According to the new research report published by The Insight Partners, titled “Cellular IoT Market — Global Analysis and Forecast to 2027”, the global cellular IoT market is expected to reach US$ 18.2 Bn in 2027, registering a CAGR of 22.6% during the forecast period 2019-2027.
In 2018, North America hold the largest market share by accounting to 34.1%; whereas APAC is expected to be fastest region with a CAGR of 24.5%.
The global automotive & transportation companies have always been proactive adopters of advanced technologies in order to drive innovation in their products and to provide a seamless experience to the customers. The integration of technologies such as IoT and artificial intelligence is growing at an unprecedented rate in automobiles. The demand for reliable communication networks is also expected to rise in the automotive sector, owing to the increasing demand for connected vehicles among consumers.
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Internet of Things (IoT) has been growing at an unprecedented growth rate from past few years due to the rising demand for connected devices and systems among consumers and enterprises. Cellular IoT is also being widely adopted across industries such as consumer electronics, retail, healthcare, and industrial. Presently, majority of the cellular IoT connections are enabled by either 2G or 3G connectivity technologies. However, the penetration of 4G connectivity is growing at a fast pace owing to the advantages offered by this technology such as low latency, greater bandwidth, and support for large number of devices.
North America region is characterized by the presence of well-developed countries such as the US and Canada, where adoption of advanced technologies like IoT is quite high and network operators are aggressively rolling enhanced connectivity technologies such as 5G, LTE-M, and NB-IoT. Due to high level of industry automation and prevalence of digital services among customers, the enterprises and network operators in this region are motivated to invest in IoT applications to increase efficiency and to enhance consumer experience. In North American countries, technologies such as cloud computing, artificial intelligence, IoT, blockchain, and predictive analytics are being widely adopted by diverse industry verticals including industrial, infrastructure & construction, retail, consumer electronics, automotive & transportation, energy & utilities, healthcare, others..
The prominent market players in the cellular IoT market are Thales Group, AT&T, Inc., Ericsson, Huawei Technologies Co., Ltd., and Qualcomm Incorporated among others for a considerable share of the market owing to their product offerings to the cellular IoT market.
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