The global cellular IoT market size is expected to reach USD 9.65 billion by 2025, expanding at a CAGR of 21.4%, according to a new study by Grand View Research, Inc. The hype around Internet of Things (IoT) and its tremendous potential to revolutionize machine-to-machine and machine-to-human communications has reached its peak, owing to which numerous technology vendors are prodding different variants of emerging technologies to capitalize on this opportunity. With increased pervasiveness of cellular connectivity and the ready availability of its extensive networks, mobile broadband is anticipated to gain unprecedented significance in IoT.
An
important aspect of the growth of cellular IoT is its ability to leverage
mobility and range as compared to other IoT access methods, which can be the
major differentiating factor over its contemporary service delivery techniques.
In addition, cellular networks operate on the existing network infrastructure
and offer reliable and quality services with assured security, which would play
a vital role in their adoption in both industrial and consumer applications.
While
cellular IoT primarily operates on the LTE technology, the emergence of other
Low Power Wide Area Networks (LPWAN), such as LoRA and SigFox, and
comparatively higher costs of cellular modules may hinder the market growth in
the next couple of years. The role played by emerging technologies such as
NarrowBand-IoT and NarrowBand-LTE-M will be instrumental in the hustle for
gaining M2M market share. These technologies are specifically designed for IoT
applications and are on the verge of commercialization with numerous pilot
projects being launched in different parts of the world.
Cellular
IoT offers numerous advantages such as broader coverage, deep indoor
penetration, and smaller module size, owing to which it is largely preferred in
high-density deployments. This is also expected to aid in the increased
adoption of the technology over the next decade. Furthermore, cellular
technologies, especially LTE, are supported and backed by a consortium of
established industry players and various organizations such as 3rd Generation
Partnership Project (3GPP) and Global System for Mobile Association (GSMA),
which is expected to boost the market growth in the coming years.
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Further key
findings from the study suggest:
- North America
is expected to maintain its dominant position in the global cellular IoT
market owing to a greater penetration of next-generation LTE technologies,
especially in the U.S.
- 2G holds the
largest market share in terms of revenue generated; however, it is
expected to gradually lose its share to emerging technologies, such as 4G,
LTE-M, and NB-IoT. An interesting factor about the competing technologies,
is the way in which these technologies operate in relation to each other
(LTE-M vs NB-LTE-M vs NB-IoT) and whether they act as complementary or
rival technologies in IoT
- Standard
bodies, including 3GPP, are actively promoting the usage of cellular IoT
technology and network transformation in broadband connectivity, which is
expected to drive market growth and standardization over the forecast
period.
- Remote
monitoring, cloud connectivity, predictive maintenance, remote operation,
and remote maintenance are some of the major applications being
commercialized in different end-use industries.
- Numerous
applications of cellular IoT are anticipated to be the most important
growth driver for the market with a phenomenal increase in device
shipments over the forecast period.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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