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“Critical need for smart network bandwidth management and communications operations is driving the Internet of Things (IoT) telecom services market”
The IoT telecom services market size is expected to grow USD 2.90 billion in 2016 to USD 17.67 billion by 2021, at a CAGR of 43.6% from 2016 to 2021. IoT telecom services provide enhanced connectivity solutions to numerous smart devices, using smart IoT sensors to connect them over a network so that they can communicate. IoT telecom services are instrumental in automating the business operations by leveraging the low-power, high range wireless technologies to reduce the cost of devices, and at the same time, improving the Return on Investment (ROI) of telecom service providers on infrastructural expenses. Major applications such as vehicle telematics, transportation, logistics tracking, traffic management, smart healthcare, and capillary networks management are contributing to the growth of the IoT telecom services market.
“Transportation, logistics tracking, and traffic management to gain maximum traction during the forecast period”
Application of IoT telecom services with regards to connected logistics allows the commercial clients and logistics providers to make quick adjustments, in case there is any delay in the shipment, changes in the location of shipment, and others. Telcos offer connectivity solutions to IoT enabled smart vehicles and trucks for location and tracking of assets and real-time management of logistics.
“Asia-Pacific (APAC) is projected to grow at the highest rate during the forecast period”
North America is expected to hold the largest market share during the forecast period. Due to stringent IoT regulations in place, IoT telecom service providers in this region, such as AT&T and Verizon, launched a number of innovative IoT telecom services to cater to various needs of the enterprises and their customers. The APAC market is expected to witness exponential growth and is projected to be the fastest-growing region for the IoT telecom services market. The region has a competitive advantage over other regions with many players providing local cost-efficient solutions, easy availability of trained labors, and flexible regulations & policies. The growing smart devices market and smart technology in this region is also promoting the growing adoption of IoT telecom services.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is as follows:
- By Company: Tier 1 – 30 %, Tier 2 – 40% and Tier 3 – 30%
- By Designation: C level – 72%, Director level – 14%, Others – 14%
- By Region: North America – 57%, Europe – 14%, APAC – 29%
The IoT telecom services ecosystem comprises the following major vendors:
1. AT&T, Inc. (U.S.)
2. Ericsson (Sweden)
3. Verizon Communications, Inc. (U.S.)
4. Huawei Technologies Co., Ltd. (China)
5. Deutsche Telekom AG (Germany)
6. Sprint Corporation (U.S.)
7. Swisscom AG (Switzerland)
8. Vodafone Group, Plc. (U.K.)
9. Aeris (U.S.)
10. China Mobile Ltd (China)
11. T-Mobile USA, Inc. (U.S)