Cellular IoT (Internet of Things) refers to the use of cellular networks (such as 4G, 5G, and LTE-M) to connect IoT devices, enabling communication and data exchange over long distances. It leverages existing cellular infrastructure to support various applications, from smart cities to industrial automation. This technology ensures wide coverage, high reliability, and secure connectivity for a vast array of connected devices.
Cellular IoT Global Market Report 2024 provides data on the global cellular iot market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cellular iot market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
The cellular IoT market has expanded rapidly, growing from $5.61 billion in 2023 to $7.21 billion in 2024 at a CAGR of 28.5%. This historic growth is attributed to advances in cellular technology, reduced sensor costs, improved battery life, advancements in cloud computing and big data, and standardization efforts. The market is expected to reach $19.75 billion by 2028, growing at a CAGR of 28.6%. Factors such as the growing e-commerce industry, rising adoption of IoT devices, the need for supply chain visibility, and regulatory compliance will drive future growth. Key trends include technological advancements, AI and machine learning integration, product launches, and the use of edge computing.
The growing number of smart city projects is expected to drive the cellular IoT market. Smart cities employ advanced technology and data-driven solutions to enhance urban living, resource management, and sustainability. Governments are increasingly investing in such initiatives to improve urban infrastructure and citizen services. Cellular IoT is integral to smart cities, enabling real-time data collection and management of services like smart lighting, traffic control, and environmental monitoring. For instance, the IMD Smart City Index Report revealed that the number of smart cities globally increased from 118 in 2021 to 141 in 2023. Thus, the proliferation of smart city projects is advancing the cellular IoT market.
Get Your Free Sample of the Global Cellular IoT Market Report The cellular IoT market covered in this report is segmented –
1) By Components: Hardware, Software, Services
2) By Technology: Second Generation (2G), Third Generation (3G), Fourth Generation (4G), Long-Term Evolution for Machines (LTE-M), Narrowband Long-Term Evolution for Machines (NB-LTE-M), Narrowband Internet of Things (NB-IoT), Fifth Generation (5G)
3) By Application: Alarms And Detectors, Smart Appliances, Smart Metering, Smart Parking, Smart Street Light, Surveillance And Monitoring, Trackers, Wearable Devices, Other Applications
4) By End-User: Agriculture, Automotive and Transportation, Consumer Electronics, Energy, Environment Monitoring, Healthcare, Retail, Smart Cities, Other End-Users
Leading companies in the cellular IoT market are developing innovative solutions like industrial IoT cellular routers to gain a competitive edge. These robust networking devices connect industrial equipment to the internet via cellular networks. For example, in February 2024, Digi International Inc., a U.S.-based IoT technology company, introduced the Digi IX40, a 5G edge computing industrial IoT router. Designed for Industry 4.0 applications, it supports predictive maintenance, asset monitoring, and advanced robotics, seamlessly integrating operational and information technologies.
North America was the largest region in the cellular IoT market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cellular IoT market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.