Global Cellular IoT Market Projected to Surpass $25.36 Billion by 2029 with 28.5% Annual Growth

What industry-specific factors are fueling the growth of the cellular iot market?
The surge in smart city projects worldwide is set to drive the cellular IoT market's expansion. Smart cities are urban areas leveraging cutting-edge technology and data analytics to boost residents' quality of life, streamline resource management, and foster sustainability and economic progress. The rise in smart city initiatives is attributed to government acknowledgment of technology's capacity to enhance urban facilities, citizen services, and address existing challenges. Cellular IoT strengthens smart cities by providing efficient management of infrastructure and services via immediate data collection and interaction. It supports functionalities such as intelligent lighting, traffic regulation, and environmental surveillance, thus elevating urban living conditions. For example, the IMD Smart City Index Report from a Swiss-based business school reported in 2023 that the global smart city count has risen from 118 in 2021 to 141 in 2023. Consequently, the escalating number of smart city projects is stimulating the growth of the cellular IoT market.

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What Is the projected market size and growth rate for the cellular iot market?
In the past few years, the market size of cellular IoT has ballooned incredibly. It's projected to expand from $7.21 billion in 2024 to $9.29 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 28.8%. Several factors contributed to the growth experienced in the historic period including advancements in cellular technology, decreased sensor costs, enhancements in battery life, the evolution of cloud computing and big data, and strides made in standardization and protocol development.

The size of the cellular IoT market is predicted to experience a significant surge in upcoming years, expanding to a value of $25.36 billion in 2029 with a compound annual growth rate (CAGR) of 28.5%. This growth during the predicted period can be traced back to the expanding e-commerce sector, rising usage of IoT devices, the demand for visibility in supply chains, adherence to regulations, and safety requirements. Major trends predicted for this period consist of technological evolution, incorporation of AI and Machine Learning, product roll-outs, and fusion with edge computing.

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What new trends are reshaping the cellular iot market and its opportunities?
In a bid to outperform competitors in the cellular IoT market, large corporations are honing their focus on creating innovative products like industrial IoT cellular routers. These sturdy networking devices are engineered to link industrial systems and machinery to the internet via cellular connections. For example, Digi International Inc., a US-based company specializing in Internet of Things technology, in February 2024, introduced Digi IX40 - an advanced 5G edge computing industrial IoT cellular router solution tailored for Industry 4.0 applications. This solution offers 5G connectivity and the necessary edge intelligence for functionalities such as predictive maintenance, asset supervision, machine learning, and sophisticated robotics. The IX40 effortlessly links multiple machines-be it wired or wireless-in challenging environments. It improves the merger of cloud-based operational technology (OT) services with information technology (IT), simplifying multifaceted operations and expanding IT infrastructure.

What major market segments define the scope and growth 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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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.

Which key market leaders are driving the cellular iot industry growth?
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

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What Is Covered In The Cellular IoT Global Market Report?

•Market Size Forecast: Examine the cellular iot market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the cellular iot market for a structured understanding.
•Key Players Overview: Analyze major players in the cellular iot market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cellular iot market.
•Segment Contributions: Evaluate how different segments drive overall growth in the cellular iot market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cellular iot market.
•Industry Challenges: Identify potential risks and obstacles affecting the cellular iot market.
•Competitive Landscape: Review strategic developments in the cellular iot market, including expansions, agreements, and new product launches.

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