Cellular IoT Market size is set to grow by USD 16.44 billion from 2024-2028, Implementation of cellular IoT modules in smart city infrastructure and building automation boost the market, Technavio

NEW YORK, July 25, 2024 /PRNewswire/ — The global cellular IoT market size is estimated to grow by USD 16.44 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  32.14%  during the forecast period. Implementation of cellular iot modules in smart city infrastructure and building automation is driving market growth, with a trend towards growing applications in vehicle telematics and fleet management. However, increasing number of cyber attacks  poses a challenge. Key market players include AT and T Inc., Celplan, ETM Matteknik AB, Fibocom Wireless Inc., floLIVE, Huawei Technologies Co. Ltd., Intel Corp., MediaTek Inc., Nordic Semiconductor ASA, Qorvo Inc., Qualcomm Inc., Quectel Wireless Solutions Co. Ltd., Semtech Corp., Shield IoT, Skyworks Solutions Inc., Sony Group Corp., Telit, Texas Instruments Inc., Thales Group, u blox AG, UNISOC Shanghai Technologies Co. Ltd., and ZTE Corp..

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Market Driver

Cellular IoT is gaining significant traction in the use case of vehicle telematics, particularly in off-highway applications. This technology enhances performance and connectivity while optimizing an organization’s assets. The limited availability of technicians for off-highway vehicles, such as cranes and excavators, necessitates the implementation of IoT and telematics solutions. As a result, telematics solution providers are integrating cellular IoT into their offerings, enabling fleet managers and OEMs to effectively monitor equipment and on-road assets, analyze data, and address issues in real-time. These factors are expected to fuel the growth of the global cellular IoT market in the forecast period.

The Cellular IoT market is booming, with trends like smart city infrastructure, building automation, agricultural automation, environmental monitoring, and more driving growth. Key sectors include medical wearables, vehicle telematics, fleet management, and chipsets for wearables and connected healthcare devices. Streetlights and infrastructure monitoring devices are transforming into smart solutions, offering real-time monitoring and data-driven decisions. LPWAN technologies like NB-IoT and LTE-M provide energy-efficient connectivity for low power sensors. However, challenges such as cyberattacks, battery drain attacks, and IoT interoperability remain. Telematics solutions are essential for off-highway vehicles like cranes and excavators. Real-time communication is crucial for security cameras streaming video signals. 2G, 3G, and 4G networks continue to support IoT devices, while Alarms and Detectors, Smart Appliances, Smart Metering, and Surveillance & Monitoring are other significant areas. Cloud networks ensure seamless data transfer and analysis. Security is paramount, as is ensuring IoT device compatibility. 

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Market Challenges

The cellular IoT market encompasses the necessary components for cellular IoT connectivity. This ecosystem simplifies applications for various industries, yet poses risks due to cyberattacks. The increasing number of IoT devices on cellular networks provides opportunities for cybercriminals to exploit vulnerabilities. Cloud networks are crucial for most cellular IoT devices’ operation, but insecure infrastructure can lead to data theft or device hijacking. For instance, cloud-based drones, which process and transmit information, are susceptible to breaches. Such vulnerabilities may compromise networks or other devices, potentially hindering the cellular IoT market’s growth during the forecast period.The Cellular IoT market is experiencing significant growth due to the increasing adoption of IoT in various industries. However, several challenges must be addressed for widespread implementation. Government programs and regulatory compliance pose challenges in terms of spectrum usage and regulatory frameworks. Industry 4.0 and smart city projects require data integrity, security, and network coverage. Battery life, security issues, and connectivity are key concerns for urban infrastructure management in areas like traffic control, waste management, and energy efficiency. Smart Agriculture and Industrial IoT require precision farming, crop monitoring, livestock management, and supply chain optimization. Healthcare and utilities sectors focus on remote patient monitoring, asset tracking, and healthcare system optimization. Transportation and logistics aim for inventory management, customer experience enhancement, and supply chain optimization. Connected devices in energy and utilities require end-to-end security. LTE networks and Vehicle-to-everything (V2X) technologies, including V2V, V2I, V2P, and consumer electronics, present challenges in terms of data protection and regulatory compliance.

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Segment Overview 

This cellular iot market report extensively covers market segmentation by  

Component 1.1 Hardware1.2 SoftwareType 2.1 3G2.2 2G2.3 4G2.4 OthersGeography 3.1 North America3.2 APAC3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Hardware-  The cellular IoT market in the hardware segment is witnessing notable expansion due to the rising demand for IoT-enabled devices such as sensors, actuators, gadgets, appliances, and machines. These devices are engineered for specific applications and can transmit data over the Internet or other networks, forming a network of interconnected devices. Real-time analytics data is generated through improved machine-to-machine (M2M) communication, enhancing the dependability and productivity of hardware devices. Sensors are the most critical hardware components used alongside machines in various industries, including manufacturing, logistics, and healthcare. The demand for IoT-enabled sensors is escalating due to the requirement for real-time data and analytics in these sectors. To IoT-enable hardware devices, sensors are increasingly in demand. This trend is fueled by the need for real-time data and analytics in various industries and the growing adoption of IoT technology across them. The steady expansion of the hardware segment is attributed to the increasing adoption of IoT technology and the rising demand for IoT-enabled hardware devices.

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The global Narrowband-Internet of Things (NB-IoT) market is experiencing significant growth, driven by increasing demand for efficient, low-power connectivity solutions. With applications spanning smart cities and industrial IoT, NB-IoT is expected to expand as telecom operators invest in infrastructure. Concurrently, the global Telecom Equipment market is booming, fueled by advancements in 5G technology and rising data consumption. The broader IoT market, encompassing various sectors, continues its upward trajectory, driven by innovations in connectivity and automation across industries. This growth reflects the accelerating integration of IoT technologies in everyday life.

Research Analysis

The Cellular IoT market is experiencing rapid growth due to the increasing demand for real-time monitoring and data-driven decisions in various industries. Narrowband IoT (NB-IoT) and LTE-M are leading LPWAN technologies that offer energy-efficient connectivity for IoT devices, enabling widespread implementation in smart city infrastructure, building automation, agricultural automation, environmental monitoring, and medical wearables. Real-time communication is essential for vehicle telematics, fleet management, and connected cars, driving the adoption of LTE networks and Vehicle-to-everything (V2X) technologies, including Vehicle-to-vehicle (V2V), Vehicle-to-infrastructure (V2I), and Vehicle-to-pedestrian (V2P). Chipsets and wearables are key components of the IoT ecosystem, powering the development of connected healthcare devices and consumer electronics. 5G is expected to further revolutionize the market with its ultra-low latency and high-speed capabilities.

Market Research Overview

The Cellular IoT market is experiencing significant growth as more industries adopt IoT technology for various applications. Smart city infrastructure, building automation, agricultural automation, and environmental monitoring are key areas where Cellular IoT is making an impact. The use of chipsets, wearables, and connected healthcare devices in medical applications is also increasing. Telematics solutions for vehicle fleet management, off-highway vehicles like cranes and excavators, and industrial automation are also driving market growth. NB-IoT and LTE-M, along with other LPWAN technologies, offer energy-efficient connectivity for low-power sensors and devices. Real-time monitoring and data-driven decisions are becoming essential in industries like logistics and agriculture. However, challenges such as cyberattacks, battery drain attacks, regulatory compliance, data protection, network coverage, and connectivity issues persist. The adoption of 5G, with its lower latency and faster data rates, is expected to address some of these challenges and enable new applications like autonomous vehicles, augmented reality (AR), and virtual reality (VR) in the future. Urban infrastructure management, including smart street lighting, parking management, and waste management, is another area where Cellular IoT is making a difference. Smart grids, connected cars, and smart metering are also important applications. Despite these advancements, concerns around data integrity, battery life, security issues, and spectrum usage remain. Government regulations and programs, such as Industry 4.0 and smart city projects, are driving the adoption of Cellular IoT and shaping its future.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ComponentHardwareSoftwareType3G2G4GOthersGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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