According to a recent market report published by Persistence Market Research titled, 'Cellular IoT Market - Global Industry Analysis 2013–2017 and Forecast 2018–2026', the cellular IoT market was valued at US$ 1,145.2 Mn in 2017, and is expected to register a CAGR of 26.7% from 2018 to 2026. The increasing demand for connected devices across verticals and the implementation of advanced cellular technologies such as 5G, NB-IoT, LTE-M, and others are the major factors driving the growth of the cellular IoT market. Also, the launch of 3GPP-standards-based IoT networks and increase in smart city projects across the globe are the primary factors that are expected to boost the growth of the cellular IoT market.
Cellular IoT offers advanced connectivity technologies that connect billions of IoT devices to the Internet across the globe. These advanced cellular IoT technologies include 3G, 4G, 5G, and LPWA (Low Power Wide Area) cellular technologies such as NB-IoT and LTE-M. Cellular IoT offers global coverage, reliable connection of IoT devices, and low-cost hardware that is required for cellular IoT connections.
NB-IoT (Narrowband IoT) is a low power wide area network (LPWAN) technology, which is a 3GPP radio technology standard that addresses the LPWA requirements of IoT, and enables a wide range of devices and services to be connected using cellular telecommunication bands. NB-IoT is one of the emerging cellular technologies that enable efficient communication, extended battery life for mass distributed devices, low energy consumption, and lower costs for wide geographical footprints. The NB-IoT network is a form of low-powered network with a wide area coverage that connects millions of devices, sensors, and services. NB-IoT applications include smart parking, smart cities, smart agriculture, industrial monitors, smoke detectors, and others. LTE-M (LTE for Machine) is also known as Cat-M1 or eMTC (enhanced machine-type communication), which is a type of LPWA technology of IoT that makes use of a mobile operator's 4G LTE network infrastructure. LTE-M applications include asset tracking, smart watches and fitness bands, telematics, gas or water meters, pet tracking, and others.
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Cellular IoT Market: Segmental Insights
Cellular IoT is categorized on the basis of component, cellular technology, end use industry, and region. On the basis of component, the cellular IoT market is segmented into hardware and software. Revenue contribution in cellular IoT market from the software segment is expected to increase at a CAGR of 27.6% during the forecast period. On the basis of cellular technology, the cellular IoT market is segmented as 3G, 4G, LTE-M, NB-IoT, 5G, and others. Revenue contribution in the cellular IoT market from the NB-IoT segment is expected to increase at a CAGR of 35.3% during the forecast period.
On the basis of end use industry, the global cellular IoT market is segmented into agriculture, healthcare, retail, energy, automotive & transportation, infrastructure, and others. Revenue contribution in the cellular IoT market from the energy segment is expected to expand at a CAGR of 28.1% during the forecast period.
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Cellular IoT Market: Regional Forecasts
The cellular IoT market report also covers the trends driving each segment, and offers analysis and insights regarding the potential of the cellular IoT market in regions such as North America, Latin America, Europe, China, Japan, South East Asia & Others of APAC, and Middle East and Africa. Among these regions, China is projected to exhibit relatively high growth in the global market, registering a CAGR of 29.1% over the forecast period. Revenue share from the cellular IoT market in North America and Europe is expected to collectively account for over 50.1% of the global cellular IoT market revenue in 2018. Cellular IoT providers can focus on expanding across several countries in China, South East Asia, and North America.
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Cellular IoT Market: Competition Tracking
Key competitors in the cellular IoT market are Sierra Wireless, Qualcomm Technologies, Inc., Sequans Communications S.A., ZTE Corporation, Gemalto NV, u-blox, Telit Communications, Ericsson AB, ARM Holdings, Huawei Technologies Co., Ltd., Mediatek Inc., Vodafone Group plc, Texas Instruments Incorporated, and others.