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Global Cellular IoT Market to reach USD 23.66 billion by the end of 2030

Global Cellular IoT Market Size Study & Forecast, by Network (2G/3G, 4G, LTE-M, 5G, NB-IoT), by Connection (Wi-Fi, Broadband, Satellite, Cable, Others), by Application (Broadband IoT, Massive IoT, Industrial Automation, Critical IoT), by End-user (Individual, Commercial/Enterprise, Industrial), and Regional Analysis, 2023-2030

Product Code: ICTICTS-57693729
Publish Date: 10-03-2024
Page: 200

Global Cellular IoT Market is valued at approximately USD 4.40 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 23.4% during the forecast period 2023-2030. Cellular IoT, or Cellular Internet of Things, utilizes cellular networks such as LTE-M, NB-IoT, and 5G to establish connectivity and communication among IoT devices. This technology enables the seamless exchange of data between IoT endpoints, ensuring reliable, secure, and scalable connectivity leveraging existing cellular infrastructure. Cellular IoT facilitates the deployment of IoT solutions across diverse use cases with applications in various industries, supporting a multitude of connected devices. Its advantages include improved coverage, extended battery life, and enhanced security, making it a key enabler for the widespread adoption of IoT technologies. The rising integration of edge computing with massive IoT deployments, increasing demand for 5G cellular IoT in homeland security with surveillance, and increasing application of cellular IoT modules in medical wearables are the most prominent factors that are propelling the market demand across the globe.

In addition, the rapid proliferation of IoT devices across various industries, such as smart cities, healthcare, agriculture, manufacturing, and transportation is a significant driving factor for the market demand. Cellular networks provide a reliable and scalable connectivity solution for these devices. According to Statista, in 2019, globally, there were around 7.74 billion IoT-connected devices, which increased to 8.74 billion devices in the year 2020 and is expected to reach 25.44 billion by the year 2030. Thus, this factor is directly associated with the demand for cellular IoT, which, in turn, augments the market growth at a substantial rate. Moreover, the rise in demand for cellular IoT in agricultural automation and environmental monitoring, as well as the surging expansion of 5G networks presents various lucrative opportunities over the forecast years. However, the growing concern regarding cyberattacks and the difficulties in the management and maintenance of cellular IoT deployments are hindering market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Cellular IoT Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the ongoing advancements in cellular technology, increasing adoption of Internet of Things (IoT) technologies, as well as innovative applications of Cellular IoT in precision agriculture, smart grid technologies, and advanced healthcare solutions. Whereas, Asia Pacific is expected to grow at the highest CAGR during the forecast years. The soaring demand for connected health wearable devices, the increase in deployment of smart city projects and the rapid development of 5G infrastructure are significantly propelling the market demand across the region.

Major market players included in this report are:
Qualcomm Incorporated (U.S.)
Sierra Wireless (Canada)
Telit Communications (Thales Group) (U.K.)
Nordic Semiconductor ASA (Norway)
AT&T Corporation (U.S.)
Nokia Corporation (Finland)
Telefonaktiebolaget LM Ericsson (Sweden)
Huawei Technologies Co., Ltd. (China)
Zhongxing New Telecommunications Equipment Co., Ltd. (China)
China Mobile Communications Group Co., Ltd. (China)

Recent Developments in the Market:
Ø In January 2024, Nordic Semiconductor introduced its latest IoT innovations and showcased demonstrations featuring low-power Wi-Fi, LE Audio, Matter, and power management at CES 2024 in Norway. These showcased products encompass essential IoT technologies including cellular IoT (LTE-M and NB-IoT), low-power Wi-Fi, Matter, DECT NR+, and Bluetooth Low Energy (Bluetooth LE), highlighting the company’s noteworthy impact on the evolving IoT landscape at CES.
Ø In November 2023, Telenor partnered with Polarium to deliver globally managed IoT connectivity services tailored for energy storage solutions. This partnership empowered Polarium to utilize Telenor’s sophisticated cellular-managed connectivity, enabling the provision of a wide array of digital solutions. These offerings encompass fleet management, anti-theft measures, remote monitoring, and tracking services, ensuring comprehensive coverage for energy storage systems.
Ø In November 2023, CommScope and STMicroelectronics collaborated to integrate CommScope’s PKIWorks IoT security platform with ST’s STM32WB MCU (microcontroller unit). This partnership aimed to streamline the development of secure IoT devices, resulting in cost and time savings. The integration simplified the manufacturing of matter-device credentials and allowed commissioning at the MCU level without the need for developer intervention.

Global Cellular IoT Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Network, Connection, Application, End-user, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Network:

By Connection:

By Application:
Broadband IoT
Massive IoT
Industrial Automation
Critical IoT

By End-user:

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Cellular IoT Market, by Region, 2020-2030 (USD Billion)
1.2.2. Cellular IoT Market, by Network, 2020-2030 (USD Billion)
1.2.3. Cellular IoT Market, by Connection, 2020-2030 (USD Billion)
1.2.4. Cellular IoT Market, by Application, 2020-2030 (USD Billion)
1.2.5. Cellular IoT Market, by End-user, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Cellular IoT Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Cellular IoT Market Dynamics
3.1. Cellular IoT Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Rapid proliferation of IoT devices across various industries Increasing application of cellular IoT modules in medical wearables
3.1.2. Market Challenges Growing concern regarding cyberattacks Difficulties in management and maintenance of cellular IoT deployments
3.1.3. Market Opportunities Rise in demand for cellular IoT in agricultural automation and environmental monitoring Surging expansion of 5G networks
Chapter 4. Global Cellular IoT Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Cellular IoT Market, by Network
5.1. Market Snapshot
5.2. Global Cellular IoT Market by Network, Performance – Potential Analysis
5.3. Global Cellular IoT Market Estimates & Forecasts by Network 2020-2030 (USD Billion)
5.4. Cellular IoT Market, Sub Segment Analysis
5.4.1. 2G/3G
5.4.2. 4G
5.4.3. LTE-M
5.4.4. 5G
5.4.5. NB-IoT
Chapter 6. Global Cellular IoT Market, by Connection
6.1. Market Snapshot
6.2. Global Cellular IoT Market by Connection, Performance – Potential Analysis
6.3. Global Cellular IoT Market Estimates & Forecasts by Connection 2020-2030 (USD Billion)
6.4. Cellular IoT Market, Sub Segment Analysis
6.4.1. Wi-Fi
6.4.2. Broadband
6.4.3. Satellite
6.4.4. Cable
6.4.5. Others
Chapter 7. Global Cellular IoT Market, by Application
7.1. Market Snapshot
7.2. Global Cellular IoT Market by Application, Performance – Potential Analysis
7.3. Global Cellular IoT Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4. Cellular IoT Market, Sub Segment Analysis
7.4.1. Broadband IoT
7.4.2. Massive IoT
7.4.3. Industrial Automation
7.4.4. Critical IoT
Chapter 8. Cellular IoT Market, by End-user
8.1. Market Snapshot
8.2. Global Cellular IoT Market by End-user, Performance – Potential Analysis
8.3. Global Cellular IoT Market Estimates & Forecasts by End-user 2020-2030 (USD Billion)
8.4. Cellular IoT Market, Sub Segment Analysis
8.4.1. Individual
8.4.2. Commercial/Enterprise
8.4.3. Industrial
Chapter 9. Global Cellular IoT Market, Regional Analysis
9.1. Top Leading Countries
9.2. Top Emerging Countries
9.3. Cellular IoT Market, Regional Market Snapshot
9.4. North America Cellular IoT Market
9.4.1. U.S. Cellular IoT Market Network breakdown estimates & forecasts, 2020-2030 Connection breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030 End-user breakdown estimates & forecasts, 2020-2030
9.4.2. Canada Cellular IoT Market
9.5. Europe Cellular IoT Market Snapshot
9.5.1. U.K. Cellular IoT Market
9.5.2. Germany Cellular IoT Market
9.5.3. France Cellular IoT Market
9.5.4. Spain Cellular IoT Market
9.5.5. Italy Cellular IoT Market
9.5.6. Rest of Europe Cellular IoT Market
9.6. Asia-Pacific Cellular IoT Market Snapshot
9.6.1. China Cellular IoT Market
9.6.2. India Cellular IoT Market
9.6.3. Japan Cellular IoT Market
9.6.4. Australia Cellular IoT Market
9.6.5. South Korea Cellular IoT Market
9.6.6. Rest of Asia Pacific Cellular IoT Market
9.7. Latin America Cellular IoT Market Snapshot
9.7.1. Brazil Cellular IoT Market
9.7.2. Mexico Cellular IoT Market
9.8. Middle East & Africa Cellular IoT Market
9.8.1. Saudi Arabia Cellular IoT Market
9.8.2. South Africa Cellular IoT Market
9.8.3. Rest of Middle East & Africa Cellular IoT Market

Chapter 10. Competitive Intelligence
10.1. Key Company SWOT Analysis
10.1.1. Company 1
10.1.2. Company 2
10.1.3. Company 3
10.2. Top Market Strategies
10.3. Company Profiles
10.3.1. Qualcomm Incorporated (U.S.) Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
10.3.2. Sierra Wireless (Canada)
10.3.3. Telit Communications (Thales Group) (U.K.)
10.3.4. Nordic Semiconductor ASA (Norway)
10.3.5. AT&T Corporation (U.S.)
10.3.6. Nokia Corporation (Finland)
10.3.7. Telefonaktiebolaget LM Ericsson (Sweden)
10.3.8. Huawei Technologies Co., Ltd. (China)
10.3.9. Zhongxing New Telecommunications Equipment Co., Ltd. (China)
10.3.10. China Mobile Communications Group Co., Ltd. (China)
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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