- The rise of digitalization and automation across various industries.
- Adoption of IoT in the automotive sector and the commercialization of 5G.
- Expansion of digital transformation initiatives.
Challenges
Challenges that need to be tackled include concerns regarding spectrum harmonization for 5G.
Key Insights Provided by the Report
This comprehensive report offers a wealth of insights:
- Market Penetration: In-depth information about key players in the market.
- Market Development: Insights into emerging markets and penetration into mature market segments.
- Market Diversification: Detailed information about new product launches, untapped geographies, recent developments, and investments.
- Market Trends: Comprehensive understanding of the cumulative impact of COVID-19, the Russia-Ukraine Conflict, and high inflation.
- Competitive Assessment & Intelligence: Exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of leading players.
- Product Development & Innovation: Intelligent insights on future technologies, R&D activities, and breakthrough product developments.
Key Questions Answered
The report addresses critical questions such as:
- What is the market size and forecast of the Global Cellular IoT Market?
- How are inhibiting factors and the impact of COVID-19 shaping the Global Cellular IoT Market during the forecast period?
- Which products/segments/applications/areas should be considered for investment in the Global Cellular IoT Market?
- What is the competitive strategic window for opportunities in the Global Cellular IoT Market?
- What are the technology trends and regulatory frameworks in the Global Cellular IoT Market?
- What is the market share of the leading vendors in the Global Cellular IoT Market?
- What modes and strategic moves are considered suitable for entering the Global Cellular IoT Market?
Key Report Attributes
- Number of Pages: 188
- Forecast Period: 2023 - 2030
- Estimated Market Value (USD) in 2023: $4.57 Billion
- Forecasted Market Value (USD) by 2030: $16.1 Billion
- Compound Annual Growth Rate: 19.6%
- Regions Covered: Global
Companies Mentioned
- Accenture PLC
- Amazon.com, Inc
- AT&T Inc.
- Cisco Systems, Inc.
- Google LLC by Alphabet Inc.
- Hitachi, Ltd.
- Huawei Technologies Co., Ltd.
- International Business Machines Corporation
- MediaTek, Inc.
- Nokia Corporation
- NTT Docomo Inc.
- Qualcomm Technologies, Inc.
- Quectel Wireless Solutions Co., Ltd.
- Renesas Electronics Corporation
- Sequans Communications S.A.
- Sierra Wireless, Inc.
- Telefonaktiebolaget LM Ericsson
- Texas Instruments Inc.
- Thales S.A.
- Xperanti IoT (M) Sdn. Bhd.
- ZTE Corporation
For more information about this report visit https://www.researchandmarkets.com/r/2gdiy7
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