Home > Semiconductors & Electronics > Telecom and Networking > Cellular IoT Market

Cellular IoT Market Size

Report ID: GMI9041
Published Date: Apr 2024
Report Format: PDF

Download Free Sample

Cellular IoT Market Size

Cellular IoT Market size was valued at USD 6.2 billion in 2023 and is estimated to grow at a CAGR of over 26% between 2024 and 2032. Cellular IoT, a subset of the Internet of Things (IoT), utilizes cellular networks to connect and manage devices remotely. It enables seamless communication and data exchange between devices, facilitating applications such as smart cities, industrial monitoring, and environmental sensing. Cellular IoT leverages cellular technologies like LTE, 5G, and NB-IoT to provide reliable connectivity and support a wide range of IoT use cases.

To get key market trends

Download Free Sample

The rising demand for secure and dependable connectivity is a major growth driver for the cellular IoT market. Organizations across industries seek robust solutions to protect data transmission and ensure continuous connectivity. This demand stems from the need to protect sensitive information while maintaining operational continuity. As the reliance on IoT applications grows, the importance of secure and dependable cellular connectivity rises, driving investment in advanced technologies and solutions to meet these demands.

Cellular IoT Market Report Attributes
Report Attribute	Details
Base Year:	2023
Cellular IoT Market Size in 2023:	USD 6.2 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	26%
2032 Value Projection:	USD 50.4 Billion
Historical Data for:	2018 - 2023
No. of Pages:	240
Tables, Charts & Figures:	395
Segments covered:	Component, type, application, end-use industry, and region
Growth Drivers:	Increasing adoption of IoT across industries like manufacturing, agriculture, and healthcare Growing demand for real-time data monitoring and analytics solutions Surging Demand for Connected Health Wearables Growing Adoption of Low-Power Wide-Area Networks (LPWAN) Increasing Demand for Secure and Reliable Connectivity
Pitfalls & Challenges:	Security Vulnerabilities High Deployment Costs

Learn more about the key segments shaping this market

Download Free Sample

For instance, in February 2024, Fibocom announced its 5G RedCap (Reduced Capability) modules for 5G IoT scenarios. This move is in collaboration with renowned customers such as Askey, Quanta Computer, and PLANET, who hold substantial influence in their respective vertical markets. This development will enable ultra-reliable data transmission and efficient network utilization under the 5G network, catering to diverse application scenarios such as in-home connectivity, enterprise-level connectivity, and industrial-grade connectivity.

Organizations across industries are increasingly relying on timely insights to make decisions, improve operational efficiency, and perform predictive maintenance. Cellular IoT allows for the seamless transmission of data from connected devices, enabling real-time monitoring and analysis. This demand is expected to rise further as businesses recognize the importance of using actionable insights to drive innovation and competitive advantage.

Security vulnerabilities hinder the growth of the cellular IoT market. Concerns about data breaches, unauthorized access, and device manipulation prevent organizations from fully embracing IoT solutions. Inadequate security measures can result in reputational damage, financial losses, and regulatory noncompliance. Addressing these vulnerabilities is critical to increasing user trust and promoting widespread adoption of cellular IoT technologies across industries.

Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

The market size of cellular IoT reached USD 6.2 billion in 2023 and will exhibit more than 26% CAGR from 2024 to 2032, fueled by the increasing adoption of connected devices across various industries, along with the need for real-time data monitoring and analysis in smart cities and industrial automation.

The services segment will register 25% CAGR from 2024 to 2032, attributed to matured IoT ecosystem, the demand for managed services, the need for customized solutions and ongoing support.

North America market secured 35% revenue share in 2023, due to the regions early adoption and deployment of advanced technologies along with the presence of leading IoT solution providers and tech giants.

Some of the leading industry players include America Movil, AT&T, China Mobile, China Telecom, CommSolid GmbH, Deutsche Telekom, Fibocom, Gemalto N.V., MediaTek Inc., Orange, Qualcomm Technologies Inc., Quectel, SEQUANS, Sierra Wireless, Sigfox, and Sunsea AIoT.