The cellular iot global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Cellular IoT Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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 growth in the historic period can be attributed to advancements in cellular technology, reduction in sensor costs, improved battery life, cloud computing and big data, and standardization and protocol development.
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%. The growth in the forecast period can be attributed to the growing e-commerce industry, increased adoption of IoT devices, the need for supply chain visibility, regulatory compliance, and safety. Major trends in the forecast period include technological advancements, AI and Machine Learning Integration, product launches, and integration with edge computing.
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Scope Of Cellular IoT Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Cellular IoT Market Overview
Market Drivers –
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.
Market Trends –
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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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Cellular IoT Market Report Structure
3. Cellular IoT Market Trends And Strategies
4. Cellular IoT Market – Macro Economic Scenario
5. Global Cellular IoT Market Size and Growth
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32. Global Cellular IoT Market Competitive Benchmarking
33. Global Cellular IoT Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cellular IoT Market
35. Cellular IoT Market Future Outlook and Potential Analysis
36. Appendix
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