Cellular IoT market worth over $15 billion

Cellular IoT Market

Dublin, June 25, 2024 (GLOBE NEWSWIRE) — The “Cellular IoT Market – Forecast to 2024 to 2029” report has been released. ResearchAndMarkets.com Recruitment.

The cellular IoT market is valued at USD 4,264 million in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 19.69% to reach a market size of USD 15,006 million by 2029.

The Cellular IoT (Internet of Things) market is expected to grow significantly during the forecast period. Cellular networks are the mode of connectivity that is available for the Internet and can connect through various devices. Devices such as mobiles use the network to connect to the Internet. The evolution in the telecommunication field and upgrades in technologies such as 5G IoT solutions are reliable and can be adopted in various modes of connectivity. These upgraded technologies can be in the form of Wi-Fi and Bluetooth to establish connectivity through satellites and connect various devices.

The technology enables remote sensing and data collection in a variety of applications including industrial devices, smart meters, and wearables. Industries such as manufacturing, logistics, and healthcare are utilizing these technologies to increase process efficiency, track assets, and detect issues remotely. For power solutions, options such as NB-IoT are available. Increasing adoption of IoT, advancements in cellular technology, and increasing demand for IoT solutions in the automotive industry are driving the growth of the cellular IoT market. Increasing adoption of IoT, advancements in cellular technology, and increasing demand for IoT solutions in the automotive sector are driving the growth of the cellular IoT market.

Cellular IoT Market Drivers

Increasing adoption of IoT will drive the growth of the cellular IoT market.

The expansion of Internet of Things devices across various industries is the driving force behind the growth of the Cellular IoT market. Increasing number of interconnected devices, such as sensors tracking containers in factories, increases the demand for these types of devices due to their connectivity to the Internet. Cellular IoT is an electronic solution that provides a secure and reliable connection for devices to transfer data from one side to another. This further helps the industry in automation purposes where data fed by these sensors can be collected and analyzed for future endeavors.

For example, in March 2024, Eclipse published an article on the IoT Edge Landscape, stating that the demand for IoT adoption will increase by 11% in 2023, and 64% of individuals are currently using IoT solutions. These increasing data indicate that the demand for IoT technology will increase and see significant growth in various fields in the coming years.

Advances in Cellular Technology Drive Growth of Cellular IoT Market

Technological advancements in the cellular sector are driving the market by offering various options to connect a large number of devices using the internet. One technology called Narrowband IoT (NB-IoT) and Long-Term Evolution for Machines (LTE-M) is changing the industry landscape. Narrowband IoT and LTE-Machine have unique features when compared to each other.

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NB-IoT is energy efficient and has low data transmission capacity, making it a good option for small amounts of data, such as devices that track assets or sensors that can be operated remotely. LTE offers high speed data transmission, making this technology useful for industrial machines. These are advancements that are driving unique technologies and facilitating the growth of the cellular IoT market.

For example, Ericsson announced in January 2024 that it would work with the Third Generation Partnership Project, known as 3GPP, to upgrade its 5G network with wireless technology. This emerging technology will deliver improved speeds and reliability.

Increasing demand for IoT solutions in the automotive sector will drive the growth of the cellular IoT market.

The growing demand for IoT in the automotive sector is driving the demand for IoT solutions, resulting in interactive and manipulated devices that can provide the ability to monitor the in-car environment. The demand is related to various factors. Recently, people have become more conscious about safety features in cars, and advanced features such as driver assistance are driving the market for IoT solutions. These solutions can collect real-time data from sensors installed around the car, so systems that alert drivers when changing lanes are an innovative and emerging technology that IoT solutions can help with.

Moreover, advanced features such as tracking stolen vehicles and providing the exact location where the driver is heading are driving the IoT solutions market.

For example, General Motors and Google have partnered to develop an automotive-specific operating system for future General Motors vehicles, which will bring increased levels of connectivity to cars and drive the IoT market.

Cellular IoT Market – Geographical Perspective

The Asia Pacific region is expected to see significant growth.

The Asia Pacific region is expected to witness significant growth in the coming years owing to favorable factors such as rising demand for digitalization, smart city development projects, and a strong automotive manufacturing base across the region that will drive the implementation and usage of IoT solutions. The region is witnessing robust investments in the respective 5G technologies and infrastructure developments will drive the growth of the cellular IoT market.

For example, GSMA published an article in 2023 stating that China will have 2.3 million 5G stations by the end of 2022, of which 887,000 stations were built in 2022. China is expected to become a country with 1 billion 5G connections by 2025. These notable developments are driving the growth of the cellular IoT market.

Cellular IoT Market Constraints

SSecurity concerns associated with the sheer number of connections are limiting the growth of the cellular IoT market.

Many devices connected via the Internet are vulnerable to security flaws. Exploiting vulnerabilities in cellular networks or device firmware could compromise data security, disrupt operations, or even lead to physical damage (such as manipulating industrial controls).

Integration complexity is hindering the growth of the cellular IoT market.

Integrating cellular IoT solutions into existing infrastructure and data management systems can be challenging as it is complex, requires specialized technical knowledge and can disrupt daily operations, so it is important to have efficient integration tools and procedures in place.

Key Industry Trends in the Cellular IoT Market

• February 2024: Digi presents the product Digi IX40, a cellular router specially designed for Industry 4.0. The product is embedded with 5G technology and provides real-time data after processing the information, which can be used in industrial equipment. The device can withstand harsh environments, and the system acts as a remote controller and management tool to solve problems in designated locations.

• January 2024: Telit Cinterion partners with FloLive and Skylo to provide cellular IoT connectivity around the world. Both companies use cellular and satellite networks to provide seamless connectivity to devices, making them accessible from all over the world.

Cellular IoT Market Key Players and Products

• OPTIGAT Connect IoT: eSIM solutions, a product offered by Infineon, are perfectly designed for embedded SIM cards. This innovative product allows devices to connect to cellular-based networks around the world. Pre-installed and pre-assembled features provide a wide range of network connectivity for various applications.

Key attributes:

Company Profile

Market Segmentation

By Type

By Component

By end user

By Geography

• North America

• America

• Canada

• Mexico

• south america

• Brazil

• Argentina

• others

• Europe

• England

• Germany

• France

• Italy

• Spain

• others

• Middle East and Africa

• Saudi Arabia

• United Arab Emirates

• others

• Asia Pacific

• Japan

• China

• India

• South Korea

• Taiwan

• Thailand

• Indonesia

• others

For more information on this report, please visit: https://www.researchandmarkets.com/r/b2g4ec

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