Market Size of Cellular IoT Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 6.19 Billion |
| Market Size (2029) | USD 17.57 Billion |
| CAGR (2024 - 2029) | 23.21 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cellular Internet of Things (IoT) Market Analysis
The Cellular IoT Market size is estimated at USD 6.19 billion in 2024, and is expected to reach USD 17.57 billion by 2029, growing at a CAGR of 23.21% during the forecast period (2024-2029).
- The presence of rapidly growing nations, rising adoption of advanced technologies, and an increasing number of connected devices are some of the major factors expected to fuel the global growth of cellular IoT.
- The rise in digitalization and automation across industries such as manufacturing, automotive, and energy & utilities are expected to drive the global cellular IoT market growth. Furthermore, increased demand for extended network coverage, increased inclination towards business expansion beyond mobile broadband, and the need to accommodate a large number of connected devices among businesses worldwide are some of the major factors expected to propel the growth of the cellular IoT market.
- The growing adoption of IoT in the automotive industry, the commercialization of 5G, and the emergence of Narrowband Internet of Things (NB-IoT) and Long Term Evolution for Machines (LTE-M) are some factors expected to benefit the cellular IoT market players.
- The growing demand for end-to-end security, such as device-level solid access and authentication, encrypted data transport, and so on, is driving the global cellular IoT market, as cellular IoT solutions provide a robust infrastructure that helps businesses minimize risk and maximize uptime.
- The coronavirus outbreak and its consequences slowed cellular IoT investment and deployment and extended timelines for cellular IoT market growth in many sectors. However, with major disruptions in global healthcare and supply chains, governments, hospitals, insurers, and logistics providers reacted quickly and rethought how a more connected world helped better address the current crisis and avert or mitigate future ones.
- Businesses around the world had either moved to WFH (work-from-home) environments or were operating under conditions that were far from normal. In addition, the world's fixed broadband infrastructure trembled due to a massive increase in video conferencing and video content streaming.
