The global cellular IOT market is segmented into components type such as hardware and software. Among these segments, hardware segment is expected to dominate the overall cellular IOT market. It was estimated that hardware holds more than 67% of the overall market in 2017. Devices such as Linkit One, Goblin 2 and Hologram Dash are contributing in the growth of cellular IOT market globally.
Global cellular IOT market is anticipated to mask a notable CAGR of 27.10% during the forecasted period i.e. 2017-2027. Advantages such as smaller size module and broader coverage capability of IOT cellular networks are key factors that are contributing in the growth of cellular IOT market globally. Companies are investing in cellular IOT which also fuelling the growth of cellular IOT market. The wide use of cellular IOT in healthcare, transportation and energy & utilities industries is expected to grow the market of Cellular IOT globally.
In terms of regional platform, North America accounted for the largest market in global cellular IOT in terms of revenue in 2016. Ongoing projects such as Smart America where cellular IOT is widely used. This factor is likely to help to escalate the growth of cellular IOT market in this region. Many companies such as Qualcomm Incorporated are investing in this region. Apart from North America region, Asia Pacific is projected to be the fastest growing market for cellular IOT during projected period as government of developing economies such as China, India and Japan are taking interest in cellular IOT and are investing significantly in development of connected infrastructure in these countries. Many international companies are seeing APAC region as a potential market for cellular IOT.
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NB-IOT an emerging cellular IOT technology
NB-IOT (Narrowband IOT) is a LPWAN technology which allows wide range of devices and services to be linked using cellular telecommunication bands. NB-IOT allows efficient communication, low energy consumption and extended battery life for mass distributed devices. These characteristics of NB-IOT are expected to . The NB-IOT network can cover wide area and connects millions of sensors, devices and services.
NB-IOT is widely used in smart parking, industrial monitors, smart cities, smoke detectors smart agriculture and others. Such wide applications of NB-IOT bolsters are driving the growth of cellular IOT market globally. In addition to this, some device working on cellular IOT can last up to for ten years or longer.
Rising popularity Of 5G
5G is the fifth generation of cellular IOT technology. It is expected that 5G will outrage the current 4G and 4G LTE standards in near time as 5G offers high speed download and upload speeds by up to 100 times. This feature of 5G is likely to escalate the cellular IOT market across the globe during forecast period.
5G cellular can also reduce delays in processing data. Further, 5G cellular is helping IOT enabled devices faster and more efficient as it allows for a faster transfer of large volumes of data.
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There are many regions across the globe which does not have better infrastructure and better internet connectivity. So it will be difficult task for the companies to provide 5G facilities in these regions. Hence this factor may act as the major challenge for the growth of 5G market. However, strong competition from LPWAN technologies such as SigFox and LoRA is likely to adversely affect the market of cellular IOT.
The report titled “Cellular IOT Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global cellular IOT market in terms of market segmentation by cellular technologies type, by components type, by vertical type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global cellular IOT market which includes company profiling of Qualcomm Incorporated, Sierra Wireless, Gemalto NV, Telit Communication PLC, Texas Instruments, Intel and ZTE Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cellular IOT market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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