Global Cellular IoT Market Projected to Grow at 28.5% CAGR, Reaching $25.36 Billion by 2029

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What Will the Cellular IoT Industry Market Size Be by 2025?
In the past few years, there has been a significant expansion in the market size of cellular IoT. The forecast shows an increase from $7.21 billion in 2024 to $9.29 billion in 2025, with a 28.8% compound annual growth rate (CAGR). The substantial growth during the historic period is linked to enhancements in cellular technology, a drop in sensor prices, better battery longevity, advancements in cloud computing and big data, as well as standardization and protocol evolution.

What's the Long-Term Growth Forecast for the Cellular IoT Market Size Through 2029?
In the coming years, the market size for cellular IoT is projected to experience substantial growth, ballooning to $25.36 billion in 2029 with a compound annual growth rate (CAGR) of 28.5%. The anticipated growth during the forecast period is due to factors including a blossoming e-commerce industry, increased use of IoT devices, demand for transparent supply chains, adherence to regulatory requirements, and safety considerations. The forecast period will likely also witness significant trends such as technological evolution, the incorporation of AI and Machine Learning, new product launches, and integration with edge computing.

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What Are the Key Growth Drivers Fueling the Cellular IoT Market Expansion?
The growth of the cellular IoT market is anticipated to surge due to the escalating number of smart city initiatives. A smart city is a cityscape that leverages cutting-edge technology and data-informed solutions to amplify the life quality of its inhabitants, streamline resource management, and foster sustainability and economic developments. The rise in smart city projects can be attributed to the government's awareness of the capability of technology to enhance urban amenities, elevate services to citizens, and tackle problems. Cellular IoT facilitates smart cities in managing infrastructure and services effectively via real-time data collection and communication. This aids in the execution of applications such as smart lighting, managing traffic, and monitoring the environment, which in turn improves city life. For instance, a report issued by the IMD Smart City Index Report, a Switzerland-based business school, states that the count of smart cities globally rose from 118 cities in 2021 to 141 cities in 2023. Consequently, the escalating number of smart city initiatives is fueling the growth of the cellular IoT market.

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What Are the Key Trends Driving Cellular IoT Market Growth?
Firms that dominate the cellular IoT sphere are intensifying efforts to create unique solutions, such as industrial IoT cellular routers, to gain market advantage. These routers are sturdy networking devices made to connect industrial machinery and systems to the internet using mobile networks. For example, in February 2024, Digi International Inc., an American IoT technology enterprise, introduced the Digi IX40, an industrial IoT cellular router for Industry 4.0 applications equipped with 5G edge computing. Besides offering 5G connectivity, it also provides the edge intelligence required for scenarios including predictive maintenance, asset tracking, machine learning, and high-end robotics. The IX40 facilitates the connection of multiple machines, either wired or wireless, in challenging settings. It enhances the integration of cloud-based operational technology (OT) services with information technology (IT), enabling the efficient organization of intricate operations and scalability of IT infrastructure.

How Is the Cellular IoT Market Segmented?
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 Companies Are Leading the Charge in Cellular IoT Market Innovation?
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

Which Regions Are Leading the Global Cellular IoT Market in Revenue?
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.

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