PUBLISHER: SkyQuest | PRODUCT CODE: 1172472
PUBLISHER: SkyQuest | PRODUCT CODE: 1172472
Global Cellular IoT Market Size was valued at USD 3.85 billion in 2021, and it is expected to reach a value of USD 16.1 billion by 2028, at a CAGR of 25.5% over the forecast period (2022-2028).
The LTE technology serves as the communication backbone for a number of solutions that use broadband connections for machine-to-machine data transmission. As a result, improvements in LTE's "massive adoption" and technological advancements within the IoT ecosystem are viewed as being the primary drivers of the rising IoT demand over cellular networks. In addition, the capacity of these solutions to address a variety of IoT use cases will likely be significantly impacted by their ability to operate with local connectivity and networking technologies, such as Wi-Fi and Bluetooth.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Cellular IoT Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Cellular IoT Market is segmented based on Component, End Use, Type, and Region. Based on Components the market is further sub-segmented into Hardware, Software, Device Management, and Signal Processing. Based on Type the market is further sub-segmented into 2G, 3G, 4G, LTE-M, NB-LTE-M, NB-IoT, and 5G. Based on End Use the market is further sub-segmented into Agriculture, Automotive & Transportation, Consumer Electronics, Energy, Environment Monitoring, Healthcare, Retail, Smart Cities, and Others. Based on Region the market is further sub-segments into North America, Europe, Asia Pacific, Latin America, and MEA.
The two most significant vertical deployments of cellular IoT modules, which account for the majority of the cellular IoT market's revenue, are smart city infrastructure and building automation. The development of new cellular IoT technologies like NB-LTE-M, NB-IoT, and 5G has made it possible for battery-powered devices to access the internet. These technologies, which include smart parking and smart street lighting, connect devices more efficiently than the current 2G and 3G technologies. Some of the key cellular IoT applications in smart cities include streetlights, traffic sensing and control devices, waste management devices, and parking management devices. Governments around the world are concentrating their efforts on modern infrastructure reforms, and numerous pilot projects are being established to achieve this.
The components and tools required for the cellular IoT function are contained in a connectivity ecosystem. They assist in streamlining applications for numerous crucial industries, but they are susceptible to cyberattacks. It has become simpler for cybercriminals to launch cyberattacks using cellular and IoT vulnerabilities as a result of the proliferation of IoT devices on cellular networks. Most cellular IoT devices depend on cloud networks to function properly. Cloud-based security is an essential part of cellular IoT security policy because insecure cloud infrastructure can lead to security breaches. A drone used for delivery or surveillance can process information like navigational instructions and image data on its own. However, it could send any recorded videos or logs to a cloud server.
One of the cellular IoT technologies that is just starting to gain traction is NB-IoT. It enables effective communication, longer battery life for widely dispersed devices, low energy consumption, and lower costs for large geographic footprints. The NB-IoT network connects millions of objects, sensors, and services. It is a type of low-powered network with wide area coverage. Smart parking, smart cities, smart agriculture, industrial monitors, smoke detectors, and other NB-IoT applications are examples.