Cellular IoT Market Size, Share, Opportunities, And Trends By Type (2G, 3G, LTE- M, Others), By Component (Hardware, Software), By End–Users (Agriculture, Automotive And Telecommunication, Consumer Electronics, Energy, Retail, Others), And By Geography - Forecasts From 2024 To 2029

The cellular IoT market is evaluated at US$4.264 billion in 2022, growing at a CAGR of 19.69% reaching a market size of US$15.006 billion by 2029.

The cellular IoT market is anticipated to grow significantly during the forecast period. Cellular networks are the mode of connection that can be utilized by the internet and connected over various devices. Devices like mobile use the network to connect through the internet. The evolution in the field of telecommunications and upgradation in technologies like 5G IoT solutions are reliable and adoptable in various modes of connectivity. As these upgraded technologies establish a connection through satellite and can be used in the form of Wi-Fi and Bluetooth for connecting the various devices.

This technology is capable of remote sensing and data collection for a variety of applications including industrial devices, smart meters and wearables Industries such as manufacturing, logistics and healthcare rely on these technologies to increase process efficiency, track assets and detect problems remotely. For power solutions, options such as NB-IoT are available. Increasing adoption of IoT, advancements in cellular technology and demand for IoT solutions in the automotive industry are fueling the growth of the cellular IoT market. Increased adoption of IoT, growing progress in cellular technology, and increased demand for IoT solutions in the automotive sector are driving the cellular IoT market Growth.

Market Drivers

• Increased adoption of IoT propels the cellular IoT market growth.

The expansion of the Internet of Things devices over the different industries is the driving factor behind the growth of the cellular IoT Market.  The more number of interconnected devices which include sensors in factories which track the containers where there will be increased demand for these types of devices for their connectivity to the internet. Cellular IoT is an electronic solution which offers safe and assured connections for the devices to transfer data from one end to the other. This further helps in industries for automation purposes where one can collect and analyze the data fed by these sensors for future endeavours.

For instance, in March 2024 Eclipse published an article on IoT Edge Landscape where it states that there is increased demand for IoT adoption in the year 2023 which is 11 %, where 64% of individuals are presently using IoT solutions. These growing data show that there is a growing demand and significant growth for IoT technologies will be seen in various sectors in upcoming years

• Growing progress in cellular technology drives cellular IoT market growth

the technological advancement in the in cellular field is driving the market by offering a various alternative to connect the plenty of devices using internet facility. One of the technologies called Narrow Band IoT (NB–IoT) and long-term evolution for machines (LTE-M) are changing the landscape of the industry. Narrow Band and Machines have unique features as compared with one another. Where NB- IoT is energy efficient and has less data transfer capacity which is a preferable option for small amounts of data such as devices for tacking assets and sensors that can be operated from a distance. As LTE offers rapid data transfer this technology is helpful in industry machinery. These are the advancement which drives the unique technology and propel the growth of cellular IoT market growth.

For instance, in January 2024 Ericsson stated that there is an upgradation of the 5g network with wireless technology in collaboration with 3rd generation partnership project which is called (3GPP). This emerging technology offers speed and improved dependability.

• Increased demand for IoT solutions in the automotive sector boosts the cellular IoT market growth.

Growing demand for IoT in the Automobile sector increases the demand for IoT solutions, with the output result of interacting and operative devices which can offer the feature to overwatch the car environment. The demand is attached to various factors. People are more aware of the safety features of cars these days and advanced features like driver assistance are propelling the IoT solutions in the market. as these solutions are capable of collecting real-time data from the installed sensors around the cars, systems that alert the driver when changing lanes are the innovative and emerging technologies where IoT solutions help them to operate.

Furthermore, the advanced features like tracking the car which is stolen, and providing an exact location where the driver is heading or leading are propelling the IoT solutions market.

For instance, General Motors and Google partnered to establish an operating system that is specifically operated for automobiles in future General Motors vehicles. This will enhance the level of connectivity towards the cars and propels the IoT market.

Asia Pacific is anticipated to grow significantly.

The Asia Pacific is anticipated to grow in the upcoming days significantly due to favourable factors like growing demand for digitalization, smart city development projects and strong automobile manufacturing hubs over the region which enhances the implementations and usage of IoT solutions. The region has seen a favourable amount of investment with respective 5G technology and the development of infrastructure will drive the cellular IoT market growth.

For instance, in 2023 GSMA published an article which states that China presently had 2.3 million 5G stations by the end of 2022, where 887,000 stations were constructed in the year 2022. It is anticipated that China is going to be a 1 billion 5g connectivity country by 2025, these remarkable developments are driving the cellular IoT market growth.

Market Challenges

• Safety issues with a vast amount of connections curb the cellular IoT market growth.

The numerous devices connect over the internet which makes them vulnerable to security flaws. Taking advantage of vulnerabilities in cellular networks or device firmware may compromise the security of data, interfere with operations, or even lead to physical damage (such as manipulating industrial controls).

• Integration complexity hinders the cellular IoT market growth.

The complexity of integrating cellular IoT solutions with existing infrastructure and data management systems can pose challenges, requiring specialized technical expertise and potentially causing disruptions to daily operations. It is crucial to have efficient integration tools and procedures in place.

Key Developments

• In February 2024: the product called Digi IX40, was offered by Digi a cellular router which is specifically designed for Industries 4.0. the product is prebuilt with 5G technology which gives real-time data after processing the information which can be used in industry equipment. The device is capable of holding harsh environments where this system acts as a remote controller and management tool to solve the issues with designated location
• In January 2024:   Telit Cinterion partnered with FloLive and Skylo to provide cellular IoT connections throughout the globe. Both companies use cellular as well as satellite networks to provide seamless connections to devices which can be reached over the globe.
• In June 2023: Gorilla Technology Group a company which has expertise in the field of artificial intelligence acquired Bacom a company from Thailand  is a well-known smart city infrastructure builders  

Company Products

• QCS8550 by Qualcomm Snapdragon: the product offered by Qualcomm is a cutting-edge mobile processor which is an ideal match for flagship smartphones with great performance. With the mind-blowing performance, stunning graphics, and AI-powered features - that is inside the QCS8550. It enables gamers to experience immersive gaming it also stands out as a competent contender in the mobile technology realm for its unusual camera capabilities and effortless multitasking.

Cellular IoT Market Scope:

Segmentation

• By Type
  • 2G
  • 3G
  • LTE - M
  • Others
• By Component
  • Hardware
  • Software
• By End-Users
  • Agriculture
  • Automotive and Telecommunication
  • Consumer Electronics
  • Energy
  • Retail
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others