According to the new
market research report “Cellular IoT Market
by Component (Hardware, Software, and Services), Technology (2G, 3G, 4G, LTE-M,
NB-LTE-M, NB-IoT, and 5G), Application, Vertical and Geography(North America,
Europe, APAC, South America & MEA) - Global Forecast to 2027” 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.
The hardware
segment is projected to account for the largest share of the cellular IoT
market during the forecast period.
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 smart city infrastructure, and
building automation projects is expected to fuel the growth of the hardware
segment during the forecast period
The market
for wearable devices segment is expected to grow at the highest CAGR during the
forecast period
Increasing demand
for medical wearables during the COVID-19 pandemic is expected to fuel the
growth of the wearable devices segment during the forecast period.
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APAC region
is expected to grow at the highest CAGR during the forecast period.
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.
The key players
operating in the cellular IoT market include Quectel (China), Thales Group
(France), Fibocom Wireless (China), Telit Communications (UK), and u-blox
Holding (Switzerland)
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