Market Size of LTE IoT Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 25.23 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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LTE IoT Market Analysis
LTE IoT Market will register a CAGR of over 25.23% during the forecast period. The growth of connected devices and the need for unique and defined network qualities fuel the development of the LTE IoT market.
- The managed service provider offers customers comprehensive and cost-effective solutions, thereby delivering their expertise in handling various operating activities (including infrastructure management, security operations, and cloud operations) to clients, enabling them to launch multiple Machine-to-Machine (M2M) offerings.
- Due to the delicate nature of manufacturing operations, manufacturers are adopting IoT solutions, sensors, and wireless connectivity platforms to increase their productivity, transforming their operations into smart manufacturing.
- Many software and solution providers offer industries smart manufacturing applications that include proactive and automatic analytics capabilities, making industrial manufacturing an intelligent and self-manageable environment. The LTE technology is availed to establish stable connectivity among various devices in a factory for data transmission, to enable industries to tackle the issues related to predictive maintenance and autonomous production.
- However, the market observed highly region-specific challenges. The enterprises demanding to deploy an IoT project within the United States have to be based on the LTE-M network due to the predominant presence of LTE radios. LTE CAT M1 devices' presence in Asia, Africa, and Eastern Europe is because mobile network operators still use 3G connectivity. However, NB-IoT devices can be found in abundance across Asia, especially in China, due to the presence of low-cost device manufacturers.
- The spread of COVID-19 has impacted many sectors that are the main markets for LTE IoT technology. The construction sector is witnessing a slower growth rate due to COVID; many running projects need to be stalled or canceled. This stops the further installation of IoT devices, such as smart street lights, meters, and parking meters. Moreover, the pandemic also affected the consumer and retail market; the sales of smart devices and smart appliances declined. All these devices actively use NB-IoT Chipset.
