Cellular IoT Market Size, Share and Trends forecast to 2027

Posted by Steve Stark on August 27th, 2021

The cellular IoT market is projected to grow from USD 3.9 billion in 2021 to USD 15.4 billion by 2027; it is expected to grow at a CAGR of 25.7%from 2021 to 2027.

The key factors fueling the growth of the market include the increasing deployment of cellular IoT modules in smart city infrastructure and building automation verticals, and growing demand for cellular IoT in agricultural automation and environmental monitoring. Additionally, increasing application of cellular IoT modules in medical wearables, and Increasing applications for cellular IoT modules in vehicle telematics and fleet management is expected to create a growth opportunity for the cellular IoT market.

COVID-19 impact on the Cellular IoT Market

The outbreak of the COVID-19 pandemic has significantly impacted the cellular IoT market. Various regions are still affected, and governments have been responding to this pandemic in their ways. As the COVID-19 pandemic continues to persist in North America and developing countries of Asia, the manufacturing and government sectors are facing immense challenges.

The hardware segment is projected to account for the largest share of the cellular IoT market by 2027

Hardware components such cellular IoT modules and chipsets form the basis of the entire cellular IoT ecosystem. The increasing deployment of cellular IoT modules in wearables and connected healthcare devices as well as smartcity infrastructure, and building automation projects is expected to fuel the growth of the hardware segment during by 2027

APAC region is expected to grow at the highest CAGR from 2021 to 2027

China, Japan, India, and South Korea are the major countries contributing to the growth of the cellular IoT market in APAC. Rapid deployment of smart city projects and increased demand for connected health wearable devices during the COVID-19 pandemic are driving the growth of the regional market.

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Key Market Players

The cellular IoT players have implemented various types of organic as well as inorganic growth strategies, such as new product launches, and acquisitions to strengthen their offerings in the market. The major players in the cellular IoT market are Quectel (China), Thales Group (France), Fibocom Wireless (China), Telit Communications (UK), u-blox Holding (Switzerland), Sierra Wireless(US).