New York, United States , Feb. 22, 2023 (GLOBE NEWSWIRE) -- The Global eSIM Market Size to grow from USD 9 billion in 2021 to USD 17.56 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 7% during the forecast period. Market growth is driven by the rapid adoption of IoT-connected devices in consumer electronics and M2M applications. At least 69 nations worldwide have established commercial eSIM services for smartphones, a threefold increase compared to 2020. The North America eSIM market accounted for the largest market share of 38.80% in 2021 with the highest CAGR during the forecast year.
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The user can control several devices at once with the use of this device. The user has the choice of using it remotely. The SIM cards of eSIM customers do not need to be changed. Both soldered and detachable versions of this sim are available on the market. With this sim, the user can use many network providers at once. This universal integrated embedded card has a less than 6mm length. Due to its unique qualities, the eSIM market is in more demand. Thanks to its M2 features, this sim has strong acceptance from a variety of verticals. In the coming years, it's predicted that internet of things devices will surpass mobile phones. Connected devices can function properly using eSIM. Trucks and cars now have a lot of cellular connectivity options and access to new features and capabilities thanks to the introduction of eSIM in the automotive industry. Within the next few years, it's projected that all cars will be cellular-enabled, enhancing the driving experience with the help of cutting-edge connected services. The automotive industry recently achieved a huge improvement in allowing the next generation of connected automobiles by implementing the GSMA Embedded SIM specification to enhance vehicle connectivity. The eSIM-enabled solutions offer automatic interoperability across various SIM operators and connecting platforms, as well as remote SIM profile provisioning. These systems now have multiple network service providers in their running chain, which makes it more challenging to monitor their security. Mobile Network Operators' (MNOs') credentials are gathered and stored by the eSIM in the device's internal software, making them vulnerable to security flaws. Additionally, eSIM is exposed to a number of dangers associated with virtual environments due to its deployment across a variety of physical platforms and MNOs. The operational flexibility provided by eSIM may therefore be rendered useless if security is breached, hindering market expansion. Lack of technical expertise is a barrier to the growth of the eSIM sector. The majority of company processes employ ESIM. Anyone with technical knowledge can utilise this sim. Additionally, laptops, M2M, and connected cars all use the eSIM technology. In the technological and customer service sectors, it is primarily used. More technical understanding is needed in order to use the market. Poor market management may lead to inefficient markets. All of these market restrictions have the potential to reduce the rate of industry growth. In many organisations, fewer personnel are required to manage this technology. These restrictions could be fairly strict given the anticipated market revenue growth rates.
Browse key industry insights spread across 209 pages with 119 market data tables and figures & charts from the report “Global eSIM Market Size, Share, and COVID-19 Impact Analysis, By Solution (Hardware, Connectivity Services), By Application (Consumer Electronics, M2M), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030) Global eSIM Market Insights Forecasts to 2030“ in detail along with the table of contents.
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The Connectivity segment is dominating the market over the forecast period.
On the basis of solution, the global eSIM market is segmented into Hardware, Connectivity Services. Among these, the connectivity segment is dominating the market over the forecast period. This sharp growth could be attributed to more people using eSIM for M2M connections, which is expected to bring in money for network operators through subscription services. Mobile Network Operators (MNOs) provide connectivity services that allow for remote, secure management of end-user cellular subscriptions. The automotive sector has just backed the GSMA Embedded SIM Specification, which will improve vehicle connection and open the door for a new generation of connected vehicles. It's expected to improve security for a number of connection services, allowing the market to grow.
The M2M segment holds the highest market share over the forecast period.
Based on application, the global eSIM market is segmented into Consumer Electronics, M2M. Among these, the M2M segment holds the highest market share over the forecast period. The M2M market is rising as a result of the increased use of eSIM technology for M2M communication in the automotive industry. Additionally, linked automobiles are the primary demand generators in the automotive industry. It is projected that the use of eSIM in the automobile industry will substantially simplify production and encourage the expansion of the connected car market. As a result, it is projected that more industries would adopt M2M and IoT technology.
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North America is dominating the market with the largest market share over the forecast period.
Among these, North America is dominating the market with the largest market share over the forecast period. The rapid technical development in the area and the broad presence of network providers are the causes of the increase. During the forecast period, Asia Pacific is projected to have significant growth in the eSIM market. Consumer demand for embedded connectivity in automobiles and increased usage of IoT technologies are projected to fuel the regional e-SIM market expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market 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. Major vendors in the Global eSIM Market include Singapore Telecommunications Limited, Telephonic, S.A, Deutsche Telekom AG, NTT DOCOMO INC, Giesecke & Devrient GmbH, STMicroelectronics, Infineon Technologies AG, NXP Semiconductors N.V, Gemalto NV. And Others.
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