The global cellular IoT market size was valued at USD 3.9 billion in 2021. it is projected to reach USD 15.4 billion by 2027, growing at a compound annual growth rate (CAGR) of 25.7% during the forecast period.
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 industry.
The hardware segment is
projected to account for the largest share of the 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.
Smart city
infrastructure and building automation are the major verticals deploying
cellular IoT modules. As of 2020, almost ~30% of the revenue of the market was
generated from these verticals.
Emerging cellular IoT
technologies such as NB-LTE-M, NB-IoT, and 5G are offering an affordable and
power-efficient way to connect battery-operated devices to the internet. From
smart street lighting to smart parking, these technologies can help in
connecting devices more efficiently than the existing 2G and 3G technologies.
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Some of the major
applications of cellular IoT in smart cities are in streetlights, traffic
sensing and control devices, infrastructure monitoring devices, waste
management devices, and parking management devices. Governments worldwide are particularly
focusing on modern infrastructure reforms, and many pilot projects are being
set up to achieve this goal. Besides, the governments in North America and
Eastern Europe are incentivizing such projects and forging public–private
partnerships (PPPs).
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