The global cellular IoT market is expected to witness an impressive growth during the forecast period of 2019 to 2027 due to various driving factors such as the rising number of IoT connected devices worldwide and increasing IoT applications across industries. However, fragmented IoT ecosystem and concerns regarding spectrum harmonization for 5G are the factors that may restrain the growth. Despite these limitations, the increasing advancements in LTE-M, NB-IoT, and 5G technologies are anticipated to boost the future growth of cellular IoT market during the forecast period of 2019 to 2027. The two major factors that are driving the growth of IoT connectivity across the globe include increasing push for digitalization among industries and rising interest of mobile network operators to expand their business. APAC is expected to be the region experiencing enormous opportunities for cellular IoT during the forecast period, whereas North America and Europe holds the largest market share globally in cellular IoT market.

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LTE-M and NB-IoT technologies are the upcoming trend in the cellular IoT market. The increasing investments in highly efficient networks such as LTE-M and NB-IoT to meet the specific IoT network demands are anticipated to drive the future growth of cellular IoT market. LTE-M and NB-IoT technologies offer advantages such as greater coverage, low device complexity, minimum power consumption, high spectral efficiency, and improved system capacity among others. Some of the major benefits offered by this technology include fast data throughput, roaming, voice services, and mobility. These technologies can also easily coexist with present mobile networks such as 2G, 3G, & 4G and also support all privacy & security features of these mobile networks. Some of the use cases of LTE-M technology include asset management, fleet management, logistics management, location monitoring, smart shelving and others.

The cellular IoT market by end use industry is segmented into industrial, infrastructure & construction, retail, consumer electronics, automotive & transportation, energy & utilities, healthcare, and others. The consumer electronics holds a significant share in the market, on the other hand, automotive & transportation is expected to be the fastest-growing end use industry during the forecast period. The self-driving cars and trucks are some of the promising applications of IoT in automotive. In transportation sector, there are numerous possibilities where IoT can be utilized to collect and analyze data from various sources to optimize and adjust transport/shipping routes and simplify distribution networks. The existing and prospective applications of IoT in the automobile and transportation sector will drive the growth of cellular IoT market in the coming years.
Based on technology, the cellular IoT market is segmented into 2G & 3G, 4G, LTE-M, NB-IoT, and 5G. The 5G is predicted to be the fastest growing technology in the market. The fast developing 5G ecosystem is driving the growth of 5G trials and subscriptions across the world. China is anticipated to be the major growth driving region for the upcoming 5G adoption.

The major players operating in the market for cellular IoT market are Arm Holdings Plc, AT&T, Inc., Ericsson, Huawei Technologies Co., Ltd., Mediatek Inc., Qualcomm Incorporated, Sierra Wireless, Inc., Sequans Communications SA, Thales group, and ZTE Corporation among others.