According to a new report, published by KBV research, The Global Cellular IoT Market size is expected to reach $32.56 billion by 2031, rising at a market growth of 25.1% CAGR during the forecast period.
Cellular IoT enables real-time data collection from connected devices, which can be processed and analyzed to derive actionable insights. This is particularly useful for applications that require immediate responses, such as predictive maintenance in manufacturing, environmental monitoring in smart cities, or supply chain optimization in retail. Cellular IoT is widely used in asset tracking, enabling businesses to monitor valuable assets' location, status, and condition, such as equipment, inventory, or containers.
The Automotive & Transportation segment is experiencing a CAGR of 21.9 % during the forecast period. The automotive and transportation industry is transforming digitally, with IoT solutions enabling features such as connected vehicles, fleet management, real-time tracking, and vehicle diagnostics. The rise of autonomous vehicles, smart transportation systems, and advanced driver-assistance systems (ADAS) has fueled the demand for reliable cellular IoT technologies.
The Hardware segment led the maximum revenue in the Global Cellular IoT Market by Component in 2023, thereby, achieving a market value of $18.1 billion by 2031. The hardware components include cellular modules, sensors, devices, and connectivity equipment for enabling communication and data exchange in IoT systems. The rapid adoption of IoT applications across industries like automotive, healthcare, manufacturing, and agriculture has driven demand for advanced hardware solutions.
The 4G segment is growing at a CAGR of 24.1 % during the forecast period. 4G technology provides the bandwidth and low latency required for the efficient operation of various IoT applications, including smart cities, transportation, and industrial automation. Its widespread adoption and compatibility with existing infrastructure have made it the preferred choice for many IoT deployments. The extensive 4G coverage and robust network performance have been instrumental in supporting the growth of the cellular IoT market across industries and regions.
Full Report: https://www.kbvresearch.com/cellular-iot-market/
The Europe region dominated the Global Cellular IoT Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $10.6 billion by 2031. The North America region is anticipated to grow at a CAGR of 24.9% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 25.7% during (2024 - 2031).
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