PUBLISHER: SkyQuest | PRODUCT CODE: 1244342
PUBLISHER: SkyQuest | PRODUCT CODE: 1244342
Global eSIM Market size was valued at around USD 7.34 billion in 2021 and is expected to reach a value of USD 13.09 billion by 2028, at a CAGR of 8.62% over the forecast period (2022-2028).
Since they allow users to remotely and digitally control all connected devices, such as smartphones, laptops, wearable technology, medical equipment, and many more, eSIMs are growing in popularity. They allow us to change network providers without physically replacing a SIM card.
In 2021, more than 340 million eSIM-capable gadgets were shipped in many categories such as smartphones, tablets, medical equipment, IoT modules. Our research indicates that by 2028, it is anticipated to reach a value of 14 billion devices, with practically every third cellular device being able to accommodate an eSIM. Smartphones are anticipated to dominate the shipments of eSIM-capable devices in the next years. By benefiting other devices like laptops, smartwatches, and others, smartphones have been playing a significant role in driving market growth. Cellular connectivity through smartphones in smartwatches is an example of that, from which demand for eSIM-supported smartwatches is also expanding.
eSIM is especially well suited to the changing landscape of smartphone usage. The number of people who are using more than one device simultaneously is expanding, whether they use two or more than two devices, one for their workspace and another for their personal use. It can be crucial in enabling this kind of multi-device usage thanks to its dual use potential. It functions in a manner similar to a conventional SIM card, except it has settings that have already been pre-programmed, and it can be programmed by connecting it to a modem or computer. The eSIMs were developed particularly for network-attached storage installations in the telecommunications industry (NAS). Top-down and bottom-up approaches were used to estimate and validate the size of Global eSIM 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 eSIM market is segmented on the basis of application, vertical, solution, and region. By application, the market is segmented into laptops, smartphones, tablets M2M, and others. By vertical, the market is segmented into energy, utilities, logistics, and others. By solution, the market is segmented into Hardware and Software. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Drivers
Growing popularity and utilisation of M2M applications is fueling the eSIM market . The eSIM card is a form of key facilitator for M2M devices including seamless connectivity for all the types of linked devices. The embedded SIM may transfer network carriers without any difficulty, has greater relativity, and operates in a controlled, secure environment. When switching between devices, there is no chance of losing data. All of these elements are projected to contribute to the expansion of the worldwide eSIM market in the future years. Asia Pacific and Europe are predicted to play an essential role in the growth of worldwide market through their wide range of adoption across their countries. One third of all smartphone users in China, for instance, now use eSIMs.
Restraints
Owing to the rapid advancement of technology, the increase in device penetration, and the proliferation of M2M devices, it is now more important than ever to maintain and offer safe and secure communication among linked devices. It is now quite challenging to maintain the integrity of these gadgets. Nevertheless, if the security of these devices is breached, it would be a complete waste of time and the use of such kinds of gadgets will be lost. The eSIM stores mobile network provider credentials in the device's built-in software, which is prone to various security flaws.
Market Trends