Cellular IoT Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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How has the cellular iot market grown in recent years?
The cellular IoT market has seen rapid expansion in recent years. It is projected to grow from $7.21 billion in 2024 to $9.29 billion in 2025, with a compound annual growth rate (CAGR) of 28.8%. The growth over the past years has been driven by improvements in cellular technology, lower sensor costs, longer battery life, the rise of cloud computing and big data, and advancements in standardization and protocol development.
How is the cellular iot market size expected to evolve during the forecast period?
The cellular IoT market is anticipated to grow exponentially, reaching $25.36 billion by 2029 at a CAGR of 28.5%. This growth is attributed to the increasing adoption of IoT devices, the expansion of the e-commerce industry, and the demand for improved supply chain visibility and regulatory compliance. Trends in the forecast period include technological advancements, integration of AI and machine learning, and product launches, with a growing focus on edge computing.
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Which key drivers are propelling the cellular iot market’s growth?
The growing number of smart city projects is expected to propel the growth of the cellular IoT market. Smart cities use technology and data to improve residents’ quality of life, boost resource efficiency, and promote sustainability. Governments are investing in these projects to address urban challenges and enhance infrastructure. Cellular IoT enables smart cities to manage services like traffic, lighting, and environmental monitoring. The IMD Smart City Index reported that the number of smart cities worldwide increased from 118 in 2021 to 141 in 2023. Thus, the rise in smart city projects is contributing to the growth of the cellular IoT market.
What are the market segments in the cellular iot industry?
The cellular IoT market covered in this report is segmented –
1) By Components: Hardware, Software, Services
2) By Technology: Second Generation (2G), Third Generation (3G), Fourth Generation (4G), Long-Term Evolution for Machines (LTE-M), Narrowband Long-Term Evolution for Machines (NB-LTE-M), Narrowband Internet of Things (NB-IoT), Fifth Generation (5G)
3) By Application: Alarms And Detectors, Smart Appliances, Smart Metering, Smart Parking, Smart Street Light, Surveillance And Monitoring, Trackers, Wearable Devices, Other Applications
4) By End-User: Agriculture, Automotive and Transportation, Consumer Electronics, Energy, Environment Monitoring, Healthcare, Retail, Smart Cities, Other End-Users
Subsegments:
1) By Hardware: IoT Modules, IoT Sensors, Connectivity Devices, Actuators
2) By Software: IoT Platforms, Data Analytics Software, Security Software, Device Management Software
3) By Services: Connectivity Services, Cloud Services, System Integration Services, Managed Services
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Which leading companies are shaping the growth of the cellular iot market?
Major companies operating in the cellular IoT market are Verizon Communications Inc., China Mobile Limited, AT&T Inc., Deutsche Telekom AG, Robert Bosch GmbH, Huawei Technologies Co. Ltd., T-Mobile US Inc., Intel Corporation, SoftBank Group Corp., Vodafone Group, Cisco Systems Inc., Orange S.A., Qualcomm Incorporated, Telefonica SA, Nokia Corporation, KT Corporation, MediaTek, Thales Group, ZTE Corporation, Telstra Group Limited, SK Telecom Co.Ltd., Telit Communications, u-blox, Sierra Wireless, Sequans Communications
What key trends are currently impacting the cellular iot market’s development?
In the cellular IoT market, companies are increasing their focus on innovative solutions like industrial IoT cellular routers to strengthen their market position. These routers connect industrial equipment to the internet using cellular networks. For instance, in February 2024, US-based Digi International Inc. launched the Digi IX40, a 5G edge computing industrial IoT cellular router for Industry 4.0 applications. The IX40 supports 5G connectivity and edge intelligence, enabling applications like predictive maintenance and machine learning while optimizing integration with IT and operational technology.
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Which geographic areas are influencing the growth of the cellular iot market?
North America was the largest region in the cellular IoT market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cellular IoT market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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