Cellular IoT Market to Reach US$ 14.3 Billion by 2028, CAGR of 20.9%

According to the latest report by IMARC Group, titled "Cellular IoT Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The global cellular IoT market size reached US$ 4.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.3 Billion by 2028, exhibiting a growth rate (CAGR) of 20.9% during 2023-2028.

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Cellular IoT Market Overview:

The cellular Internet of Things (IoT) is a communication technology that enables the connection of a large number of devices over cellular networks. It is designed to provide secure and reliable connectivity for various IoT applications. It utilizes advanced technologies, such as 3G, 4G, 5G, and low power wide area (LPWA), for establishing reliable connections through various hardware devices and sensors. It provides a scalable and cost-effective solution for IoT deployments, as it minimizes the need for complex infrastructure and supports a wide range of devices with different power and bandwidth requirements. As a result, it is widely used across various industries, including agriculture, environment monitoring, healthcare, manufacturing, automotive, and energy.

Cellular IoT Market Trends:

The increasing demand for IoT applications in various industries is driving the global market. Moreover, the increasing adoption of cloud computing and edge computing technologies is fuelling the growth of the market, as these technologies enable the processing and analysis of large volumes of data generated by IoT devices in real-time. Besides, the growing trend towards digital transformation is acting as another growth-inducing factor as organizations are seeking to modernize their operations and leverage the benefits of connected devices and sensors to gain a competitive edge. Other factors, such as increasing commercialization of 5G, significant infrastructural developments, and extensive research and development (R&D) to facilitate fast data throughput and minimize energy loss, are projected to propel the market further.

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Key Market Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Arm Limited
• Commsolid GmbH (Goodix Technology (HK) Company Limited)
• MediaTek Inc.
• Qualcomm Incorporated
• Sequans Communications
• Sierra Wireless
• Telefonaktiebolaget LM Ericsson
• Telit, Texas Instruments Incorporated
• Thales Group
• U-Blox Holding AG and ZTE Corporation

Breakup by Component:

• Hardware
• Software
o Device Management
o Signal Processing

Breakup by Type:

• 2G
• 3G
• 4G
• LTE-M
• NB-LTE-M
• NB-IoT
• 5G

Breakup by End Use:

• Agriculture
• Automotive and Transportation
• Consumer Electronics
• Energy
• Environment Monitoring
• Healthcare
• Retail
• Smart Cities
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

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