Cellular IoT Market: Increase in Smart City Projects to Fuel Revenue Growth in the Near Future
Cellular IoT offers advanced connectivity technologies that connect billions of IoT devices to the Internet across the globe. These advanced technologies include 3G, 4G, 5G, and LPWA (Low Power Wide Area) cellular technologies such as NB-IoT and LTE-M. Cellular IoT offers global coverage, reliable connection of IoT devices, and low-cost hardware that is required for cellular IoT connections.
NB-IoT (Narrowband IoT) is a low power wide area network (LPWAN) technology, which is a 3GPP radio technology standard that addresses the LPWA requirements of IoT, and enables a wide range of devices and services to be connected using cellular telecommunication bands.
NB-IoT is one of the emerging cellular IoT technologies that enable efficient communication, extended battery life for mass distributed devices, low energy consumption, and lower costs for wide geographical footprints. The NB-IoT network is a form of low-powered network with a wide area coverage that connects millions of devices, sensors, and services.
NB-IoT applications include smart parking, smart cities, smart agriculture, industrial monitors, smoke detectors, and others. LTE-M (LTE for Machine) is also known as Cat-M1 or eMTC (enhanced machine-type communication), which is a type of cellular IoT LPWA technology that makes use of a mobile operator's 4G LTE network infrastructure. LTE-M applications include asset tracking, smart watches and fitness bands, telematics, gas or water meters, pet tracking, and others.
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- Sierra Wireless
- Qualcomm Technologies, Inc.
- Sequans Communications S.A.
- ZTE Corporation
- Gemalto NV
- Telit Communications PLC
- Ericsson AB
- ARM Limited
- Huawei Technologies Co., Ltd.
- Mediatek Inc.
- Vodafone Group plc
- Texas Instruments Incorporated
Increasing demand for cellular IoT in smart cities to place the cellular IoT market on an upward growth trajectory
The increasing implementation of advanced cellular IoT technologies and increasing demand for connected devices are some of the major factors fueling the growth of the cellular IoT market. However, the high cost of IoT infrastructure and issues regarding legal regulatory and rights are identified to be the major restraints impacting the growth of the cellular IoT market on a global level, especially in some developing economies.
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The global cellular IoT market is categorized on the basis of component, cellular technology, end use industry, and region
On the basis of component, the cellular IoT market is segmented into hardware and software. Revenue contribution in the cellular IoT market from the software segment is expected to increase at a CAGR of 27.6% during the forecast period. The hardware segment is expected to register a CAGR of 26.5% during the forecast period. On the basis of cellular technology, the cellular IoT market is segmented as 3G, 4G, LTE-M, NB-IoT, 5G, and others. Revenue contribution in the cellular IoT market from the NB-IoT segment is expected to increase at a CAGR of 35.3% during the forecast period.
The LTE-M segment is also expected to register a CAGR of 31.0% during the forecast period. On the basis of end use industry, the global cellular IoT market is segmented into agriculture, healthcare, retail, energy, automotive & transportation, infrastructure, and others. Revenue contribution in the cellular IoT market from the energy segment is expected to increase at a CAGR of 28.1% during the forecast period.
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North America and Europe are expected to maintain key market positions in the cellular IoT market in the coming years
Among the key regional markets, China is projected to exhibit relatively higher growth in the global cellular IoT market, registering a CAGR of over 29.1% during the forecast period. Revenue from the cellular IoT market in North America and Europe is expected to collectively account for over 50.1% of the global cellular IoT market revenue in 2018.
Key competitors in the cellular IoT market are Sierra Wireless, Qualcomm Technologies, Inc., Sequans Communications S.A., ZTE Corporation, Gemalto NV, u-blox, Telit Communications, Ericsson AB, ARM Holdings, Huawei Technologies Co., Ltd., Mediatek Inc., Vodafone Group plc, Texas Instruments Incorporated, and others.
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