The cellular IoT market is projected to
grow from USD 3.9 billion in 2021 to USD 15.4 billion by 2027; it is expected
to grow at a CAGR of 25.7%from 2021 to 2027.
The key factors
fueling the growth of the market include the increasing deployment of cellular
IoT modules in smart city infrastructure and building automation verticals, and
growing demand for cellular IoT in agricultural automation and environmental
monitoring. Additionally, increasing application of cellular IoT modules in
medical wearables, and Increasing applications for cellular IoT modules in
vehicle telematics and fleet management is expected to create a growth
opportunity for the cellular IoT market.
COVID-19
impact on the Cellular IoT Market
The outbreak of the
COVID-19 pandemic has significantly impacted the cellular IoT market. Various
regions are still affected, and governments have been responding to this
pandemic in their ways. As the COVID-19 pandemic continues to persist in North
America and developing countries of Asia, the manufacturing and government
sectors are facing immense challenges.
The hardware
segment is projected to account for the largest share of the cellular IoT
market by 2027
Hardware components
such cellular IoT modules and chipsets form the basis of the entire cellular
IoT ecosystem. The increasing deployment of cellular IoT modules in wearables
and connected healthcare devices as well as smartcity infrastructure, and
building automation projects is expected to fuel the growth of the hardware
segment during by 2027
APAC region
is expected to grow at the highest CAGR from 2021 to 2027
China, Japan, India,
and South Korea are the major countries contributing to the growth of the
cellular IoT market in APAC. Rapid deployment of smart city projects and
increased demand for connected health wearable devices during the COVID-19
pandemic are driving the growth of the regional market.
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Key Market
Players
The cellular IoT
players have implemented various types of organic as well as inorganic growth
strategies, such as new product launches, and acquisitions to strengthen their
offerings in the market. The major players in the cellular IoT market are
Quectel (China), Thales Group (France), Fibocom Wireless (China), Telit
Communications (UK), u-blox Holding (Switzerland), Sierra Wireless(US),
Qualcomm (US), Mediatek (Taiwan), UNISOC Tec
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