Cellular IoT Market to Reach USD 24.76 Billion by 2032; Growing Adoption for Smart Mobility Solutions to Propel Growth: The Brainy Insights

The cellular IoT market will experience rapid growth due to increasing applications for cellular IoT in multiple industries during the forecast period. Asia Pacific region emerged as the most significant global cellular IoT market, with a 42% market revenue share in 2022.

Newark, Sept. 04, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 4 billion in 2022 global cellular IoT market will reach USD 24.76 billion in 2032. The Indian Union government’s smart city goal is to develop the nation’s major cities into smart cities supported by cutting-edge infrastructure and technology. The objectives are to designate 100 smart cities countrywide and fund them from the central and state government treasuries to aid their development. Given the increasing population, automation, digitization, technological breakthroughs, urbanization, and increased demand for a better quality of life, similar projects have been proposed worldwide. Therefore, the development of smart cities will benefit from the coordinated efforts of citizens, civil society, the government, and business entities, which will help the market grow over the projected period.

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Key Insight of the Global Cellular IoT Market

Asia Pacific is expected to dominate the market during the forecast period.

The regional market will rise greatly due to the rising government spending on creating smart cities. Additionally, the demand for smart homes and offices is rising due to rising disposable income, accelerating market expansion. The market will expand due to rising demand for smart automobiles and expanding use of smart mobility solutions. The market will benefit from the growing push for better connection through enhanced regulations and the implementation of beneficial government programmes for greater cellular network coverage. Additionally, government-driven progress in automation and digitization will fuel the market’s expansion.

In 2022, the hardware segment dominated the market with the largest market share of 48% and revenue of 1.92 billion.

The component type segment is divided into hardware, software and services. In 2022, the hardware segment dominated the market with the largest market share of 48% and revenue of 1.92 billion.

In 2022, the NB-IoT segment dominated the market with the largest market share of 36% and revenue of 1.44 billion.

The technology segment is divided into 2G, 3G, 4G, 5G, LTE-M, NB-LTE-M, and NB-IoT. In 2022, the NB-IoT segment dominated the market with the largest market share of 36% and revenue of 1.44 billion.

In 2022, the automotive and transportation segment dominated the market with the largest market share of 26% and revenue of 1.04 billion.

The application segment is divided into agriculture, manufacturing, environment, energy and utilities, retail, healthcare, industrial, automotive and transportation, smart cities, consumer electricals, and others. In 2022, the automotive and transportation segment dominated the market with the largest market share of 26% and revenue of 1.04 billion.

Advancement in market

August 2023 – To enable the commercial deployment of next-generation iSIM devices, Soracom has expanded its collaboration to include new integrated subscriber identity module (iSIM)-compatible modules from Quectel and Murata. Compared to current SIM and eSIM technology, it is claimed that iSIM technology has several advantages, including smaller physical dimensions, easier circuitry, a smaller board footprint, more computing power, greater energy savings, higher security, lower cost, and easier commercial distribution. The iSIM standard offers a hardware-secured space in the chip for the best possible data integrity by integrating communication modules, SIM, and eSIM capabilities into a single system-on-chip (SoC) device.

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Market Dynamics

Driver: the rising financial investment in programmes to construct smart cities.

Smart cities are automated, digitalized urban centres that use IoT devices to gather data for effective municipal management and high-quality, seamless public services. Smart infrastructure, waste management, transportation, governance, and other services are made possible in a smart city by deploying IoT devices. A smart city project must have IoT as a key component. The rising government spending will drive the cellular IoT market to build smart cities to address the needs of the expanding urban population and enhance the quality of life. The market will increase due to consumer and business enterprises’ rising demand for smart homes and offices.

Restraints: concerns about data security and privacy.

The market for IoT devices has increased dramatically, and these gadgets were quickly adopted. However, the laws governing the production, collecting, storage, and interchange of data have trailed behind, opening doors for private sector entities to take advantage of customers. IoT devices’ highly automated, digital, and online nature increases the potential for cyberattacks, raising questions about customers’ safety, security, and privacy. A major section of the public is discouraged from utilizing IoT devices due to data security and safety worries, which would restrain the market’s expansion.

Opportunities: coverage of cellular networks is expanding.

The growth of the global cellular IoT market has been positively impacted by the good endeavours of the government and commercial players to expand cellular network coverage and provide data accessibility to rural regions. The telecom sector reforms have also lowered data connectivity costs, making it more accessible to a wider audience and creating new market opportunities for cellular IoT devices. The cellular IoT market will expand rapidly due to rising smart connected device ownership and the digitization of the world’s economy. The launch of NB-IoT, primarily intended for IoT devices, illustrates the industry’s expanding innovation, which will present profitable chances for the market’s growth.

Challenges: the lack of standard regulations

Consumers’ data privacy and security concerns can be addressed with a robust regulatory framework. However, there is a mismatch between the regulations of different countries. For instance, the European market has stringent guidelines about sharing consumer data, whereas developing nations like India are still to pass a data protection bill in their parliament. The global players manufacturing IoT devices face difficulty while formulating policies for each demography, given the overlapping nature of the digitized and globalized world. Therefore, the lack of standard or streamlined international market regulations will challenge the industry’s growth.

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Some of the major players operating in the global cellular IoT market are:

• Ericsson AB
• Gemalto NV
• Mediatek Inc.
• Qualcomm Incorporated
• Sequans Communication
• Sierra Wireless
• Telit Communications PLC
• Texas Instruments Incorporated
• U–Blox Holding AG
• ZTE Corporation

Key Segments cover in the market:

By Component Type

• Hardware
• Software
• Services

By Technology

• 2G
• 3G
• 4G
• 5G
• NB-IoT

By Application

• Agriculture
• Manufacturing
• Environment
• Energy and Utilities
• Retail
• Healthcare
• Industrial
• Automotive and Transportation
• Smart Cities
• Consumer Electricals
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.

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