Global Cellular IoT Market to Reach $25.36 Billion by 2029, Growing at 28.5% CAGR

What Is the Expected Size and Growth Rate of the Cellular IoT Market?
The market size for cellular IoT has seen a substantial increase in the previous years. It is projected to expand from a valuation of $7.21 billion in 2024 to a value of $9.29 billion in 2025, reflecting a compound annual growth rate (CAGR) of 28.8%. Several factors have contributed to this growth in the historical period, such as the evolution in cellular technology, the decrease in sensor costs, enhancements in battery life, the advancement in cloud computing and big data, along with the standardization and protocol development.

The market size for cellular IoT is projected to undergo massive growth in the upcoming years, swelling to $25.36 billion by 2029 with a compound annual growth rate (CAGR) of 28.5%. The growth throughout the forecast period is likely driven by factors such as the expansion of the e-commerce sector, a rise in the use of IoT devices, the demand for more transparency in supply chains, regulatory compliance, and safety requirements. The forecast period will also witness key trends such as advancements in technology, the incorporation of AI and Machine Learning, new product introductions, and the synergy with edge computing.

What Factors Are Fueling Growth in the Cellular IoT Market?
The uptick in smart city initiatives is set to fuel the expansion of the cellular IoT market. An urban region that leverages high-tech, data-backed solutions to bolster the living standards for its inhabitants, improve resource management efficiency, and stimulate sustainability and economic growth is what defines a smart city. Governments are showing an intensified interest in smart city initiatives, recognizing technology's potential to enhance urban infrastructure, bolster citizen services, and address pressing issues. Cellular IoT empowers smart cities to administer infrastructure and services more effectively by enabling real-time data gathering and communication. It facilitates the upgradation of urban living through applications like intelligent lighting, traffic flow management, and environmental surveillance. According to the IMD Smart City Index Report by a Switzerland-based business school, the number of smart cities worldwide surged from 118 in 2021 to 141 in 2023, pointing out to 2023. Thus, the escalating number of smart city initiatives is propelling the cellular IoT market's development.

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Which Leading Companies Are Shaping the Growth of the Cellular IoT Market?
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

What Are the Major Trends Shaping the Cellular IoT Market?
In the cellular IoT market, leading corporations are now directing their energies towards creating novel solutions such as industrial IoT cellular routers, in an attempt to gain a strategic advantage over competitors. These industrial IoT cellular routers are resilient network devices geared to link industrial systems and equipment to the internet via cellular networks. For example, in February 2024, Digi International Inc., a company specializing in Internet of Things technology based in the US, introduced the Digi IX40. This is a 5G edge computing industrial IoT cellular router solution specifically tailored for Industry 4.0 applications. It facilitates 5G connectivity and the edge intelligence necessary for predictive maintenance, asset tracking, machine learning, and sophisticated robotics implementations. The IX40 effortlessly links numerous machines, be they wired or wirelessly connected, in challenging conditions. It enhances the integration of cloud-based operational technology (OT) services with IT, simplifying intricate operations and promoting IT infrastructure expansion.

What Are the Key Segments of the Cellular IoT Market?
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

Subsegments:
1) By Hardware: IoT Modules, IoT Sensors, Connectivity Devices, Actuators
2) By Software: IoT Platforms, Data Analytics Software, Security Software, Device Management Software
3) By Services: Connectivity Services, Cloud Services, System Integration Services, Managed Services

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Which Region Dominates the Cellular IoT Market?
North America was the largest region in the cellular IoT market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cellular IoT market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Cellular IoT Global Market Report?

- Market Size Analysis: Analyze the Cellular IoT Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Cellular IoT Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Cellular IoT Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Cellular IoT Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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