LTE IoT Market Global Trends, Market Share, Industry Size, Growth, OpportunitiesPosted by diwanji a on September 29th, 2019
Global LTE IoT Market is anticipated to value over USD 3 billion by 2026 end and grow at a CAGR of over 28% during the forecast period 2019 to 2026.
Rapid demand for managed services has boosted the growth of the market. Managed services perform various functions as security operations and infrastructure management. It provides cost-effective machine-to-machine solutions. A rise in smart city projects is also fueling the growth of the market. The rise in NB-IoT application in the automotive sector had a positive influence on the market.
However, the licensing costs of LTE IoT are expensive which will diminish the growth of the market. Also, difficulties in installation may restrain the growth of the market.
Europe holds the majority of the share of the market, as it vastly utilizes IoT technology. It is home to some prominent players of the market. With government favouring new technology innovations, the market has witnessed escalated growth. Furthermore, the European Union is supporting technological advancements related to IoT. North America comes after Europe as US has witnessed increased adoption of cloud services and IoT. Favourable government policies for smart city project in India and China have led to more opportunistic space in the coming years in Asia and Pacific region.
Some major players include Orange, Deutsche Telekom, Vodafone, Sierra Wireless, T-Mobile, Athonet, Telensa, Orange, Telstra and PureSoftware.
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