According to the latest report by IMARC Group, titled "Cellular IoT Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on the cellular IoT industry outlook. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global cellular IoT market size reached US$ 4.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.3 Billion by 2028, exhibiting a growth rate (CAGR) of 20.9% during 2023-2028.
Cellular IoT Market Overview:
Cellular IoT, also known as the Cellular Internet of Things, refers to the network connectivity of a wide range of devices and objects through cellular networks, enabling them to communicate and exchange data with each other and with the Internet. It is designed primarily for machine-to-machine (M2M) and device-to-device (D2D) communication, in contrast to previous mobile communications, which prioritized human-to-human connection. It leverages cellular infrastructure and standards, such as GSM, LTE, and 5G, to provide reliable, secure, and scalable connectivity to billions of IoT devices across various industries and applications. Additionally, it offers several key advantages that make it an attractive solution for connecting devices. It provides extensive coverage and penetration, as cellular networks have widespread availability and reach, even in remote or rural areas. This enables IoT devices to connect seamlessly, regardless of their location, facilitating the deployment of IoT solutions on a global scale.
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Cellular IoT Market Trends:
The rapid expansion of the telecommunication sector majorly drives the global market. This can be supported by the widespread adoption of digital technologies and the growing demand for automation across various industries. Along with this, the increasing demand for Narrowband Internet of Things (NB-IoT) and Long-Term Evolution for Machines (LTE-M) solutions from medium and large-scale organizations is significantly supporting the market. These solutions can be seamlessly integrated with existing mobile networks, offering improved end-to-end security, device-level access, authentication, and encrypted data transfer, catalyzing product demand. In addition, integration of the Internet of Things (IoT), embedded sensors, Wi-Fi, and Bluetooth with automotive systems is positively influencing the market. Apart from this, automotive manufacturers are incorporating wireless communication technologies into both luxury and economy vehicles, enabling in-vehicle communication, vehicle-to-vehicle communication, and vehicle-to-infrastructure communication. This is contributing to the market. Furthermore, the commercialization of 5G and significant infrastructural developments is creating a positive market outlook.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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