Cellular IoT Market Size, Trends and Growth Analysis by 2027

In 2018, the global cellular IoT market was valued at approximately US$ 2.94 billion and is projected to expand at a compound annual growth rate (CAGR) of 22.6% from 2019 to 2027, reaching an estimated US$ 18.2 billion by the end of the forecast period.

Several key factors are driving the growth of cellular IoT worldwide, including the rapid development of emerging economies, the increasing adoption of cutting-edge technologies, a growing number of connected devices, and ongoing digital transformation efforts. The automotive sector's rising integration of IoT, the rollout of 5G technology, and the advent of Narrowband Internet of Things (NB-IoT) and Long Term Evolution for Machines (LTE-M) are significant elements expected to support the expansion of the cellular IoT market.

The cellular IoT market is witnessing robust growth globally, fueled by substantial investments in efficient network technologies like LTE-M and NB-IoT, which are tailored to meet the specific requirements of IoT networks. These technologies provide numerous benefits, including enhanced coverage, reduced device complexity, lower power consumption, improved spectral efficiency, and increased system capacity. Leading telecommunications operators worldwide, such as AT&T, China Mobile, Am?rica M?vil, China Telecom, Chunghwa Telecom, Etisalat, KDDI Corporation, Korea Telecom, Megafon, Orange, and Telefonica, have introduced LTE-M, NB-IoT, or both in various regions.

In 2018, North America dominated the cellular IoT market, holding the largest share, and is anticipated to maintain its leading position throughout the forecast period from 2019 to 2027. Europe and North America ranked second and third in the global cellular IoT market in 2018, with each region accounting for over 25% of the market share.

The overall size of the cellular IoT market has been determined through a combination of primary and secondary research methods. The research process commenced with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative insights related to the cellular IoT market. This approach also includes an overview and forecast of the global cellular IoT market based on various segments categorized by five primary regions: North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Additionally, primary interviews were conducted with industry stakeholders and experts to validate the data and analysis. Participants in this process typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the cellular IoT sector.