Latest News- Cellular Iot Market: Hardware is expected to lead the Component segment during 2024-2028

The Cellular Iot Market is being driven by Implementation of cellular IoT modules in smart city infrastructure and building automation

The Cellular Iot Market is expected to grow at a CAGR of 32.14% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 16445.7 million. In the rapidly evolving landscape of IoT technology, cellular IoT is gaining significant traction, particularly in the realm of vehicle telematics for off-highway applications. This cutting-edge technology enhances performance and connectivity, enabling organizations to optimize their asset utilization. The scarcity of technicians for off-highway vehicles, such as cranes and excavators, necessitates the implementation of IoT and telematics solutions for real-time monitoring and analysis. Cellular IoT is increasingly being adopted by telematics solution providers to facilitate seamless data collection and analysis for fleet managers and OEMs, thereby streamlining operations and enhancing productivity. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Hardware
  • Software
• Type
  • 3G
  • 2G
  • 4G
  • Others
• Geography
  • North America
    • US
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • UK
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Implementation of cellular IoT modules in smart city infrastructure and building automation
• Growth in telecommunications industry and digitalization
• Increasing use of cellular IoT in healthcare sector

However, the market also witnesses some limitations, which are as follows:

• Increasing number of cyber attacks
• Lack of standardization in IoT protocols
• Lack of awareness about IoT devices

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Market Scope in Cellular Iot Market Research Report

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Research Analysis Overview

The Cellular IoT market encompasses various applications including smart city infrastructure, building automation, agricultural automation, environmental monitoring, medical wearables, and vehicle telematics. Technologies like NB-IoT (Narrowband IoT) and LTE-M, along with LPWAN technologies, provide energy-efficient connectivity for real-time monitoring and data-driven decisions. Industrial automation, smart grids, and LTE networks are also part of this market, along with Vehicle-to-everything (V2X) communications such as V2V, V2I, V2P, and connected cars. Consumer electronics and 5G are also integral to the growth of the Cellular IoT market.

Market Research Overview

In the Cellular IoT market, businesses leverage advanced technologies for smart city infrastructure, building automation, agricultural automation, environmental monitoring, medical wearables, vehicle telematics, fleet management, and more. Data sourcing and collection are crucial for effective implementation, with inputs originating from various suppliers, including chipset manufacturers, equipment providers, and financing institutions. Establishing long-term relationships and implementing a robust inventory system for data sources and metadata ensures efficient operations. The labor force consists of executive management and marketing personnel, overseeing direct operations. In the digitized business landscape, evaluating data sources based on cost, coverage, and quality is essential for making informed decisions and addressing both internal and external organizational challenges. Companies must remain vigilant against cyberattacks, ensuring the security of cloud networks and IoT devices.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/