The Cellular IoT Market is to Touch $34.21 Billion by 2030; The market for cellular internet of things (IoT) is growing quickly because of the growing number of connected devices and the wide range of IoT applications in different sectors.

The Cellular IoT Market size is estimated to reach $34.21 billion by 2030, growing at a CAGR of 26.5% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Cellular IoT Market  – By Type (2G, 3G, 4G, LTE-M, NB-LTE-M, NB-IoT, 5G), By Component (Hardware, Software, Services), By Application (Alarms & Detectors, Smart meters, Wearables, Tracking Devices, Smart City Management, Digital Signs, Smart Parking, Others), By End-Use Industry (Agriculture, Automotive & Transportation, Consumer Electronics, Energy & Utilities, Environmental Monitoring, Manufacturing, Healthcare, Retail, Smart City, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”.

Using cellular networks like LTE-M, NB-IoT, and 5G to link IoT devices and provide smooth data transfer and communication is known as cellular IoT. Wide area coverage, great dependability, and improved security are just a few of the benefits that make these technologies perfect for a variety of applications. The industry is being driven primarily by the extensive implementation of IoT in smart cities. For waste collection, traffic control, and smart street lighting, governments and private businesses are utilizing cellular IoT. Its use in the healthcare industry for telemedicine and remote patient monitoring is also growing. Additionally, the industrial sector uses cellular IoT for automation, supply chain tracking, and predictive maintenance. Additionally, 5G technology developments improve network capacity, speed, and efficiency, which further propels market expansion.

APAC dominated the Cellular IoT Market in 2023 with a market share of 40.5%. In 2023, the Asia-Pacific (APAC) region became the market leader for cellular IoT due to government initiatives, growing urbanization, and technical improvements. Leading nations in the use of IoT technology across a variety of industries, such as manufacturing, healthcare, and transportation, include China, Japan, and South Korea. China's supremacy in this sector has been solidified by its aggressive investments in IoT infrastructure and its leadership in 5G technology. Growth has also been accelerated by India's emphasis on its "Smart Cities Mission" and the extensive use of IoT in utilities and agriculture. Its market dominance is a result of APAC's large player presence, affordable manufacturing, and benevolent regulatory frameworks. For instance, With 1.32 billion cellular IoT connections, China Mobile is the biggest supplier of cellular IoT connectivity services worldwide. APAC is a center for innovation and a growth engine for cellular IoT because of these characteristics taken together.

Strong IoT frameworks are essential for smart cities to improve urban living through waste reduction, traffic management simplification, and energy efficiency. Cellular IoT module implementation has accelerated in smart cities across the globe, especially in the areas of public safety, waste management, and utilities. These modules optimize city operations by enabling real-time data collecting and analysis. Cellular technologies with low power consumption, scalability, and wide coverage, such as NB-IoT and LTE-M, are recommended. It is anticipated that the need for cellular IoT solutions would increase as governments throughout the world make investments in smart city initiatives, filling in infrastructural shortages and promoting long-term sustainability.

Growing demand for industrial automation and Industry 4.0 adoption:

IoT technologies are being quickly incorporated into the industrial automation sector to guarantee predictive maintenance, boost productivity, and improve operations. Cellular IoT, which seamlessly connects devices, sensors, and systems, is essential to enabling Industry 4.0. LTE and 5G offer dependable connectivity, enabling enterprises to use real-time data for remote process monitoring and control. Applications in energy efficiency, supply chain management, and robotics are also supported by cellular IoT. IoT and Industry 4.0 combine to increase productivity and lower operating costs, which increases demand for cellular IoT solutions worldwide. 

• In June 2023, Qualcomm Introduces New Satellite IoT Solutions for Continuous Asset Tracking and Remote Monitoring.

Key companies profiled in the Cellular IoT Market are MediaTek Inc, Qualcomm Technologies, Inc, Sierra Wireless, Inc, Telit Cinterion, Thales Group, U-Blox Holding AG, Nordic Semiconductor, Sony Semiconductor Israel Ltd., Murata Manufacturing Co., Ltd., Sequans Communication S.A. and others.