The global IoT cellular connectivity market was standing at USD 3.7 billion in 2022. It is anticipated to reach USD 24.78 billion by 2028, expanding at a CAGR of 24.6% during the forecast period (2023–2028). The devices which are connected to cellular networks are referred to as cellular IoT devices. These devices are created with a built-in connection capability to expand their availability range, minimize the cost of supplementary infrastructure, and enable long-distance communication features. Applications such as Low-Power and Wide-Area Networks (LPWAN) can be made possible by using a cellular IoT. These are business-related applications and cellular IoT can manage the highly delicate and particular requirements of complex and composite applications and environments and the fundamental needs of the massive IoT market. Long-Term Evolution for Machines (LTE-M) and Narrowband-Internet of Things (NB-IoT) are the two major types of cellular IoTs available in the market which presents huge opportunities for IoT cellular connectivity market share.The pandemic has critically affected the global economy due to manufacturing, supply chain issues, and product launch delays. In early 2020, the COVID-19 disease started to spread worldwide and millions of people had been infected with the COVID-19 infection imposing business shutdowns and lockdowns globally. As a result of which, the global economy suffered impacting the IoT cellular connectivity market as well. Smart city infrastructure and automation are the two most vital vertical deployments of cellular IoT module connectivity, which are in charge of most of the IoT cellular connectivity market's revenue. These technologies connect devices more efficiently than the current 2G and 3G technologies, from smart parking to smart lighting. Streetlight sensing, traffic sensing, control monitor devices, waste management, and parking management devices are some of the important applications of cellular IoT in smart cities. Modern smart infrastructure reforms are a specific area of focus for governments globally, and numerous pilot projects are being run to accomplish this. The telecommunications industry’s explosive growth is one of the major factors fueling the market's global outlook. Also, rapid digitization and growing automation activities across industries are resulting in global market expansion. Although they may help simplify applications for many integral industries, at the same time they are vulnerable to threats and cyberattacks. The integration of IoT devices on cellular networks has made it trouble-free and easier for cybercriminals to launch cyberattacks using cellular and IoT weak points. The majority of cellular IoT devices rely entirely on cloud networks for actual operation. Insecure cloud infrastructure may result in data loss or device hijacking, making cloud-based security a crucial weak point of cellular IoT security policy.
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