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Cellular IoT Market 2023, Size, Share, Growth, Trends & Report 2028

The market expects to reach US$ 14.3 Billion by 2028, exhibiting a growth rate (CAGR) of 20.9% during 2023-2028.
Published 21 August 2023

According to the latest report by IMARC Group, titled “Cellular IoT Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, provides an extensive analysis of the industry, including cellular IoT market growth, size, share, trends, and business opportunities. The report also covers competitor and regional analysis and the latest advancements in the global market.

How big is the Cellular IoT Market?

The global cellular IoT market size reached US$ 4.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.3 Billion by 2028, exhibiting a growth rate (CAGR) of 20.9% during 2023-2028.

Cellular IoT Market Overview:

Cellular IoT, also known as the Cellular Internet of Things, refers to the network connectivity of a wide range of devices and objects through cellular networks, enabling them to communicate and exchange data with each other and with the Internet. It is designed primarily for machine-to-machine (M2M) and device-to-device (D2D) communication, in contrast to previous mobile communications, which prioritized human-to-human connection. It leverages cellular infrastructure and standards, such as GSM, LTE, and 5G, to provide reliable, secure, and scalable connectivity to billions of IoT devices across various industries and applications. Additionally, it offers several key advantages that make it an attractive solution for connecting devices. It provides extensive coverage and penetration, as cellular networks have widespread availability and reach, even in remote or rural areas. This enables IoT devices to connect seamlessly, regardless of their location, facilitating the deployment of IoT solutions on a global scale.

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Cellular IoT Market Trends:

The rapid expansion of the telecommunication sector majorly drives the global market. This can be supported by the widespread adoption of digital technologies and the growing demand for automation across various industries. Along with this, the increasing demand for Narrowband Internet of Things (NB-IoT) and Long-Term Evolution for Machines (LTE-M) solutions from medium and large-scale organizations is significantly supporting the market. These solutions can be seamlessly integrated with existing mobile networks, offering improved end-to-end security, device-level access, authentication, and encrypted data transfer, catalyzing product demand.

In addition, integration of the Internet of Things (IoT), embedded sensors, Wi-Fi, and Bluetooth with automotive systems is positively influencing the market. Apart from this, automotive manufacturers are incorporating wireless communication technologies into both luxury and economy vehicles, enabling in-vehicle communication, vehicle-to-vehicle communication, and vehicle-to-infrastructure communication. This is contributing to the market. Furthermore, the commercialization of 5G and significant infrastructural developments is creating a positive market outlook.

Browse Full Report With TOC:

Key Market Segmentation:

Competitive Landscape:

  • Arm Limited
  • Commsolid GmbH (Goodix Technology (HK) Company Limited)
  • MediaTek Inc.
  • Qualcomm Incorporated
  • Sequans Communications
  • Sierra Wireless
  • Telefonaktiebolaget LM Ericsson
  • Telit, Texas Instruments Incorporated
  • Thales Group
  • U-Blox Holding AG and ZTE Corporation

Breakup by Component:

  • Hardware
  • Software
  • Device Management
  • Signal Processing

Breakup by Type:

  • 2G
  • 3G
  • 4G
  • LTE-M
  • NB-LTE-M
  • NB-IoT
  • 5G

Breakup by End Use:

  • Agriculture
  • Automotive and Transportation
  • Consumer Electronics
  • Energy
  • Environment Monitoring
  • Healthcare
  • Retail
  • Smart Cities
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

  • Market Performance
  • Market Outlook
  • Porter's Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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