Cellular IoT Market Analysis

Cellular IoT Market Analysis

To get key market trends

  Download Free Sample

Based on type, the market is segmented into Mobile Network Operator (MNO) connectivity, Low-Power Wide-Area (LPWA) network connectivity and others. The Mobile Network Operator (MNO) connectivity segment accounted for a market share of over 55% in 2023.
 

• Mobile Network Operator (MNO) connectivity for the cellular IoT market is expanding primarily due to the adoption of Low Power Wide Area Network (LPWAN) technologies such as LTE-M (LTE for Machines) and Narrowband IoT (NB-IoT). These technologies enable efficient connectivity for a wide range of IoT devices, providing benefits such as increased coverage, lower power consumption, and cost savings. As MNOs expand their LTE-M and NB-IoT coverage and network capabilities, the adoption of cellular IoT solutions is growing in a variety of industries, including smart cities, agriculture, healthcare, and asset tracking.
   
• In addition, partnerships between MNOs and IoT solution providers are driving innovation and accelerating the development of new use cases, which is fueling the growth of MNO-provided cellular IoT connectivity.
   

Based on the component, the cellular IoT market is segmented into hardware, software, and services. The services segment is estimated to register a significant CAGR of over 25% during the forecast period.
 

• The cellular IoT services market is expanding significantly as a result of the growing demand for services to support the deployment, management, and maintenance of these devices and networks. This is driven by the increasing adoption of cellular IoT devices across various industries, including manufacturing, healthcare, agriculture, and transportation. Furthermore, the intricacy of incorporating cellular IoT solutions into pre-existing infrastructure frequently necessitates specialized knowledge, which is projected to drive the demand for implementation, customization, and consulting services.
   
• In addition, there is a growing need for analytics, data management, and security services as businesses try to gain insights from the data produced by IoT devices.
   

North America held a significant share of over 35% in the global cellular IoT market in 2023. The region's advanced infrastructure and widespread connectivity support the deployment of cellular IoT solutions across various industries. The increasing adoption of smart devices and connected technologies in sectors such as healthcare, automotive, and manufacturing is also expected to drive demand for cellular IoT solutions. Additionally, favorable government initiatives and policies promoting IoT innovation and investment further accelerate market growth. Collaborations between key industry players and technology advancements are also enhancing the scalability and efficiency of cellular IoT deployments, fueling market expansion in North America.