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Cellular IoT Market Size, Share & COVID-19 Impact Analysis, By Network (2G/3G, 4G, LTE-M, 5G, and NB-IoT), By Application (Broadband IoT, Massive IoT, Industrial Automation, and Critical IoT), By Connection (Wi-Fi, Broadband, Satellite, Cable, and Others), By End-user (Individual, Commercial/Enterprise, and Industrial), and Regional Forecast 2023 – 2030

Last Updated: May 27, 2024 | Format: PDF | Report ID: FBI109018

 

KEY MARKET INSIGHTS

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The global cellular IoT market size was valued at USD 4.40 billion in 2022. The market is projected to grow from USD 5.27 billion in 2023 to USD 22.95 billion by 2030, exhibiting a CAGR of 23.4% during the forecast period. Asia Pacific dominated the global market with a share of 52.05% in 2022.


Cellular IoT (Internet of Things) refers to the integration of cellular network technologies into interconnecting devices and systems, enabling remote communication and data exchange between objects. It also utilizes low-power, wide-area (LPWA) cellular networks such as LTE-M (Long Term Evolution of Machines) or NB-IoT (Narrowband IoT), among others, to facilitate connectivity for several IoT (Internet of Things) applications. These networks offer enhanced coverage, reliability, and power efficiency suited for IoT devices transmitting small amounts of data intermittently over long periods. Its ability to provide ubiquitous connectivity and scalability for a diverse range of IoT deployments in industries has enabled seamless connection between devices, allowing for efficient monitoring, control, and data collection.


In October 2023, Cavli Wireless launched its CQS290 Smart Cellular IoT Module, a series of LTE Cat 4 with 2G fallback. These IoT modules were equipped with Cortex quad-core CPU architecture and Adreno 702 GPU to offer enhanced graphic capabilities, superior image quality, and battery performance.


COVID-19 IMPACT


Demand for IoT based Vaccine Administration amid Pandemic to Boost Market Growth


The COVID-19 pandemic significantly influenced the cellular IoT market growth, prompting notable shifts in adoption trends and market needs. As lockdowns and travel restrictions disrupted traditional business operations, there was an accelerated recognition of the importance of IoT solutions in multiple industries. This led to an increased demand for such IoT applications, particularly in sectors such as healthcare, smart cities, and retail, where IoT solutions played a crucial role in ensuring continuity and efficiency during challenging times. Major market players strategically deployed these IoT solutions to assist the public in accessing vaccines.


For instance, in April 2021, Vodafone provided infrastructure and solutions, utilizing cellular IoT tracking technologies to aid vaccine distribution in Africa. The company collaborated with the African Union Development Agency to implement a locally developed solution for managing vaccination appointments and stock availability across 55 countries.


The pandemic acted as a catalyst for the wider adoption of cellular IoT, driving innovation and reshaping the landscape of connected devices across diverse industrial sectors.


Cellular IoT Market Trends


Integration of Edge Computing with Massive IoT Deployments to Enable Scalability for Wide Ranging Industrial Applications


The convergence of cellular IoT with edge computing represents a transformative shift in data processing paradigms, enabling real-time analysis and decision-making at the network edge. This integration is particularly impactful as it aligns with the growing trend of massive IoT networks, where a multitude of interconnected devices generate vast amounts of data. According to Techjury forum, the combination of IoT and edge computing technology is projected to generate 175 Zettabytes of data by the year 2025.


These types of IoT modules, edge computing, and massive IoT deployments have enhanced the efficiency of processing data closer to the source, reduced latency, and optimized network resources. This facilitates real-time responsiveness and ensures scalability, making it well-suited for diverse applications across industries.


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Cellular IoT Market Growth Factors


Surging Expansion of 5G Networks to Augment the Demand for Connected Vehicles and Telematics


The acceleration of 5G network deployments is intricately intertwined with the burgeoning demand for connected vehicles and telematics within the market. It harnesses the advanced capabilities of 5G, characterized by higher data speeds and lower latency, to enhance the efficiency and responsiveness of telematics solutions. The integration into connected vehicles also facilitates robust tracking and real-time over the air (OTA) updates enabled by 5G networks. Furthermore, this convergence empowers vehicle-to-everything (V2X) communication, enabling seamless interaction between vehicles, infrastructure, and other entities, contributing to a sophisticated and interconnected automotive ecosystem.


In September 2022, Ford partnered with AT&T to integrate embedded 5G connectivity into the Ford Super Duty. It leveraged AT&T’s 5G network and Qualcomm’s Snapdragon SG Modem-RF System. It delivered enhanced navigation, music downloads, and on-the-go software updates.


RESTRAINING FACTORS


Spectrum Allocation Concerns and High Deployment Costs to Hamper Market Growth


The market incurs deployment costs associated with implementing infrastructure, including the required network equipment and communication modules. These costs involve investments in hardware, software, and connectivity, impacting the feasibility of large-scale deployments. Additionally, limitations in spectrum allocation pose constraints on the availability of suitable frequencies for cellular IoT devices, potentially leading to congestion and interference in communication channels. Such restraints can lead to difficult complications such as security breaches and lower adoption in SMEs, hampering the overall growth of cellular IoT solutions.


Cellular IoT Market Segmentation Analysis


By Network Analysis


Widespread Availability and Reliable Infrastructure of 4G Networks to Augment 4G Network Growth


Based on network, the market is divided into 2G/3G, 4G, LTE-M, 5G, and NB-IoT.


The 4G network segment is projected to hold the highest market share during the forecast period due to its widespread availability, infrastructure, and versatility, making it a preferred choice until 5G matures further for cost-effective deployment in IoT applications. 3G networks initially supported early IoT monitoring, while 4G dominated due to its high data rates and low latency, enabling smart metering and connected vehicles.


LTE-M and NB-IoT services with low-power features find applications in smart agriculture and wearables, while 5G’s ultra-reliable, low-latency nature indicates its highest growth rate, owing to the increasing adoption of electric and autonomous vehicles.


By Application Analysis


Rising Social Media Usage and Real-time Data Analytics to Increase the Deployment of Broadband IoT


By applications, the market is categorized into broadband IoT, massive IoT, industrial automation, and critical IoT.


The broadband IoT segment is anticipated to hold the highest market share during the forecast period, owing to its support for high-speed data transmission, crucial in scenarios such as video surveillance and real-time multimedia, making it a preferred choice in urban and commercial deployments.


Massive IoT connects numerous interoperable devices through the NB-IoT scalability, while industrial automation applications benefitted from LTE-M and 5G for remote monitoring and real-time machine management. Critical IoT relies on ultra-reliable, low latency communication for mission-critical applications, which are deployed majorly during the requirement for higher security.


By Connection Analysis


Remote Operating Capabilities and Simplicity in Usage to Boost the Adoption Broadband IoT Solutions


Based on connection types, the market is divided into Wi-Fi, broadband, satellite, cable, and others.


The broadband connection segment is projected to hold the highest market share during the forecast period, owing to its efficiency in handling high bandwidth applications such as video streaming, real-time data analytics, and large scale sensor deployments. The simplicity of deploying these IoT modules to the majority of masses efficiently and remotely has resulted in increased adoption of broadband connections.


Wi-Fi expands network coverage to satellite as well as devices lacking broadband and cable connectivity. The satellite segment is poised to grow significantly due to its recent adoption of smartphones for emergency calling and messaging. Additionally, it provides connectivity to devices lacking broadband network coverage.


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By End-user Analysis


Constant Innovations and Increasing Applications of IoT to Enhance Deployments in Commercial/Enterprise Sectors


By end-user, the market is segregated into individual, commercial/enterprise, and industrial.


The commercial/enterprise segment is poised to hold the highest market share during the forecast period due to its extensive utilization of cellular IoT for multiple applications that optimize workflows and logistics, streamline operations, and provide real-time data insights. Its capabilities span a broader spectrum of applications, directly impacting business operations and efficiency. Individual users benefit from smart home devices and wearables, while industrial sectors use them for asset tracking, fleet management, and industrial automation.


The industrial segment is further segregated into retail, healthcare, manufacturing, consumer goods, automotive, ICT, and others. The manufacturing sector is expected to lead the market due to the rising demand for applications such as predictive analysis, asset tracking and remote monitoring. These applications offer real-time machinery health monitoring, efficient inventory management, and remote oversight of manufacturing processes, fostering cost savings, operational efficiency, and minimized downtime.


REGIONAL INSIGHTS


Based on geography, the market is studied across North America, South America, Europe, the Middle East & Africa, and Asia Pacific. These regions are further categorized into several dominating countries.


Asia Pacific Cellular IoT Market Size, 2022 (USD Billion)

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Asia Pacific dominated the cellular IoT market share due to several factors. China has been at the forefront of 5G infrastructure development, contributing significantly to its leadership in the market. The country's rapid deployment of 5G networks has facilitated enhanced capabilities for IoT applications, enabling faster and more reliable connectivity, crucial for several IoT use cases across industries. Japan and South Korea's advancements in 5G technology adoption further solidify the region's market growth by offering cutting-edge connectivity solutions for cellular IoT deployments in manufacturing, smart cities, and healthcare. India's expanding market and government initiatives promoting IoT adoption in sectors such as agriculture and healthcare further strengthen the Asia Pacific's foothold in the market. Overall, the region's leadership is driven by China's extensive deployments, Japan's innovation, and India's growing market potential.


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In North America, the U.S. leads the market with innovative deployments in precision agriculture, smart grid technologies, and advanced healthcare solutions, while Canada contributes to industrial IoT and smart infrastructure. The region benefits from a thriving ecosystem of tech companies and startups investing in cutting-edge IoT solutions, fostering innovation and entrepreneurship. Furthermore, North America's proactive regulatory environment and substantial R&D investments propel advancements in cellular IoT, prioritizing security and privacy standards.


Europe excels in smart city initiatives, leveraging IoT for sustainable urban development, efficient transportation systems, and waste management. Additionally, Europe's focus on environmental sustainability has augmented IoT implementations in agriculture, utilizing IoT sensors for precision farming and resource optimization. Major players such as Nokia and Ericsson also play crucial roles in advancing cellular technologies, providing cutting-edge infrastructure and solutions for several industries. Additionally, Europe's emphasis on healthcare innovations has incorporated IoT technologies for remote patient monitoring, personalized medicine, and healthcare system optimization. The region's commitment to data privacy and GDPR compliance ensures a secure environment for IoT deployments, fostering consumer trust in connected devices.


List of Key Companies in Cellular IoT Market


Key Players are Expanding Support for Satellite and 5G Network IoT Solutions to Increase Product Adoption


Major industry players are significantly bolstering their support for IoT solutions utilizing satellite and 5G networks, aiming to accelerate adoption rates. This concerted effort involves expanding infrastructure, enhancing network coverage, and optimizing technology to accommodate diverse IoT applications. Through such initiatives, companies are striving to address connectivity challenges in remote or challenging terrains by leveraging satellite-based IoT solutions while simultaneously capitalizing on the high-speed, low-latency capabilities of 5G networks for urban and industrial IoT deployments.


In June 2023, Qualcomm partnered with Skylo, an NTN service provider, to introduce the Qualcomm 212S Modem and Qualcomm 9205S Modem chipsets. These chipsets offered solutions for off-grid industrial applications requiring non-terrestrial network (NTN) or hybrid terrestrial connectivity. This collaboration aimed to empower IoT enterprises, developers, and OEMs by enabling real-time insights for enhanced project management in remote areas.


List of Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • January 2024: Nordic Semiconductor launched its IoT enhancements and presented demonstrations of low power Wi-Fi, LE Audio, Matter, and power management at CES 2024 in Norway. The displayed products encompass fundamental IoT technologies such as cellular IoT (LTE-M and NB-IoT), low-power Wi-Fi, Matter, DECT NR+, and Bluetooth Low Energy (Bluetooth LE), marking the company’s significant contribution to the IoT landscape at CES.

  • December 2023: SoftBank's acquisition of a 51% stake in Cubic Telecom, specializing in connected vehicle solutions, is set to finalize in the first half of 2024, involving a USD 510 million investment. The deal established a strategic global partnership focused on software-defined connected vehicles and valuable IoT assets, with Cubic Telecom becoming a consolidated subsidiary of SoftBank post-investment closure.

  • November 2023: Telenor partnered with Polarium to provide globally managed IoT connectivity services for energy storage solutions. Through this collaboration, Polarium leveraged Telenor's advanced cellular-managed connectivity to provide a diverse range of digital solutions, including fleet management, anti-theft, remote monitoring, and tracking services for comprehensive coverage of energy storage systems.

  • November 2023: CommScope partnered with STMicroelectronics, integrating the company’s PKIWorks IoT security platform with ST's STM32WB MCU (microcontroller unit). This collaboration streamlined secure IoT device development, reducing costs and time by simplifying Matter-device-credentials manufacturing and enabling commissioning at the MCU level without developer intervention.

  • July 2023: Bharti Airtel achieved a significant milestone by becoming the first Indian enterprise to connect over 20 million devices through its IoT solutions. Notable partnerships include collaborations with Secure Meters for 1.3 million smart meters in Bihar using NB-IoT, TP Western Odisha Distribution Limited for 200,000 Smart Meters in Odisha, and Matter Motor Works to power 300,000 bikes through cellular IoT.


REPORT COVERAGE


An Infographic Representation of Cellular IoT Market

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The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product/service types, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.


Report Scope & Segmentation










































ATTRIBUTE



DETAILS



Study Period



2017-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2017-2021



Growth Rate



CAGR of 23.4% from 2023 to 2030



Unit



Value (USD Billion)



 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Segmentation



By Network



  • 2G/3G

  • 4G

  • LTE-M

  • 5G

  • NB-IoT


By Application



  • Broadband IoT

  • Massive IoT

  • Industrial Automation

  • Critical IoT


By Connection



  • Wi-Fi

  • Broadband

  • Satellite

  • Cable

  • Others


By End-user



  • Individual

  • Commercial/Enterprise

  • Industrial


    • Retail

    • Healthcare

    • Manufacturing

    • Consumer Goods

    • Automotive

    • ICT

    • Others (Energy and Power)



By Region



  • North America (By Network, Application, Connection, End-user and Country)


    • U.S. (By Connection)

    • Canada (By Connection)

    • Mexico (By Connection)


  • South America (By Network, Application, Connection, End-user and Country)


    • Brazil (By Connection)

    • Argentina (By Connection)

    • Rest of South America


  • Europe (By Network, Application, Connection, End-user and Country)


    • U.K. (By Connection)

    • Germany (By Connection)

    • France (By Connection)

    • Italy (By Connection)

    • Spain (By Connection)

    • Russia (By Connection)

    • Benelux (By Connection)

    • Nordics (By Connection)

    • Rest of Europe


  • Middle East & Africa (By Network, Application, Connection, End-user and Country)


    • Turkey (By Connection)

    • Israel (By Connection)

    • GCC (By Connection)

    • North Africa (By Connection)

    • South Africa (By Connection)

    • Rest of the Middle East & Africa


  • Asia Pacific (By Network, Application, Connection, End-user and Country)


    • China (By Connection)

    • India (By Connection)

    • Japan (By Connection)

    • South Korea (By Connection)

    • ASEAN (By Connection)

    • Oceania (By Connection)

    • Rest of Asia Pacific







Frequently Asked Questions

According to Fortune Business Insights, the market is projected to reach USD 22.95 billion by 2030.

In 2022, the global market was valued at USD 4.40 billion.

The market is projected to grow at a CAGR of 23.4% during the forecast period.

By connection type, the broadband connection segment is expected to lead the market.

The surging expansion of 5G networks is a key factor driving the demand for connected vehicles and telematics.

Qualcomm Incorporated, Sierra Wireless, Telit Communications (Thales Group), Nordic Semiconductor ASA, AT&T Corporation, Nokia Corporation, Telefonaktiebolaget LM Ericsson, Huawei Technologies Co., Ltd., Zhongxing New Telecommunications Equipment Co., Ltd., and China Mobile Communications Group Co., Ltd. are the top players in the market.

Asia Pacific held the highest market share in 2022.

By networks, the 5G network is expected to grow with the highest CAGR during the forecast period.

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