Cellular IoT Market Booming: £23.5 Billion by 2033

Cellular IoT Market Booming: £23.5 Billion by 2033

The cellular Internet of Things (IoT) market is predicted to experience substantial growth, with a forecast to reach £23.5 billion by 2033. This represents a significant increase from its current value of £3.8 billion, according to a report by The Brainy Insights. The market is expected to expand at a compound annual growth rate (CAGR) of 20% during the period from 2023 to 2032.

The Asia Pacific region stands out as the leading force in the global cellular IoT market, accounting for 42.1% of revenue in 2023. This growth is attributed to increasing government investments in smart city development initiatives. Additionally, the rise in disposable income across the region is driving demand for smart homes and offices, further bolstering market expansion.

Other key drivers contributing to the market's upward trajectory include:

Smart Cars and Mobility Solutions: The increasing popularity of smart cars and the widespread adoption of intelligent mobility solutions are significantly impacting market growth.

Enhanced Connectivity: Improved regulations and government programmes aimed at expanding cellular network coverage are creating a favourable environment for market expansion.

The report segments the market based on components, technology, and applications:

Component Type:

Hardware: This segment dominates the market, capturing approximately 48.1% of revenue in 2023. It encompasses essential components like sensors, chips, and cables that enable connectivity in smart devices.

Software: This segment plays a vital role in managing and analysing the data collected by IoT devices.

Services: This segment offers a range of services, such as device management, data analytics, and security, to support the effective functioning of IoT solutions.

Technology:

NB-IoT: This low-power wide area network technology is currently the leading force, accounting for 36.2% of market share in 2023. Its energy efficiency and affordability make it suitable for a wide range of applications.

Other Technologies: The report also considers technologies like 2G, 3G, 4G, 5G, LTE-M, and NB-LTE-M, which are also contributing to market growth.

Applications:

Automotive and Transportation: This segment holds the largest share, at 26.5% in 2023, driven by the growing demand for smart vehicles and intelligent urban transportation systems.

Other Applications: The report also analyses applications across sectors like agriculture, manufacturing, environment, energy and utilities, retail, healthcare, industrial, smart cities, and consumer electricals.

Key players operating in the cellular IoT market include Ericsson AB, Gemalto NV, Mediatek Inc., Qualcomm Incorporated, Sequans Communication, Sierra Wireless, Telit Communications PLC, Texas Instruments Incorporated, U–Blox Holding AG, and ZTE Corporation. These companies are actively investing in research and development, venturing into new products, and seeking strategic partnerships to secure a larger market share.

The report highlights the Indian Union government's ambitious "Smart Cities" initiative as a significant driving force behind the global cellular IoT market. This programme aims to transform major Indian cities into centres of innovation and technology, fostering development through cutting-edge infrastructure. Similar initiatives are being implemented worldwide, reflecting the growing need for urban transformation.

About The Brainy Insights:

The Brainy Insights is a market research firm committed to providing insightful data analytics to help businesses make informed decisions. They offer both syndicated and customised reports, catering to various industry sectors. Their research methodology incorporates a robust forecasting and estimation model, delivering high-quality insights within short timelines.

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