Authored By: Sarah
11 Jul 2024

 Cellular Iot Market Size to grow by USD 16445.7 million between 2024-2028

According to a research report “ Cellular Iot Market” by Component (Hardware, Software) Type (3G, 2G, 4G, Others) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 16445.7 million, at a CAGR of  32.14% during the forecast period. In the realm of business and technology, smart city infrastructure and building automation represent the primary vertical markets driving the growth of the cellular IoT market. With the advent of advanced cellular IoT technologies such as NB-LTE-M, NB-IoT, and 5G, battery-powered devices can now seamlessly connect to the Internet, revolutionizing applications in areas like smart parking, street lighting, and waste management. Notably, governments worldwide are prioritizing modern infrastructure reforms, leading to the establishment of numerous pilot projects in this domain. Key applications of cellular IoT in smart cities include traffic sensing and control devices, parking management systems, and intelligent street lighting. These innovations offer significant improvements over traditional 2G and 3G technologies, ultimately enhancing urban living standards and efficiency.

Browse market data tables, figures, and in-depth TOC on “Cellular Iot Market” by Component (Hardware, Software) Type (3G, 2G, 4G, Others) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample


By Component, the Hardware segment is projected to dominate the market size in 2024

In the business landscape, the demand for 3G technology is projected to surge due to its ability to deliver more stable connections and compatibility with IoT devices. This enhanced connectivity offers increased data transmission speeds, making it an attractive option for enterprises looking to implement M2M modules in applications such as inventory management and self-checkout kiosks. However, a significant consideration for consumers is the bitrate generated by these applications using 3G networks. The escalating cost of 3G modules and the asymmetric global 3G traffic, characterized by significantly higher uplink traffic than downlink traffic, may pose challenges to the growth of the cellular IoT market.

By Type, 3G  segment is expected to hold the largest market size for the year 2024

The cellular IoT market is witnessing a surge in growth due to the rising demand for hardware devices, including sensors, actuators, gadgets, appliances, and machines, programmed for specific applications that can transmit data over the Internet or other networks. These devices create a system of interconnected systems, enabling real-time data transfer and generation of valuable analytics. This enhancement in machine-to-machine (M2M) communication significantly improves the reliability and effectiveness of hardware devices. By providing real-time data from numerous devices and sensors, these hardware solutions contribute to informed decision-making processes.

North America is forecasted to hold the largest market size by region in 2024

The Cellular IoT market represents a significant growth opportunity for businesses seeking to implement large-scale, remote device connectivity solutions. This technology enables organizations to monitor and control their assets in real-time, enhancing operational efficiency and reducing costs. Key players in this market include major telecom providers and tech companies, who are investing heavily in research and development to expand their offerings and meet the increasing demand for seamless, low-power connectivity solutions.

The Cellular Iot Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • AT and T Inc.
  • Celplan
  • ETM Matteknik AB
  • Fibocom Wireless Inc.
  • floLIVE
  • Huawei Technologies Co. Ltd.
  • Intel Corp.
  • MediaTek Inc.
  • Nordic Semiconductor ASA
  • Qorvo Inc.
  • Qualcomm Inc.
  • Quectel Wireless Solutions Co. Ltd.
  • Semtech Corp.
  • Shield IoT
  • Skyworks Solutions Inc.
  • Sony Group Corp.
  • Telit
  • Texas Instruments Inc.
  • Thales Group
  • u blox AG
  • UNISOC Shanghai Technologies Co. Ltd.
  • ZTE Corp.

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Research Analysis Overview

The Cellular IoT market is experiencing significant growth, driven by the deployment of 5G cellular networks and the increasing demand for real-time communication in various industries. Connected cars are a major application area, with Vehicle-to-everything (V2X) technologies such as Vehicle-to-pedestrian (V2P), Vehicle-to-infrastructure (V2I), and Vehicle-to-vehicle (V2V) communications enabling advanced safety features and improved traffic management. Consumer Electronics, smart grids, industrial automation, and building automation are also benefiting from Cellular IoT, with real-time monitoring and data-driven decisions becoming essential for efficient operations. Energy-efficient connectivity is a key consideration, with LPWAN technologies such as LTE-M and NB-IoT (Narrowband IoT) gaining popularity. Real-time communication is crucial for applications such as fleet management, vehicle telematics, connected healthcare devices, wearables, and environmental monitoring. Chipsets are a critical component, enabling the integration of Cellular IoT into a wide range of devices and applications. Agricultural automation and smart city infrastructure are other emerging areas, with the potential to revolutionize industries and improve our daily lives.

Market Research Overview

The Cellular IoT market is experiencing rapid growth, driven by the integration of IoT technology in various industries such as Consumer Electronics, Transportation and Logistics, Energy and Utilities, and Industrial IoT. The use of LTE networks for Vehicle-to-everything (V2X) communication, including Vehicle-to-pedestrian (V2P), Vehicle-to-infrastructure (V2I), and Vehicle-to-vehicle (V2V), is a major trend in this market. End-to-end security is a critical concern in the Cellular IoT market, with the need for data protection, regulatory compliance, and connectivity issues. The market includes various connected devices, from smart utilities such as electricity, gas, and water, to healthcare system optimization through remote patient monitoring and asset tracking. Industrial IoT applications include precision farming, livestock management, and waste management, while urban infrastructure management includes traffic control and spectrum usage. The market also includes smart city projects, Industry 4.0, and government programs and regulations. Challenges include security issues, network coverage, battery life, data integrity, and real-time communication requirements. LPWAN technologies such as LTE-M and NB-IoT offer energy-efficient connectivity for low-power sensors and devices. The market includes various IoT devices, from wearable devices and trackers to surveillance and monitoring devices, smart appliances, and alarms and detectors. The use of virtual reality (VR) and augmented reality (AR) in the market is also increasing, with applications in autonomous vehicles, fleet management, and industrial automation. Cellular networks, including 4G, 3G, and 2G, are being used for streaming video signals, security cameras, and other IoT applications. The market also includes telematics solutions for excavators, cranes, and other off-highway vehicles, as well as battery drain attacks and cyberattacks as potential threats. Cloud networks are used for data storage and processing, while parking management devices, waste management devices, and infrastructure monitoring devices are also part of the market. The market includes smart healthcare devices, wearables, chipsets, and various industrial applications such as building automation and environmental monitoring.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

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