The cellular
IoT market is expected to grow from USD 1.26 billion in 2015 to
USD 5.31 billion by 2022, growing at a CAGR of 23.34% during the forecast
period. The base year considered for the study is 2015, and the market size
forecast is given for the period between 2016 and 2022.
This report segments the cellular IoT market
based on offering, type, end-use application, and geography. On the basis of
offering, the market has been divided into hardware and software. The hardware
segment held the largest market in 2015. The advanced chipsets for cellular IoT
consume less power and provide reliable and secure connection for various IoT
applications. The advantages of these modules in comparison to other
technologies such as LoRA, SigFox, and so on drive the demand for cellular
connectivity in IoT applications. The market for software is expected to
grow at the highest rate between 2016 and 2022. Network enhancement is one of
the major factors driving the growth of software in market.
In terms of type, the 2G market held the
largest market share in 2015. 2G is widely adopted for IoT applications because
of low cost of chipset, and majority of connected devices in massive IoT
require low data transfer rate which makes 2G an ideal connectivity technology
in comparison to 3G, 4G, and others. However, NB-IoT is expected to grow at the
highest rate between 2017 and 2022. The demand for longer-range communications
due to the increase in the demand for connectivity between mobile objects or
objects spread out across a wide area drives the growth of NB-IoT market.
On the basis of industry, energy held the
largest market share in 2015. The increasing adoption of smart meters and smart
grids drives the growth of cellular IoT modules in energy industry. However,
building automation is expected to grow at the highest rate between 2016 and
2022. The demand for energy management, along with the increasing demand for
green homes, drives the growth of building automation market.
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North America accounted for the largest share
of the cellular IoT market. The U.S. is major contributor to the growth
of market in North America. Investment from U.S. government towards
implementation of IoT across various sectors such as building automation and
utilities under programs such as “Smart America” is driving the North America
market for cellular IoT. Deployment of smart city and smart infrastructure in
countries such as China, Japan, and India contributes to the highest growth of
Asia-Pacific region during the forecast period.
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