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IoT Telecom Services Market Size, Share Report, Industry Forecast 2024-2033
IoT Telecom Services Market Size
As per the report, the iot telecom services market size has grown exponentially in recent years. It will grow from $18.76 billion in 2023 to $25.79 billion in 2024 at a compound annual growth rate (CAGR) of 37.5%. The iot telecom services market size is expected to see exponential growth in the next few years. It will grow to $82.26 billion in 2028 at a compound annual growth rate (CAGR) of 33.6%.
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Rapid Adoption Of 5G Networks Accelerates Growth In The IOT Telecom Services Market
The increase in adoption of 5G networks across the world will propel the IoT telecom services market during the forecast period. 5G is the 5th generation mobile network for higher speed and responsiveness of wireless networks. With increased 5G network speed, bandwidth, and lower latency, connected devices can communicate effectively, giving telecom companies quicker and better asset management and remote system monitoring options. According to a 2022 study conducted by Verizon, a US-based telecommunications company, and Incisiv, a US-based consumer industry insights company, the overall 5G adoption stands at about 13%, which is expected to triple by 2024. Therefore, increasing the adoption of 5G networks will drive the IoT telecom services market.
Technological Advancements Driving Innovation In IOT Telecom Services Market
Technological advancement is a key trend gaining popularity in the IoT telecom services market. Major market players are focusing on creating innovative technologies for strengthening their portfolios, such as integrated Internet of Things (IoT) solutions. For instance, in April 2021, Vi, an Indian telecom operator, announced its integrated Internet of Things (IoT) solutions for organizations to expand its IoT portfolio by offering solutions across industries for smart infrastructure, smart mobility, and smart utilities across its 5G-ready network. The new offering is a secure end-to-end IoT solution that includes connection, hardware, network, application, analytics, security, and support.
The iot telecom services market covered in this report is segmented -
1) By Service Type: Business Consulting Services, Device And Application Management Services, Installation And Integration Services, IoT Billing And Subscription Management, M2M Billing Management
2) By Connectivity: Cellular Technologies, LPWAN, NB-IoT, Radio Frequency-Based
3) By Network Management Solution: Network Performance Monitoring And Optimization, Network Traffic Management, Network Security Management
4) By Application: Smart Building And Home Automation, Capillary Networks Management, Industrial Manufacturing And Automation, Energy And Utilities, Smart Healthcare, Other Applications
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Major companies operating in the iot telecom services market report are AT&T Intellectual Property, Verizon Communications Inc., Deutsche Telekom AG, Huawei Technologies Co. Ltd., Aeris Communications, Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, PTC Inc., MongoDB Inc., Spectrum Enterprise, Samsara Networks Inc., Sierra Wireless Inc., GE Digital LLC, Telit Communications plc, Bosch IoT Sensor Company, SAP SE, Andersen Inc., ScienceSoft USA Corporation, Vention Inc., Altoros Americas LLC, Oxagile LLC, SumatoSoft LLC, Innowise Group LLC, Style Lab IoT Software Company, HQ Software Industrial IoT Company, ARM IoT Security Company, Siemens IoT Analytics Company
Contents of the report:
1. Executive Summary
2. IoT Telecom Services Market Report Structure
3. IoT Telecom Services Market Trends And Strategies
4. IoT Telecom Services Market - Macro Economic Scenario
5. IoT Telecom Services Market Size And Growth
…..
27. IoT Telecom Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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