NEW
YORK, July 25, 2024 /PRNewswire/ -- The global
cellular IoT market size is estimated to grow by USD 16.44 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
32.14% during the forecast period. Implementation of
cellular iot modules in smart city infrastructure and building
automation is driving market growth, with a trend
towards growing applications in vehicle telematics and fleet
management. However, increasing number of cyber attacks
poses a challenge. Key market players include AT and T Inc.,
Celplan, ETM Matteknik AB, Fibocom Wireless Inc., floLIVE, Huawei
Technologies Co. Ltd., Intel Corp., MediaTek Inc., Nordic
Semiconductor ASA, Qorvo Inc., Qualcomm Inc., Quectel Wireless
Solutions Co. Ltd., Semtech Corp., Shield IoT, Skyworks Solutions
Inc., Sony Group Corp., Telit, Texas Instruments Inc., Thales
Group, u blox AG, UNISOC Shanghai Technologies Co. Ltd., and ZTE
Corp..
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Cellular Iot Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
32.14%
|
Market growth
2024-2028
|
USD 16445.7
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
24.42
|
Regional
analysis
|
North America, APAC,
Europe, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
33%
|
Key
countries
|
US, China, Germany, UK,
and Japan
|
Key companies
profiled
|
AT and T Inc., Celplan,
ETM Matteknik AB, Fibocom Wireless Inc., floLIVE, Huawei
Technologies Co. Ltd., Intel Corp., MediaTek Inc., Nordic
Semiconductor ASA, Qorvo Inc., Qualcomm Inc., Quectel Wireless
Solutions Co. Ltd., Semtech Corp., Shield IoT, Skyworks Solutions
Inc., Sony Group Corp., Telit, Texas Instruments Inc., Thales
Group, u blox AG, UNISOC Shanghai Technologies Co. Ltd., and ZTE
Corp.
|
Market Driver
Cellular IoT is gaining significant traction in the use case of
vehicle telematics, particularly in off-highway applications. This
technology enhances performance and connectivity while optimizing
an organization's assets. The limited availability of technicians
for off-highway vehicles, such as cranes and excavators,
necessitates the implementation of IoT and telematics solutions. As
a result, telematics solution providers are integrating cellular
IoT into their offerings, enabling fleet managers and OEMs to
effectively monitor equipment and on-road assets, analyze data, and
address issues in real-time. These factors are expected to fuel the
growth of the global cellular IoT market in the forecast
period.
The Cellular IoT market is booming, with trends like smart city
infrastructure, building automation, agricultural automation,
environmental monitoring, and more driving growth. Key sectors
include medical wearables, vehicle telematics, fleet management,
and chipsets for wearables and connected healthcare devices.
Streetlights and infrastructure monitoring devices are transforming
into smart solutions, offering real-time monitoring and data-driven
decisions. LPWAN technologies like NB-IoT and LTE-M provide
energy-efficient connectivity for low power sensors. However,
challenges such as cyberattacks, battery drain attacks, and IoT
interoperability remain. Telematics solutions are essential for
off-highway vehicles like cranes and excavators. Real-time
communication is crucial for security cameras streaming video
signals. 2G, 3G, and 4G networks continue to support IoT devices,
while Alarms and Detectors, Smart Appliances, Smart Metering, and
Surveillance & Monitoring are other significant areas. Cloud
networks ensure seamless data transfer and analysis. Security is
paramount, as is ensuring IoT device compatibility.
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Market Challenges
- The cellular IoT market encompasses the necessary
components for cellular IoT connectivity. This ecosystem simplifies
applications for various industries, yet poses risks due to
cyberattacks. The increasing number of IoT devices on cellular
networks provides opportunities for cybercriminals to exploit
vulnerabilities. Cloud networks are crucial for most cellular IoT
devices' operation, but insecure infrastructure can lead to data
theft or device hijacking. For instance, cloud-based drones, which
process and transmit information, are susceptible to breaches. Such
vulnerabilities may compromise networks or other devices,
potentially hindering the cellular IoT market's growth during the
forecast period.
- The Cellular IoT market is experiencing significant growth
due to the increasing adoption of IoT in various industries.
However, several challenges must be addressed for widespread
implementation. Government programs and regulatory compliance pose
challenges in terms of spectrum usage and regulatory frameworks.
Industry 4.0 and smart city projects require data integrity,
security, and network coverage. Battery life, security issues, and
connectivity are key concerns for urban infrastructure management
in areas like traffic control, waste management, and energy
efficiency. Smart Agriculture and Industrial IoT require precision
farming, crop monitoring, livestock management, and supply chain
optimization. Healthcare and utilities sectors focus on remote
patient monitoring, asset tracking, and healthcare system
optimization. Transportation and logistics aim for inventory
management, customer experience enhancement, and supply chain
optimization. Connected devices in energy and utilities require
end-to-end security. LTE networks and Vehicle-to-everything (V2X)
technologies, including V2V, V2I, V2P, and consumer electronics,
present challenges in terms of data protection and regulatory
compliance.
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Segment Overview
This cellular iot market report extensively covers market
segmentation by
- Component
- 1.1 Hardware
- 1.2 Software
- Type
- 2.1 3G
- 2.2 2G
- 2.3 4G
- 2.4 Others
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Hardware- The cellular IoT market in the
hardware segment is witnessing notable expansion due to the rising
demand for IoT-enabled devices such as sensors, actuators, gadgets,
appliances, and machines. These devices are engineered for specific
applications and can transmit data over the Internet or other
networks, forming a network of interconnected devices. Real-time
analytics data is generated through improved machine-to-machine
(M2M) communication, enhancing the dependability and productivity
of hardware devices. Sensors are the most critical hardware
components used alongside machines in various industries, including
manufacturing, logistics, and healthcare. The demand for
IoT-enabled sensors is escalating due to the requirement for
real-time data and analytics in these sectors. To IoT-enable
hardware devices, sensors are increasingly in demand. This trend is
fueled by the need for real-time data and analytics in various
industries and the growing adoption of IoT technology across them.
The steady expansion of the hardware segment is attributed to the
increasing adoption of IoT technology and the rising demand for
IoT-enabled hardware devices.
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analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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The global Narrowband-Internet of Things (NB-IoT) market is
experiencing significant growth, driven by increasing demand for
efficient, low-power connectivity solutions. With applications
spanning smart cities and industrial IoT, NB-IoT is expected to
expand as telecom operators invest in infrastructure. Concurrently,
the global Telecom Equipment market is booming, fueled by
advancements in 5G technology and rising data consumption. The
broader IoT market, encompassing various sectors, continues its
upward trajectory, driven by innovations in connectivity and
automation across industries. This growth reflects the accelerating
integration of IoT technologies in everyday life.
Research Analysis
The Cellular IoT market is experiencing rapid growth due to the
increasing demand for real-time monitoring and data-driven
decisions in various industries. Narrowband IoT (NB-IoT) and LTE-M
are leading LPWAN technologies that offer energy-efficient
connectivity for IoT devices, enabling widespread implementation in
smart city infrastructure, building automation, agricultural
automation, environmental monitoring, and medical wearables.
Real-time communication is essential for vehicle telematics, fleet
management, and connected cars, driving the adoption of LTE
networks and Vehicle-to-everything (V2X) technologies, including
Vehicle-to-vehicle (V2V), Vehicle-to-infrastructure (V2I), and
Vehicle-to-pedestrian (V2P). Chipsets and wearables are key
components of the IoT ecosystem, powering the development of
connected healthcare devices and consumer electronics. 5G is
expected to further revolutionize the market with its ultra-low
latency and high-speed capabilities.
Market Research Overview
The Cellular IoT market is experiencing significant growth
as more industries adopt IoT technology for various applications.
Smart city infrastructure, building automation, agricultural
automation, and environmental monitoring are key areas where
Cellular IoT is making an impact. The use of chipsets, wearables,
and connected healthcare devices in medical applications is also
increasing. Telematics solutions for vehicle fleet management,
off-highway vehicles like cranes and excavators, and industrial
automation are also driving market growth. NB-IoT and LTE-M, along
with other LPWAN technologies, offer energy-efficient connectivity
for low-power sensors and devices. Real-time monitoring and
data-driven decisions are becoming essential in industries like
logistics and agriculture. However, challenges such as
cyberattacks, battery drain attacks, regulatory compliance, data
protection, network coverage, and connectivity issues persist. The
adoption of 5G, with its lower latency and faster data rates, is
expected to address some of these challenges and enable new
applications like autonomous vehicles, augmented reality (AR), and
virtual reality (VR) in the future. Urban infrastructure
management, including smart street lighting, parking management,
and waste management, is another area where Cellular IoT is making
a difference. Smart grids, connected cars, and smart metering are
also important applications. Despite these advancements, concerns
around data integrity, battery life, security issues, and spectrum
usage remain. Government regulations and programs, such as Industry
4.0 and smart city projects, are driving the adoption of Cellular
IoT and shaping its future.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Component
-
- Type
-
- Geography
-
- North America
- APAC
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
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Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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