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Cellular IoT Market Size, Share, Trends, Growth, Opportunities And Strategies 2024
Cellular IoT Market Size
As per the report, the cellular IoT market size has grown exponentially in recent years. It will grow from $5.61 billion in 2023 to $7.21 billion in 2024 at a compound annual growth rate (CAGR) of 28.5%. The cellular IoT market size is expected to see exponential growth in the next few years. It will grow to $19.75 billion in 2028 at a compound annual growth rate (CAGR) of 28.6%.
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Rising Smart City Initiatives Drive Cellular IoT Market Growth
The increasing number of smart city projects is expected to propel the growth of the cellular IoT market going forward. A smart city is an urban area that utilizes advanced technology and data-driven solutions to enhance the quality of life for its residents, improve efficiency in resource management, and promote sustainability and economic development. Smart city projects are rising due to governments' recognition of the potential of technology to improve urban infrastructure, enhance citizen services, and address challenges. Cellular IoT enables smart cities to efficiently manage infrastructure and services through real-time data collection and communication. It supports applications such as smart lighting, traffic management, and environmental monitoring, enhancing urban living. For instance, in 2023, according to the IMD Smart City Index Report, a Switzerland-based business school, the number of smart cities worldwide has increased from 118 cities in 2021 to 141 cities in 2023. Therefore, the increasing number of smart city projects is driving the growth of the cellular IoT market.
Industrial IoT Cellular Routers For Enhanced Connectivity And Edge Computing In Industry 4.0
Major companies operating in the cellular IoT market are increasing their focus on developing innovative solutions, such as industrial IoT cellular routers, to gain a competitive edge in the market. Industrial IoT cellular routers are robust networking devices designed to connect industrial equipment and systems to the internet using cellular networks. For instance, in February 2024, Digi International Inc., a US-based Internet of Things technology company, launched the Digi IX40, a 5G edge computing industrial IoT cellular router solution designed for Industry 4.0 applications. It supports 5G connectivity and the edge intelligence required for use cases such as predictive maintenance, asset monitoring, machine learning, and advanced robotics. The IX40 seamlessly connects multiple machines, whether wired or wireless, in demanding environments. It optimizes the integration of cloud-delivered operational technology (OT) services with information technology (IT) to streamline complex operations and scale IT infrastructure.
The cellular IoT market covered in this report is segmented -
1) By Components: Hardware, Software, Services
2) By Technology: Second Generation (2G), Third Generation (3G), Fourth Generation (4G), Long-Term Evolution for Machines (LTE-M), Narrowband Long-Term Evolution for Machines (NB-LTE-M), Narrowband Internet of Things (NB-IoT), Fifth Generation (5G)
3) By Application: Alarms And Detectors, Smart Appliances, Smart Metering, Smart Parking, Smart Street Light, Surveillance And Monitoring, Trackers, Wearable Devices, Other Applications
4) By End-User: Agriculture, Automotive and Transportation, Consumer Electronics, Energy, Environment Monitoring, Healthcare, Retail, Smart Cities, Other End-Users
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Major companies operating in the cellular IoT market are Verizon Communications Inc., China Mobile Limited, AT&T Inc., Deutsche Telekom AG, Robert Bosch GmbH, Huawei Technologies Co. Ltd., T-Mobile US Inc., Intel Corporation, SoftBank Group Corp., Vodafone Group, Cisco Systems Inc., Orange S.A., Qualcomm Incorporated, Telefonica SA, Nokia Corporation, KT Corporation, MediaTek, Thales Group, ZTE Corporation, Telstra Group Limited , SK Telecom Co.Ltd., Telit Communications, u-blox, Sierra Wireless, Sequans Communications
Contents of the report:
1. Executive Summary
2. Cellular IoT Market Report Structure
3. Cellular IoT Market Trends And Strategies
4. Cellular IoT Market - Macro Economic Scenario
5. Cellular IoT Market Size And Growth
…..
27. Cellular IoT Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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