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In 2018, North America hold the largest market share by accounting to 34.1%; whereas APAC is expected to be fastest region with a CAGR of 24.5%.
According to the new research report published by The Insight Partners, titled “Cellular IoT Market - Global Analysis and Forecast to 2027”, the global cellular IoT market is expected to reach US$ 18.2 Bn in 2027, registering a CAGR of 22.6% during the forecast period 2019-2027.
Internet of Things (IoT) has been growing at an unprecedented growth rate from past few years due to the rising demand for connected devices and systems among consumers and enterprises. Cellular IoT is also being widely adopted across industries such as consumer electronics, retail, healthcare, and industrial. Presently, majority of the cellular IoT connections are enabled by either 2G or 3G connectivity technologies. However, the penetration of 4G connectivity is growing at a fast pace owing to the advantages offered by this technology such as low latency, greater bandwidth, and support for large number of devices.
The global automotive & transportation companies have always been proactive adopters of advanced technologies in order to drive innovation in their products and to provide a seamless experience to the customers. The integration of technologies such as IoT and artificial intelligence is growing at an unprecedented rate in automobiles. The demand for reliable communication networks is also expected to rise in the automotive sector, owing to the increasing demand for connected vehicles among consumers.
Key findings of the study:
North America dominated the cellular IoT market in 2018. The region leads the globe when it comes to technological advancements. The high adoption of smartphones assists in implementing 5G technology for a better future. A number of IoT applications across the international boundaries is rising at a high pace which is thereby creating demand for more sophisticated technologies such as cellular. The use of LTE-M in varied infrastructure monitoring, logistics, asset tracking, and other businesses is subject to be crucial.
APAC held the largest market in 2018 in the cellular IoT market in which China led the cellular IoT market in the region. The country rules in mass deployment of advanced and transformative IoT-solutions that are based on mobile IoT technology. China is racing towards the IoT integration to a higher degree than almost any other country in the top 10 economies including India, US, UK, and more.
The global cellular IoT market is anticipated to witness impressive growth during the forecast period, owing to the increasing government initiatives for digitalization of economy with the adoption of advanced technologies such as IoT. During the forecast period of 2019 to 2027, consumer electronics industry dominated the cellular IoT market, whereas; automotive & transportation industry is expected to drive the cellular IoT worldwide. Additionally, commercialization of LTE-M and NB-IoT is to contribute towards cellular technologies in 2020 and during the forecast period, 5G is expected to be the fastest-growing technology growing at a high CAGR value. All these factors are anticipated to drive the growth of cellular IoT market during the forecast period of 2019 to 2027.
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