Global Cellular IoT Market Insights Forecasts to 2033

• The Global Cellular IoT Market Size was Valued at USD 6.14 Billion in 2023
• The Market Size is Growing at a CAGR of 22.21% from 2023 to 2033
• The Worldwide Cellular IoT Market Size is Expected to Reach USD 45.64 Billion by 2033
• Europe Market is expected to grow the fastest during the forecast period

The Global Cellular IoT Market Size is anticipated to Exceed USD 45.64 Billion by 2033, Growing at a CAGR of 22.21% from 2023 to 2033. 

Market Overview

Cellular Internet of Things (IoT) is the integration of telecommunications devices with the Internet. It makes use of advanced technologies such as 3G, 4G, 5G, and Low Power Wide Area (LPWA) to establish reliable connections using a variety of hardware devices and sensors. It is commonly used for asset, warehouse, and workforce management, remote plant monitoring, automation, cloud-based robotics, traffic management, and telematics in smartwatches and fitness bands. Cellular IoT solutions make global deployment easier, provide a secure connection to other shared networks, and support low and high bandwidths. As a result, they find widespread use in a variety of industries, including agriculture, environmental monitoring, healthcare, manufacturing, automotive, and energy. Moreover, the global cellular IoT market is expected to grow as various industries, including manufacturing, automotive, energy, and utilities, digitalize and automate more. Also, a number of significant factors are expected to fuel the cellular IoT market's growth. Some factors that are expected to help cellular IoT market players include the growing use of IoT in the automotive sector, the commercialization of 5G, and the emergence of narrowband Internet of Things (NB-IoT), and long-term evolution for machines (LTE-M).

Report Coverage

This research report categorizes the market for the global cellular IoT market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global cellular IoT market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global cellular IoT market.

Driving Factors

Significant growth in the global telecommunications industry is one of the key factors contributing to the market's growth. Additionally, rapid digitization and an increasing demand for automation across industries are driving market growth. Integration of IoT, embedded sensors, Wi-Fi, and Bluetooth with automobile systems is also driving growth. Automotive manufacturers incorporate wireless communication into both luxury and economy vehicles to improve in-vehicle communication, vehicle-to-vehicle communication, and vehicle-to-infrastructure communication. Other factors, such as increased commercialization of 5G and significant infrastructure developments, particularly in developing economies, are expected to drive market growth.  Furthermore, government programs frequently use Internet of Things (IoT) solutions to support Industry 4.0, environmental monitoring, and smart city initiatives. Regulations that facilitate the use of IoT technology may have a positive effect on the cellular IoT market.

Restraining Factors

Some businesses, particularly smaller ones, may be constrained by the initial costs of implementing cellular IoT solutions, which include hardware, connectivity, and infrastructure. Security is a major concern in the Internet of things. Since cellular IoT devices are vulnerable to a wide range of cyberattacks, implementing strong security measures can be costly and difficult. The market may have limitations due to the relative immaturity of certain technologies, and some areas of cellular IoT technology may still be in development. This includes issues such as interoperability and standardization across cellular technology generations.

Market Segmentation

The global cellular IoT market share is classified into component, type, and end-user.

• The hardware segment is expected to grow at the fastest pace in the global cellular IoT market during the forecast period. 

Based on component, the global cellular IoT market is divided into hardware and software. Among these, the hardware segment is expected to grow at the fastest pace in the global cellular IoT market during the forecast period. Hardware components such as chipsets and cellular IoT modules serve as the foundation of the entire cellular Internet of Things ecosystem. The increased use of cellular IoT modules in wearables, connected healthcare devices, smart city infrastructure, and building automation projects is expected to drive growth.

• The 4G segment is expected to grow at the fastest pace in the global cellular IoT market during the forecast period.  

Based on the type, the global cellular IoT market is divided into 2G, 3G, 4G, 5G, LTE-M, NB-LTE-M, and NB-IoT. Among these, the 4G segment is expected to grow at the fastest pace in the global cellular IoT market during the forecast period. 4G provides low-cost modem options and certifications and has the most users worldwide. Even though standards and technologies for machine-to-machine and Internet of Things connections are rapidly evolving, they provide cutting-edge and efficient cellular services.

• The energy segment is expected to hold the largest share of the global cellular IoT market during the forecast period. 

Based on end users, the global cellular IoT market is divided into retail, energy, healthcare, manufacturing, consumer electronics, automotive & transportation, and others. Among these, the energy segment is expected to hold the largest share of the global cellular IoT market during the forecast period. Cellular technologies are expected to gain traction in applications that require large deployments and high-density endpoint connections. As a consequence, the energy, utility, and manufacturing industries stand to benefit the most. A growing number of smart city applications are leveraging the technology, boosting the market.  

Regional Segment Analysis of the Global Cellular IoT Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia-Pacific is anticipated to hold the largest share of the global cellular IoT market over the predicted timeframe.

Asia-Pacific is anticipated to hold the largest share of the global cellular IoT market over the predicted timeframe. China has been at the forefront of 5G infrastructure development, which has helped to solidify its market leadership. The country's rapid deployment of 5G networks has enabled enhanced capabilities for IoT applications, allowing for faster and more reliable connectivity, which is critical for a variety of IoT use cases across industries. Japan and South Korea's advances in 5G technology adoption help to solidify the region's market growth by providing cutting-edge connectivity solutions for cellular IoT deployments in manufacturing, smart cities, and healthcare. India's expanding market, as well as government initiatives promoting IoT adoption in agriculture and healthcare, strengthen Asia Pacific's market position. Overall, the region's leadership is fueled by China's massive deployments, Japan's innovation, and India's expanding market potential.

Europe is expected to grow at the fastest pace in the global cellular IoT market during the forecast period. Several factors contribute to the region's prominence. For starters, the southwest is home to major manufacturing hubs and the headquarters of major appliance companies, making it a center for washing machine production and distribution. This concentration of industry players leads to increased product availability and competitive pricing in the region. Furthermore, the southwest region, which includes cities such as Stuttgart and Karlsruhe, has a relatively higher population density than other parts of Germany. With a larger consumer base, washing machines are in higher demand, giving the market a natural advantage.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global cellular IoT along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• CommSolid GmbH
• SEQUANS
• ZTE Corporation
• Telit
• MediaTek Inc.
• U-Blox
• Sierra Wireless
• Thales
• Texas Instruments Incorporated
• Qualcomm Technologies Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In May 2022, Audi, a German luxury vehicle manufacturer, provided an update on its collaboration with mobility platform Spoke and other partners to use cellular vehicle-to-everything (C-V2X) technology to help prevent accidents between bicycles and cars. Furthermore, Audi collaborated with C-V2X, which detects a cyclist, school bus, or emergency vehicle and alerts the driver using LTE cellular signals and direct PC5 signals that do not require a cellular network.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global cellular IoT market based on the below-mentioned segments:

Global Cellular IoT Market, By Component

• Hardware
• Software

Global Cellular IoT Market, By Type 

• 2G
• 3G
• 4G
• 5G
• LTE-M
• NB-LTE-M
• NB-IoT

Global Cellular IoT Market, By End-User

• Retail
• Energy
• Healthcare
• Manufacturing
• Consumer Electronics
• Automotive & Transportation
• Other

Global Cellular IoT Market, By Region

• North America
  • US
  • Canada
  • Mexico

• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa