Newark, Aug. 16, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global cellular IoT market is expected to grow from USD 4.80 billion in 2023 to USD 29.72 billion by 2033, at a CAGR of 20% during the forecast period 2023-2032. Asia Pacific emerged as the most prominent global cellular IoT market, with a 42.1% market revenue share in 2023. The increasing fiscal expenditure on the development of smart cities will significantly contribute to the regional market's growth. Furthermore, the increasing disposable income contributes to the rising demand for smart homes and offices, which will augment the market's growth.
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The increasing demand for smart cars and the growing adoption of smart mobility solutions will contribute to the market's growth. The rising push for better connectivity through improved regulations and the rollout of positive government schemes for wider cellular network coverage will bode well for the market.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 20% |
| 2033 Value Projection | USD 29.72 Billion |
| Market Size in 2023 | USD 4.80 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Component Type, Application, Technology, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Cellular IoT Market Growth Drivers | The increasing fiscal expenditure towards smart city development projects |
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Leading companies in the industry include Ericsson AB, Gemalto NV, Mediatek Inc., Qualcomm Incorporated, Sequans Communication, Sierra Wireless, Telit Communications PLC, Texas Instruments Incorporated, U–Blox Holding AG, ZTE Corporation, among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The component type segment is divided into hardware, software and services. The hardware segment dominated the market, with a market share of around 48.1% in 2023. IoT hardware refers to the observable parts and objects that enable connectivity. Smart gadgets, sensors, chips, and cables are a few examples of IoT hardware. IoT sensors are the most significant component of IoT devices and contribute to the segment's dominance in the market. The technology segment is divided into 2G, 3G, 4G, 5G, LTE-M, NB-LTE-M, and NB-IoT. The NB-IoT segment dominated, with a market share of around 36.2% in 2023. Many new IoT devices and services are based on NB-IoT, a low-power wide area network. The application segment is divided into agriculture, manufacturing, environment, energy and utilities, retail, healthcare, industrial, automotive and transportation, smart cities, consumer electricals, and others. The automotive and transportation segment dominated, with a market share of around 26.5% in 2023. The rising demand for smart vehicles and smart urban transportation solutions will drive market growth. IoT devices in cars gather and evaluate information about the physical and mental health of the driver, allowing for the identification of driving patterns and affecting road safety.
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The Indian Union government's smart city goal is to develop the nation's major cities into smart cities supported by cutting-edge infrastructure and technology. The objectives are to designate 100 smart cities countrywide and fund them from the central and state government treasuries to aid their development. Given the increasing population, automation, digitization, technological breakthroughs, urbanization, and increased demand for a better quality of life, similar projects have been proposed worldwide. Therefore, the development of smart cities will benefit from the coordinated efforts of citizens, civil society, the government, and business entities, which will help the market grow over the projected period.
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