Cellular IoT Market Outlook

Cellular IoT market size was valued at USD 5.6 billion in 2023 and is estimated to reach a value of USD 19 billion by 2035 with a CAGR of 10.6% during the forecast period 2024-2035.

Cellular IoT market forecast is influenced by several factors, including the proliferation of connected devices, advancements in cellular technology such as 5G, increasing demand for real-time data and analytics, growing adoption of IoT solutions across various industries, emergence of smart cities and connected vehicles, expanding applications in healthcare and agriculture, regulatory initiatives promoting IoT deployments, and rising investments in infrastructure development. These factors collectively drive the growth of the cellular IoT market, fostering innovation, efficiency, and connectivity across diverse sectors while creating new opportunities for stakeholders in the global IoT ecosystem.

The cellular IoT market presents a significant opportunity driven by the increasing integration of IoT devices across industries. With the proliferation of connected devices and the evolution of cellular technology, such as the rollout of 5G networks, the market is poised for substantial growth. This creates opportunities for innovative solutions in areas like smart cities, healthcare, transportation, and manufacturing, where IoT-enabled devices enhance efficiency, productivity, and sustainability. Additionally, the expanding adoption of IoT in emerging markets and the development of new applications and services further contribute to the market's potential, offering businesses the chance to capitalize on the growing demand for connected solutions. 

Key Insights

Based on industries, cellular IoT market share is dominated by manufacturing sector with a key stake of 22.09% in 2023. In the manufacturing sector, key trends in the cellular IoT market include the integration of IoT devices for real-time monitoring and predictive maintenance, improving operational efficiency and reducing downtime. Adoption of cellular IoT enables manufacturers to enhance supply chain visibility, streamline logistics, and implement automated processes for inventory management and asset tracking. Additionally, advancements in industrial automation and robotics, coupled with the deployment of 5G networks, empower manufacturers to achieve higher levels of connectivity, agility, and responsiveness in production environments. These trends drive innovation and digital transformation in the manufacturing sector, paving the way for Industry 4.0 initiatives and smart manufacturing solutions.

On the basis of regional study, it is evident that North America holds major share within the cellular IoT industry with a share of 44.76% in 2023. In North America, key trends in the cellular IoT market include the widespread adoption of IoT solutions across various industries such as smart cities, healthcare, and transportation. The emergence of 5G technology fuels innovation, enabling faster data transmission and lower latency, supporting advanced IoT applications like autonomous vehicles and remote healthcare monitoring. Moreover, the integration of IoT with edge computing enhances real-time analytics and decision-making capabilities, driving efficiency and competitiveness across sectors. Regulatory initiatives promoting IoT deployments further contribute to the region's dynamic cellular IoT landscape.

Cellular IoT Market Data and Dashboard

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Market Dynamics

Need for real-time data insights and automation

The need for real-time data insights and automation stands as a cornerstone driver in the cellular IoT market, revolutionizing industries across the globe. Businesses increasingly rely on instantaneous access to data for informed decision-making and optimized operations. Cellular IoT technologies facilitate this demand by enabling continuous monitoring and remote management of connected devices in real-time.

In various sectors such as manufacturing, transportation, and healthcare, the ability to gather and analyze data in real-time offers unparalleled advantages. For instance, in manufacturing, IoT-enabled sensors embedded in machinery can provide insights into equipment performance and predict maintenance needs, reducing downtime and enhancing overall efficiency. Similarly, in transportation, real-time tracking of vehicles and shipments optimizes logistics, improves route planning, and enhances customer satisfaction.

Automation, another vital aspect propelled by cellular IoT, streamlines processes, reduces manual intervention, and enhances productivity. Automated systems powered by IoT devices can execute tasks swiftly and accurately, leading to cost savings and operational excellence. For instance, in smart cities, automated traffic management systems utilize IoT sensors to optimize traffic flow and minimize congestion.

Overall, the convergence of real-time data insights and automation through cellular IoT empowers businesses to respond swiftly to changing conditions, anticipate trends, and unlock new opportunities for growth and innovation in a hyper-connected world.

Expansion of IoT ecosystem and partnerships between industry stakeholders

The expansion of the IoT ecosystem and partnerships between industry stakeholders play a pivotal role in driving the growth of the cellular IoT market. As the IoT landscape evolves, collaboration among stakeholders becomes increasingly crucial to address complex challenges and capitalize on emerging opportunities.

Partnerships between telecommunications companies, device manufacturers, software developers, and solution providers are essential for creating comprehensive IoT solutions that leverage cellular connectivity effectively. By combining expertise and resources, these partnerships accelerate innovation, foster interoperability, and drive standardization, ensuring seamless integration of IoT devices and systems.

Moreover, alliances between industry players facilitate the development of end-to-end solutions tailored to specific verticals and use cases. For instance, collaborations between IoT platform providers and industry experts enable the design and deployment of customized solutions for sectors like agriculture, healthcare, and smart cities.

Furthermore, partnerships promote ecosystem expansion by enabling access to new markets and customer segments. By leveraging existing networks and distribution channels, stakeholders can rapidly scale their offerings and extend their reach globally. 

Overall, the expansion of the IoT ecosystem and strategic partnerships enhance the value proposition of cellular IoT solutions, driving adoption and accelerating market growth. As industries embrace digital transformation and seek to unlock the full potential of IoT technologies, collaborative efforts will continue to shape the future of the cellular IoT market, fostering innovation and driving sustainable business outcomes.

Factors	Value
Category	ICT
Pages	400
Table Count	200
Chart Count	190
Companies Count	30
Countries Count	50
Report Type	Published
Report Region	Global
Largest Market	North America
Fastest Growing Market	APAC
Base Year	2023
Market Size in Base Year	5.6 Billion
CAGR (2024-2035)	10.60%
Forecast Year	2024-2035
Historical Year	2019-2022
Market Size in 2035	19 billion
Countries Covered	U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Turkey, Israel, China, Japan, India, South Korea, Australia, SEA, Brazil, Chile, Argentina, Saudi Arabia, UAE, Qatar, South Africa, Rest of World
Region Covered	North America, Europe, APAC, South America, Middle East and Africa
Key Drivers	Need for real-time data insights and automation Expansion of IoT ecosystem and partnerships between industry stakeholders
Segments Covered	Devices & Modules, Connectivity Solution, Platform and Software, Application and Verticals

 

Market Analysis by Industries

Based on industries, cellular IoT market is segmented into Automotive, Transportation and logistics, Manufacturing, Agriculture, Healthcare, Energy and utilities, Retail, Smart cities.

Manufacturing sector dominated the industry with a value of USD 1.24 billion in 2023 and is estimated to grow at a CAGR of 9.7% during the forecast period.

In the manufacturing sector, several key trends are driving the adoption of cellular IoT solutions, revolutionizing operations and enhancing efficiency. Firstly, there is a growing emphasis on real-time monitoring and predictive maintenance enabled by cellular IoT devices. Manufacturers are leveraging sensors embedded in machinery and equipment to collect data on performance metrics, such as temperature, vibration, and energy consumption. This data is then analyzed in real-time to detect anomalies and predict potential failures, allowing for proactive maintenance interventions and minimizing unplanned downtime.

Secondly, the integration of cellular IoT with advanced analytics and machine learning technologies is enabling manufacturers to optimize production processes and improve product quality. By harnessing data insights from IoT-enabled devices, manufacturers can identify optimization opportunities, enhance production workflows, and refine product designs.

Thirdly, cellular IoT solutions are facilitating the implementation of smart supply chain management practices in the manufacturing sector. From inventory tracking and logistics optimization to demand forecasting and supplier management, cellular IoT-enabled devices provide visibility and transparency across the entire supply chain, enabling manufacturers to streamline operations and reduce costs.

Lastly, the adoption of 5G cellular technology is poised to revolutionize the manufacturing sector by enabling ultra-low latency communication and supporting massive machine-type communications. With 5G, manufacturers can deploy high-density networks of IoT devices, enabling real-time control of production processes and facilitating the implementation of autonomous manufacturing systems. Overall, these trends underscore the transformative impact of cellular IoT on the manufacturing sector, driving innovation, efficiency, and competitiveness.

Segments	Values
By Devices and Modules	·         Cellular IoT modules ·         Cellular IoT-enabled devices (e.g., sensors, trackers, meters)
By Connectivity Solutions	·         Cellular IoT connectivity services (e.g., SIM cards, data plans) ·         Managed connectivity solutions
By Platform and Software	·         IoT platforms for managing cellular IoT devices and data ·         Application enablement platforms (AEPs) ·         Device management software
By Application	·         Smart cities and infrastructure ·         Industrial IoT (IIoT) and automation ·         Agriculture and environmental monitoring ·         Healthcare and medical devices ·         Asset tracking and logistics ·         Smart homes and consumer electronics

 

Market Analysis by Region

Cellular IoT market analysis includes the statistics of major geographies such as North America, Europe, Asia Pacific, South America and MEA.

In terms of Cellular IoT market statistics, North America acquired a market value of USD 2.50 billion in 2023 and is estimated to reach a value of USD 8.59 billion by 2035 with a CAGR of 10.7% during the forecast period.

In North America, the cellular IoT market is experiencing several key trends that are reshaping industries and driving innovation. Firstly, the deployment of 5G networks is revolutionizing connectivity by providing faster speeds, lower latency, and greater capacity, unlocking new possibilities for cellular IoT applications. This enables real-time data transmission and supports bandwidth-intensive IoT use cases such as autonomous vehicles, smart cities, and industrial automation.

Secondly, there is a growing focus on edge computing in conjunction with cellular IoT, enabling data processing and analytics to occur closer to the source of data generation. This reduces latency, enhances privacy and security, and enables faster decision-making, particularly in mission-critical applications like healthcare and transportation.

Thirdly, industries in North America are increasingly leveraging cellular IoT for remote monitoring and predictive maintenance of assets and infrastructure. From manufacturing plants to oil rigs, IoT sensors connected via cellular networks provide real-time insights into equipment health and performance, enabling proactive maintenance to minimize downtime and optimize operations.

Additionally, there is a rising demand for IoT solutions in smart cities and environmental monitoring initiatives to address challenges such as air quality, traffic congestion, and energy management. Cellular IoT enables the deployment of sensors and actuators across urban areas, facilitating data-driven decision-making and enhancing quality of life.

Overall, these trends underscore the transformative impact of cellular IoT in North America, driving digital transformation, economic growth, and sustainable development across various sectors.

In the Asia-Pacific (APAC) region, the cellular IoT market is experiencing significant growth driven by several key trends. Firstly, there is a rapid adoption of IoT solutions across industries such as manufacturing, agriculture, and transportation, fueled by the region's large population, expanding middle class, and burgeoning urbanization.

Secondly, the proliferation of low-cost IoT devices and connectivity solutions is democratizing access to IoT technology, particularly in emerging markets like India, China, and Southeast Asia. This is enabling small and medium-sized enterprises (SMEs) to leverage cellular IoT for business optimization and innovation.

Thirdly, there is a strong emphasis on smart city initiatives and urban infrastructure development in APAC countries, driving the deployment of IoT-enabled systems for public services, traffic management, and environmental monitoring.

Additionally, the ongoing rollout of 5G networks across the region is poised to accelerate the adoption of cellular IoT, enabling faster data transmission, lower latency, and support for a wide range of IoT applications, from connected vehicles to industrial automation.

Overall, these trends highlight the immense potential of cellular IoT in APAC, driving economic growth, digital transformation, and societal progress across the region.

Competitive Landscape

Key companies operating within the Cellular IoT market are: Quectel, Thales Group, Fibocom Wireless, Telit Communication, U Blox Holdings, Sierra Wireless, Qualcomm, Mediatek, Unisoc Technologies, Altair Semiconductor, Intel, Nordic Semiconductors, Murata Manufacturing, Analog Devices, Qorvo, AT &T

Recent Development:

Sierra Wireless introduced the HL7845 Module in April 2021, featuring support for the 450 MHz wireless spectrum. This module is specifically tailored to address the IoT connectivity requirements of utilities operating in Europe.

During the Mobile World Congress Shanghai (MWC-S21) in March 2021, Fibocom unveiled its latest generation of 5G NR modules compliant with the 3GPP R16 standard. This launch includes the FM150 and FG160 series for the sub-6 GHz frequency range, as well as the FM160W and FG160W series for the mmWave range.

Quectel launched its second-generation RG520-F and RG520-N 5G IoT modules in February 2021, aligning with the 3GPP Release 16 standards. These modules support various bands including sub-6GHz, Time Division Duplex (TDD), Frequency Division Duplex (FDD), and Carrier Aggregation (CA).

Also in February 2021, Fibocom collaborated with Deutsche Telekom and Redtea to introduce high-quality nuSIM IoT modules, aimed at providing commercial-ready solutions in the IoT space.

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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

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Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.

Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.

Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.