Cellular IoT Market worth 5.31 Billion USD by 2022 with a growing CAGR of 23.34%
Cellular IoT Market by Offering (Hardware and Software) , Type (2G, 3G, 4G, LTE–M, NB–LTE–M, NB–IoT, and 5G)
USA, 13 June 2019 -- Cellular IoT Market by Offering (Hardware and Software) , Type (2G, 3G, 4G, LTE–M, NB–LTE–M, NB–IoT, and 5G), End-Use Application (Automotive & Transportation, Energy, Manufacturing, Retail, Building Automation and Smart City)
The growth of cellular IoT market is expected to be driven by the rising demand for long-range connectivity. The cellular IoT market based on end–use application was valued at USD 1.26 Billion in 2015 and is estimated to reach USD 5.31 Billion by 2022, growing at a CAGR of 23.34% during the forecast period. Rising demand for extended network coverage, capacity to accommodate large number of connected devices and increasing demand for end-to-security drives the growth of cellular IoT market. North America is expected to hold the largest size of the cellular IoT market, while Asia-Pacific market would grow at the highest rate during the forecast period.
The companies involved in the cellular IoT market adopted various strategies such as new product launches, partnerships, agreements, and collaborations as the key growth strategy over the last two years. Of all the strategies, 41.17% of the developments were new product development; while 29.41% of the developments involved were partnership, agreement, collaboration, joint ventures, mergers and acquisitions collectively accounted for 26.47% and 2.95% of the other strategies.
In cellular IoT market, Qualcomm Incorporated (U.S.) is among the major semiconductor manufacturer and a global supplier. The recent acquisition of NXP Semiconductors in 2016 would help the company broaden the customer base. Qualcomm Incorporated (U.S.) is among the forerunners in the cellular IoT market. The company has designed LTE modems (MDM9207-1 and MDM9206) to support reliable, optimized cellular connectivity for a growing array of devices and systems within IoT. The company continues to expand the capabilities of LTE to accelerate progress in IoT with these modems. Qualcomm Incorporated (U.S.) is developing transformative technologies to advance today’s global wireless standards for 4G LTE. The company is trying to meet the expanded connectivity needs and extreme variations of this new era. It has established ecosystem partners with proven global solutions, which helps the company to deliver 3G and 4G LTE solutions for IoT. Delivering new NB-IoT technologies to lower complexity, increase battery life, and deepen coverage would help the company to establish the foundation for narrowband 5G. In October 27, 2015, Qualcomm Incorporated (U.S.) announced the plan to release NB-IoT, and with this more and more chip vendors would engage in the development of NB-IoT.
Another major player in cellular IoT market is Sierra Wireless (Canada). The company is continuously investing in developing cellular –IoT modules, the results of which can be observed as Smart SIM and IoT acceleration platform. The company as a part of business strategy is targeting major technology players for partnership to expand its IoT business. For example, in 2015, Sierra Wireless (Canada) partnered with L&T Technology Services (India), for the development of IoT applications. The collaboration is still active and both the companies would deliver IoT applications to customers in the automotive, transportation, and industrial markets. The company is very active in acquisition activities to expand its IoT product portfolio.
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