Cellular IoT characterize as a way to connect various physical devices to the internet around the globe. IoT components are developed with in-built connect functionality, for instance smart-phones, to reduce the additional infrastructure cost, to enhance the availability of these devices, and to enable the long-distance communications. These IoT devices can be smartphones, sensors, scanners and others. Cellular IoT is also capable to enable the Wide-Area Network (LPWAN) and low-power applications. It offers various benefits such as reliable connection of IoT devices, global coverage, and low-cost hardware that are requirements for cellular IoT connections.
As per analysis, “Global Cellular IoT Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global cellular IoT market include U-Blox Holding AG, Mistbase Communication System, Qualcomm Inc., Telit Communications PLC, Texas Instruments, Mediatek Inc., ZTE Corporation, Gemalto NV, Sequans Communication, Commsolid GmbH, Sierra Wireless and among others. Renowned vendors spread across the value chain are initiating and dynamically supporting the growing penetration of cellular technology as the leading connectivity standard. These initiatives have been generating great interest in industry stakeholders, including infrastructure providers, carriers, chipset & module manufacturers, as well as IoT solution vendors. These collaborations have been the most vital factor in rapid & widespread adoption of broadband technology in the IoT ecosystem.
Based on type, cellular IoT market is segregated as 2G, 3G, 4G, Narrowband IoT (NB-IoT), long-term evolution-machine type communication (LTE-M), NB-LTE-M and 5G. 2G dominates the global market as it is extensively adopted for IoT applications owing to lower cost of the chipset. NB-IoT is expected to witness higher growth rate due to surge in the demand for connectivity between mobile objects or objects spread out during the forecast period. In addition, based on application, market is segregated as manufacturing, energy, smart city, healthcare, agriculture, automotive & transportation, consumer electronics, retail, environmental monitoring and building automation. Energy segment is also expected to witness higher growth rate because of growth in adoption of smart meters & smart grids during the forecast period.
The cellular IoT market is driven by rise in demand for cellular connectivity in the automotive sector, followed by growth in demand for end-to-end security, surge in demand for extended network coverage and rise in capacity to accommodate large number of connected devices. However, lack of regulation for spectrum allocation and technology fragmentation may impact the market. Moreover, growth in adoption of smart technologies & distributed applications is a leading opportunity for market. Furthermore, developing common protocols & standards across the Internet-of-Things (IoT) platform is a major challenge for market.
By regional analysis, the North-America is the leading region in global cellular IoT market owing to greater penetration of next-generation LTE technologies, especially in the U.S. The Asia-Pacific and Europe regions are estimated to witness higher growth rate due to growth in adoption of smart meters & grids and rise in demand for cellular IoT in smart cities over the forecast period. It is projected that future of the global cellular IoT market will be bright on account of rise in demand of 5G cellular IoT in homeland security with surveillance during the forecast period.
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