The global cellular IoT market accounted for US$ 2.94 Bn in 2018 and is expected to grow at a CAGR of 22.6% over the forecast period 2019–2027, to account for US$ 18.2 Bn by 2027.
The presence of fast growing nations, rising adoption of advanced technologies, increasing number of connected devices, and digital transformation initiatives are some of the major factors that are anticipated to fuel the growth of cellular IoT in the world. Rising adoption of IoT in automotive industry, commercialization of 5G, and emergence of Narrowband Internet of Things (NB-IoT) and Long Term Evolution for Machines (LTE-M) are some of the aspects which are projected to assist the players operating in the cellular IoT market.
Globally, cellular IoT market is experiencing an intense growth with regards to increasing investments in highly efficient networks such as LTE-M and NB-IoT to meet the specific IoT network demands are anticipated to drive the future growth of cellular IoT market. LTE-M and NB-IoT technologies offer advantages such as greater coverage, low device complexity, minimum power consumption, high spectral efficiency, and improved system capacity among others. Major operators across the globe such as AT&T, China Mobile, América Móvil, China Telecom, Chunghwa Telecom, Etisalat, KDDI Corporation, Korea Telecom, Megafon, Orange, and Telefonica have launched LTE-M, NB-IoT, or both in various countries. North America held the largest share of the cellular IoT market in 2018 and is expected to continue its dominance during the forecast period of 2019–2027. Europe and North America held the second and third position in the global cellular IoT market in 2018 with market shares more than 25% for the region.
The overall cellular IoT market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the cellular IoT market. It also provides the overview and forecast for the global cellular IoT market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the cellular IoT market.