IoT Telecom Services Market Size Expected to Grow at a CAGR over 36.96% | Key Market Players are AT&T, Inc. (US), Verizon Communications, Inc. (US), Ericsson (Sweden), Huawei Technologies Co., Ltd. (China) and Sprint Corporation (US)
Market Research Future (MRFR), in its latest report on the world IoT telecom services market reveals that the IoT telecom services market 2020 can rise at 36.96% CAGR by 2023. As per MRFR study, the IoT telecom services global market size can increase from USD 3.45 Bn in 2017 to USD 22.57 Bn by 2023. The increase in the application of IoT telecom services across different industries. It is due to growing need for improved connectivity can drive the IoT telecom services market in the year to come. The high demand for IoT telecom services across smart buildings, vehicle telematics, and industrial automation can boost the rise of the IoT telecom services global market in the assessment period. Moreover, technologies, such as wide-area (LPWAN) and low-power are actively replacing short-range wireless, along with mobile WAN technologies, such asm Wi-Fi, Bluetooth, and Near Field Communication (NFC) for short range applications. This can prompt the expansion of the market in the years to come. The high compatibility of IoT applications with gadgets of complex infrastructure can boost the expansion of the market.
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The world IoT telecom services market segmental study is based on application, component, connectivity technology, services type, application, and network management solution. The component based segments of the market are network management solution, connectivity technology, and services. The connectivity technology based segments of the market are Low-power Wide Area Network (LPWAN), cellular technologies, radio frequency-based, narrowband-IoT (NB-IOT), others. The network management solution based segments of the market are network performance monitoring and network optimization, network security management, network traffic management, and others. The services type based segments of the market are Device and Application Management Services, Business Consulting Services, IoT Billing and Subscription Management, Installation and Integration Services, and M2M Billing Services. The application based segments of the IoT telecom services market are capillary network management, smart buildings, vehicle telematics, industrial automation, energy and utilities, transportation and traffic management, transportation and traffic management, smart healthcare, and others.
MRFR regional study reveals that the market of IoT telecom services is expected to rise significantly through 2018 to 2023 in North America. The geographical analysis of the world IoT telecom services market across Europe, North America, Asia-Pacific, and the rest of the world brings in spotlight various growth pockets. The sharp rise in the North America IoT telecom services market can be attributed the presence of tech savvy population. The rise in adoption of IoT enabled services across the US owing to the high utility of connected devices and related technologies can act as major driver for the IoT telecom services market in the North America region. In Europe, the IoT telecom services market can secure the second position in the world IoT telecom services market across the review period. In Asia Pacific, the rise in need for IoT enabled services can cause the IoT telecom service market to rise at a high CAGR through the forecast period.
MRFR identified some reputed players operating in the world IoT telecom services market. They are; Verizon Communications, Inc. (US), AT&T, Inc. (US), Huawei Technologies Co., Ltd. (China), Ericsson (Sweden), Telia (Sweden), Deutsche Telekom AG (Germany), Sprint Corporation (US), Aeris (France), Vodafone (UK), and Mobile (US), China Mobile (China), China Telecom (China), and Swisscom AG (Switzerland), and among. The contribution of these major players are studied MRFR and are inked in the report. Key players of the IoT telecom services market were sorted based on origin, regional presence, major developments, and diversification of their product line, plus industry expertise.
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IoT telecom services Market, by Component (Connectivity Technology, Network Management Solution, Services), by Connectivity Technology (Cellular Technologies, LPWAN, NB-IoT, Radio Frequency-Based), by Network management Solutions (Network Performance Monitoring and Network Optimization, Network Traffic Management), by Service Type (Business Consulting Services, Device and Application Management Services), by Application (Smart Buildings, Capillary Network Management) — Global Forecast till 2023
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