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  • Cellular IoT Market Analysis | 2023-2029

    Cellular IoT Market Analysis | 2023-2029

    Cellular IoT Market Analysis | 2023-2029
    Report code - SR2352 Delivery - 2 Weeks
    Cellular IoT Market Size, Share, Trend, Forecast Analysis & Growth Opportuni See more...

    Market Insights

    The Cellular IoT Market was estimated at US$ 5.34 billion in 2022 and is expected to grow at an impressive CAGR of 24.7% during 2023-2029 to reach US$ 25.05 billion by 2029.

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    What is Cellular IoT?

    Cellular IoT refers to the use of cellular networks to enable connectivity and communication between devices and systems in the Internet of Things (IoT) ecosystem. It utilizes cellular technology, such as 4G LTE or 5G networks, to transmit data wirelessly between IoT devices and the cloud or other connected devices. Cellular IoT provides reliable, secure, and scalable connectivity, allowing devices to communicate over long distances and in areas with limited or no Wi-Fi coverage. It is widely adopted in various industries, including smart cities, agriculture, healthcare, and logistics, to enable seamless and efficient data exchange for IoT applications.

    Cellular IoT Market Report Overview

    Market Size in 2029

    USD 25.05 Billion

    Market Size in 2022

    USD 5.34 Billion

    Market Growth (2021-2026)


    Base Year of Study


    Trend Period


    Forecast Period


    Segments Covered

    By Component (Hardware, Software, Services), Technology (2G, 3G, 4G, LTE-M, NB-TE-M, NB-IoT, 5G)

    By Application (Wearable Devices, Smart Appliances, Smart Parking, Smart Metering, Surveillance and Monitoring, Smart Street Lights, Alarms and Detectors, Trackers)

    By Vertical (Smart Cities, Automotive and Transportation, Agriculture, Consumer Electronics, Building Automation, Healthcare, Energy and Utility, Industrial/Manufacturing, Retail)

    By Region (North America, Europe, Asia-Pacific, and the Rest of the World)

    Dominant Region

    Asia-Pacific is expected to be dominant throughout the forecast period.

    The use of cellular networks to transmit data allows for a higher degree of security and reliability compared to other connectivity options like Wi-Fi. The technology also provides broader coverage, making it possible to deploy IoT devices across large geographic areas. Additionally, the low power requirements of cellular IoT make it ideal for use in battery-powered devices, such as wearable devices, sensors, and trackers, which need to operate for long periods without recharging. The technology has been adopted across a wide range of industries, including agriculture, healthcare, transportation, and manufacturing. In the agriculture sector, for example, cellular IoT can be used to monitor soil moisture levels, temperature, and other environmental factors in real-time to optimize crop yields.

    Market Dynamics

    Driver: Growing deployment of cellular IoT modules in smart city projects and building automation applications

    The major verticals deploying cellular IoT modules are smart city infrastructure and building automation, with nearly 30% of the market's revenue generated from these sectors. Advanced cellular IoT technologies like NB-LTE-M, NB-IoT, and 5G offer an efficient and cost-effective solution for connecting battery-powered devices to the internet, providing better connectivity than 2G and 3G technologies.

    Cellular IoT has various applications in smart cities such as street lighting, traffic management, infrastructure monitoring, waste management, and parking management. Governments globally are emphasizing modern infrastructure improvements and implementing pilot projects, with North American and Eastern European governments providing incentives and establishing public-private partnerships.

    Restraint: Vulnerability to cyberattacks

    Cellular IoT devices and modules operate within a connectivity ecosystem. While they simplify various applications across major verticals, they are also susceptible to cyberattacks. With the growing number of IoT devices on cellular networks, cybercriminals are exploiting cellular and IoT vulnerabilities to launch more effective attacks. Many cellular IoT devices rely on cloud networks for proper functioning, making cloud security an essential part of cellular IoT security measures. An insecure cloud infrastructure can result in data theft or device hijacking. For example, a drone used for surveillance or delivery is a cloud-dependent IoT device that can process information such as navigation instructions and images locally but sends captured videos or logs to a cloud-based server. If the device is compromised, it can potentially put other devices and the entire network at risk unless the breach is quickly contained. Some common cyberattacks related to cellular IoT devices include battery drain attacks, data channel rerouting attacks, and Denial of Service (DoS) attacks.

    Opportunity: Growing applications for cellular IoT modules in-vehicle telematics and fleet management

    Vehicle telematics to improve performance and connectivity, which enhances an organization's assets, is one of the important emerging use cases of cellular IoT. Apart from highway vehicles, the implementing trend of telematics solutions in off-highway vehicles is anticipated to present high growth opportunities for cellular IoT solution vendors.

    In the case of off-highway vehicles, such as cranes and excavators, time is considered to be a crucial aspect with a limited number of skilled technicians. This creates the need for deploying IoT and telematics solutions to monitor both equipment and on-road assets. Thus, telematics solution vendors are implementing cellular IoT modules in their respective product offerings, which makes it easy for off-highway vehicle fleet managers and OEMs to collect and analyze data to understand heavy equipment usage trends and field-based problems.

    Challenge: Advancements in common protocols and standards across IoT platform

    Currently, in the technical market scenario, IoT does not seem to give an effective architectural solution or a universal standard to solve the interoperability problem. Therefore, there is an urgent need to make universal standards for cellular IoT to remove interoperability problems. Any universal standard looking to encompass such diverse IoT applications would need to be scalable.

    To achieve this, businesses, agencies, and developers need to make efforts to develop a universal standard consisting of all diverse IoT applications, devices, platforms, and software, which seems to be challenging to achieve in the next few years. The need for devices would vary according to their applications. For instance, low-power sensors are needed for security cameras and streaming video signals. The complexity of creating a unified set of standards is high in the case of IoT; therefore, organizations that make standards for wired and wireless IoT connectivity should come together to develop effective solutions.

    Segments Analysis

    By Component Type

    The hardware segment accounts for the largest share of the market over the forecast period.

    Hardware components such as cellular IoT modules and chipsets form the foundation of the complete cellular IoT ecosystem. The growing deployment of cellular IoT modules in wearables and connected healthcare devices, smart city infrastructure, and building automation projects are expected to boost the growth of the hardware segment over the forecast period.

    Regional Analysis

    Asia-Pacific region is expected to grow at the highest CAGR from 2023 to 2029. China, Japan, South Korea, and India are the major countries contributing to the growth of the cellular IoT market in the APAC region. Rapid deployment of smart city projects and growing demand for connected health wearable devices during the COVID-19 pandemic are boosting the growth of the regional market.

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    Key Players

    The major players operating in the global cellular IoT market are:

    • Altair Semiconductor
    • Analog Devices
    • AT&T
    • Fibocom Wireless
    • Gosuncnwelink Corporation
    • Intel
    • Mediatek
    • Murata Manufacturing
    • Nordic Semiconductor
    • Qorvo
    • Qualcomm
    • Quectel
    • Sequans Communication
    • Sierra Wireless
    • Telit Communications
    • Thales Group
    • U-Blox Holding
    • Unisoc Technologies

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    What deliverables will you get in this report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Cellular IoT Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com.

    Recent Developments

    • In October 2022, AT&T announced the launching of dozens of 5G edge zones across the US to deliver next-generation network services and enable startups to innovate on the new and faster cellular network.

    • In October 2022, Vodafone designed a Software-Defined Wide Area Network (SD-WAN) for McDonald’s 640 Italian restaurants using two types of network technology: 4G/5G and fiber.

    • In September 2022, AT&T announced its collaboration with Ford in bringing 5G connectivity to the 2023 Ford Super Duty. Ford Super Duty owners will be able to get a free trial of the AT&T Connected Car data plan and enjoy various entertainment experiences.

    Frequently Asked Questions (FAQs)

    The Cellular IoT Market is expected to grow at an impressive CAGR of 24.7% during 2023-2029.

    The Cellular IoT Market was estimated is expected to reach US$ 25.05 billion by 2029.

    The major players operating in the global Cellular IoT market are Thales Group, Quectel, Fibocom Wireless, Sierra Wireless, Telit Communications, U-Blox Holding, Mediatek, Qualcomm, Unisoc Technologies, Intel, Altair Semiconductor, Nordic Semiconductor, Murata Manufacturing, Analog Devices, Qorvo, AT&T, Sequans Communication, Gosuncnwelink Corporation.

    Asia Pacific region is expected to grow at the highest CAGR from 2022 to 2029. China, Japan, South Korea, and India are the major countries contributing to the growth of the cellular IoT market in the APAC region.

    The hardware segment to account for the largest share of the market over the forecast period.

    The study period of the market is 2017-2029.