LoT Cellular Connectivity Market

Global LoT Cellular Connectivity Market Analysis (2023-2030)

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.

KEY MARKET INSIGHTS:

  • Based on components, the market is segmented into hardware, software, device management, and signal processing. The hardware segment holds the highest share of the global IoT cellular connectivity market. The base of the entire IoT cellular connectivity ecosystem is made up of hardware elements such as chipsets and cellular IoT modules. The growth is likely to be fueled by the increasing use of cellular IoT modules in the wearables segment followed by connected healthcare devices, smart city infrastructure building, and building automation projects.
  • Based on type, the market is segmented into 2G, 3G, 4G, LTE-M, NB-LTE-M, NB-IoT, and 5G. 3G holds the highest market share in terms of revenue as it offers low-cost modem options and certifications and has the highest number of users worldwide. Even though standards and technologies for machine-to-machine and Internet of Things connections are swiftly advancing and offering state-of-the-art and efficient cellular services, 3G is anticipated to lose market share due to the rapid commercialization and growth of other similar technologies like LTE-M, NB-LTE-M, and NB-IoT in various industrial applications.
  • Based on end-user, the global IoT cellular connectivity market is segmented into agriculture, automotive and transportation, consumer electronics, energy, environment monitoring, healthcare, retail, smart cities, and others. The energy sector holds the highest market share and is anticipated to grow rapidly during the forecast period. Cellular technologies are likely to gain traction in applications that require massive deployments and high-density endpoint connections. As a result, energy, utilities, and manufacturing industries are most likely to gain the maximum in terms of revenue returns. An increasing number of smart city applications are using and evolving the technology boosting the global market size.
  • North America is the largest global IoT cellular connectivity market shareholder as solution vendors and component manufacturers highly pursue IoT implementation projects. The continuously changing technology market landscape and the ability of industries to rapidly adopt smart and connected products at the outset are integral growth factors for the region. The European region is estimated to generate a considerable amount of revenue and witness healthy growth during the forecast period. Asia-Pacific is predicted to witness the most significant growth due to the massive deployment rates that cellular connectivity in IoT applications projects in industries like fleet tracking and management, capillary networks, and smart automation buildings.

MARKET SEGMENTATION:

By Component

  • Hardware
  • Software
  • Device Management
  • Signal Processing

By Type

  • 2G
  • 3G
  • 4G
  • LTE-M
  • NB-LTE-M
  • NB-IoT
  • 5G

By End-User

  • Agriculture
  • Automotive and Transportation
  • Consumer Electronics
  • Energy
  • Environment Monitoring
  • Healthcare
  • Retail
  • Smart Cities
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle-East and Africa

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