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Cellular IoT Market Size
- Report ID: GMI9041
- Published Date: Apr 2024
- Report Format: PDF
Cellular IoT Market Size
Cellular IoT Market size was valued at USD 6.2 billion in 2023 and is estimated to grow at a CAGR of over 26% between 2024 and 2032. Cellular IoT, a subset of the Internet of Things (IoT), utilizes cellular networks to connect and manage devices remotely. It enables seamless communication and data exchange between devices, facilitating applications such as smart cities, industrial monitoring, and environmental sensing. Cellular IoT leverages cellular technologies like LTE, 5G, and NB-IoT to provide reliable connectivity and support a wide range of IoT use cases.
The rising demand for secure and dependable connectivity is a major growth driver for the cellular IoT market. Organizations across industries seek robust solutions to protect data transmission and ensure continuous connectivity. This demand stems from the need to protect sensitive information while maintaining operational continuity. As the reliance on IoT applications grows, the importance of secure and dependable cellular connectivity rises, driving investment in advanced technologies and solutions to meet these demands.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Cellular IoT Market Size in 2023: | USD 6.2 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 26% |
| 2032 Value Projection: | USD 50.4 Billion |
| Historical Data for: | 2018 - 2023 |
| No. of Pages: | 240 |
| Tables, Charts & Figures: | 395 |
| Segments covered: | Component, type, application, end-use industry, and region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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For instance, in February 2024, Fibocom announced its 5G RedCap (Reduced Capability) modules for 5G IoT scenarios. This move is in collaboration with renowned customers such as Askey, Quanta Computer, and PLANET, who hold substantial influence in their respective vertical markets. This development will enable ultra-reliable data transmission and efficient network utilization under the 5G network, catering to diverse application scenarios such as in-home connectivity, enterprise-level connectivity, and industrial-grade connectivity.
Organizations across industries are increasingly relying on timely insights to make decisions, improve operational efficiency, and perform predictive maintenance. Cellular IoT allows for the seamless transmission of data from connected devices, enabling real-time monitoring and analysis. This demand is expected to rise further as businesses recognize the importance of using actionable insights to drive innovation and competitive advantage.
Security vulnerabilities hinder the growth of the cellular IoT market. Concerns about data breaches, unauthorized access, and device manipulation prevent organizations from fully embracing IoT solutions. Inadequate security measures can result in reputational damage, financial losses, and regulatory noncompliance. Addressing these vulnerabilities is critical to increasing user trust and promoting widespread adoption of cellular IoT technologies across industries.
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Cellular IoT Market Scope
