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Written by Jack » Updated on: October 23rd, 2024
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the “Global Cellular IoT Market.”
TechSci Research's latest report, the Global Cellular IoT Market was valued at USD 4.86 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 22.38% through 2029. The expansion of cellular IoT is facilitated by the rapid growth of economies worldwide and the widespread adoption of advanced technologies. Additionally, the increasing number of connected devices, fueled by digitalization and automation trends across industries like manufacturing, automotive, and energy, contributes to this growth. Moreover, there's a rising demand for expanded network coverage and a shift towards business expansion beyond mobile broadband, highlighting the substantial potential of the cellular IoT market.
The Global Cellular IoT Market is analyzed in this report, segmented into several key categories. Firstly, it is divided by components into Hardware and Software. Additionally, the market is categorized by type, including 2G, 3G, 4G, 5G, LTE-M, NB-LTE-M, and NB-IoT. Furthermore, it is segmented by end-user, encompassing Retail, Energy, Healthcare, Manufacturing, Consumer Electronics, Automotive & Transportation, and Other sectors. Geographically, the market is examined across various regions including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
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In terms of end-users, the automotive and transportation segment is expected to dominate the market during the forecast period. The integration of IoT technology into vehicles, facilitating connected features such as telematics and vehicle-to-everything (V2X) communication, drives this dominance. Regulatory mandates, partnerships, and consumer demand for connected features further propel the adoption of cellular IoT in the automotive sector, shaping the future of connected mobility.
The cellular IoT market features a mix of smaller companies alongside major players, fostering a semi-consolidated landscape ripe for new product development and strategic partnerships. Notably, Qualcomm's introduction of the Qualcomm Aware platform in February 2023 marks a significant milestone in the industry. This innovative solution, powered by Qualcomm silicon and supported by a network of hardware and software partners, offers a scalable and cost-effective option for IoT projects across various industries. Qualcomm Aware expedites time to market streamlines digital transformation efforts, and provides transformative insights crucial for informed decision-making, positioning itself as a key player in driving IoT innovation.
Key market players in the Global Cellular IoT Market are:
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Regionally, the Asia Pacific region is set to lead the cellular IoT market throughout the forecast period. Factors such as population size, rapid urbanization, supportive government policies, and technological advancements contribute to the region's dominance. With the deployment of 5G networks and the emergence of standards like NB-IoT and LTE-M, Asia Pacific leverages high-speed connectivity for IoT applications across industries like manufacturing, agriculture, healthcare, and transportation. The region's robust tech ecosystem, growing consumer demand, and favorable demographics position it as a frontrunner in shaping the future of connected devices and services.
TechSci Research's report aims to provide valuable market intelligence, aiding decision-makers in making informed investment decisions. It identifies emerging trends, drivers, challenges, and opportunities in the Global Cellular IoT Market, offering comprehensive insights into the market's growth potential and future prospects.
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