How Has the IoT Telecom Services Market Size Evolved in Recent Years?
The iot telecom services market has seen considerable growth due to a variety of factors.
• The market size for IoT telecom services has witnessed an explosive growth in the recent past. The value of the market is projected to escalate from $25.33 billion in 2024 to $34.52 billion in 2025, showcasing a compound annual growth rate (CAGR) of 36.3%.
This notable growth during the historical period is due to the rise of interconnected devices, the increasing need for real-time data analytics, the advent of 4g/ITE networks, greater acceptance of smart cities projects, and expansion in industrial IoT uses.
What are the Market Size and Expected Growth Rates for the IoT Telecom Services Market?
The iot telecom services market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations for the IoT telecom services market are positive, with the prediction of significant growth in the coming years. It is projected to expand to $108.77 billion by 2029, maintaining a compounded annual growth rate (CAGR) of 33.2%.
This predicted surge within the forecast period can be credited to several factors including the introduction of 5g networks, enhancement of edge computing abilities, increased requirement for low latency and high bandwidth, consistent growth of IoT in different sectors, and the demand for cost-efficient, effective telecom services. Notable trends for this forecast period encompass the amalgamation of AI and machine learning in IoT telecom services, unification of IoT and blockchain technologies, emphasis on IoT security solutions and standards, the construction of industry-tailored IoT telecom services, and the fusion of IoT with augmented reality (AR) and virtual reality (VR).
Which Key Drivers Are Propelling The IoT Telecom Services Market's Growth?
The global IoT telecom services market is projected to expand due to the growing adoption of 5G networks worldwide in the forecasted period. 5G, the fifth-generation mobile network, offers superior speed and network responsiveness. This enhanced speed, bandwidth, and reduced latency of the 5G network enables connected devices to communicate more effectively, providing telecom companies with quicker, improved options for asset management and remote system monitoring. A 2022 research by Verizon, a telecommunications company from the US, and Incisiv, a US-based consumer industry insights company, stated that the overall 5G adoption is presently at approximately 13%, but is anticipated to triple by 2024. Hence, the rise in 5G network adoption will fuel the IoT telecom services market.
What Are The Key Segments Within The Global IoT Telecom Services Market?
The IoT telecom services market covered in this report is segmented –
1) By Service Type: Business Consulting Services, Device And Application Management Services, Installation And Integration Services, IoT Billing And Subscription Management, M2M Billing Management
2) By Connectivity: Cellular Technologies, LPWAN, NB-IoT, Radio Frequency-Based
3) By Network Management Solution: Network Performance Monitoring And Optimization, Network Traffic Management, Network Security Management
4) By Application: Smart Building And Home Automation, Capillary Networks Management, Industrial Manufacturing And Automation, Energy And Utilities, Smart Healthcare, Other Applications
Subsegments:
1) By Business Consulting Services: Strategy Development, market Analysis, Technology Assessment
2) By Device And Application Management Services: Device Provisioning, Application Monitoring, Performance Management
3) By Installation And Integration Services: On-Site Installation, System Integration, Configuration Services
4) By IoT Billing And Subscription Management: Billing System Setup, Subscription Lifecycle Management, Revenue Assurance
5) By M2M Billing Management: Usage-Based Billing, Multi-Account Billing, Reporting And Analytics
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How Are New Trends Impacting The Size Of The IoT Telecom Services Market?
A major trend emerging in the IoT telecom services market is technological innovation. Key players in the market are focusing their efforts on creating cutting-edge technologies that strengthen their offerings, such as comprehensive Internet of Things (IoT) services. An example of this is Tele2 AB, a telecommunications company based in Sweden, which launched a VoLTE (voice over LTE) service for IoT customers in March 2024. This service promises better voice clarity, faster data transfer, and extended battery life for IoT devices, enabling them to function effectively on global 4G networks. The significance of this launch lies in the fact that it ensures IoT customers can shift from outdated 2G/3G networks to more resilient, forward-looking technology, supporting mission-critical applications in fields like healthcare and promoting energy-efficient device use.
Who Are the Key Players in the IoT Telecom Services Market?
Major companies operating in the IoT telecom services market include:
• AT&T Intellectual Property
• Verizon Communications Inc.
• Deutsche Telekom AG
• Huawei Technologies Co. Ltd.
• Aeris Communications
• Microsoft Corporation
• Amazon Web Services Inc.
• International Business Machines Corporation
• Cisco Systems Inc.
• Oracle Corporation
• PTC Inc.
• Spectrum Enterprise
• Samsara Networks Inc.
• Sierra Wireless Inc.
• GE Digital LLC
• Telit Communications plc
• Bosch IoT Sensor Company
• SAP SE
• Andersen Inc.
• ScienceSoft USA Corporation
• Vention Inc.
• Altoros Americas LLC
• Oxagile LLC
• SumatoSoft LLC
• Innowise Group LLC
• Style Lab IoT Software Company
• HQ Software Industrial IoT Company
• ARM IoT Security Company
• Siemens IoT Analytics Company
What are the Regional Insights into the IoT Telecom Services Market?
North America was the largest region in the IoT telecom services market in 2024.The regions covered in the IoT telecom services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
