Cellular Internet of Things establishes connection and communication through cellular devices by using the technology of Internet of Things. The global cellular IoT market is expected to rise at a CAGR of 23% during the forecast period 2016-2023. The major factor contributing to the growth of the global cellular IoT market during the forecast period is increasing demand for long range connectivity and fast speed communication. However, issues regarding quality of service and lack of regulation for spectrum allocation are the factors restraining the growth of the global cellular IoT market during the forecast period.
Geographically, North America held the largest market share in terms of revenue for cellular IoT market in 2016 and is expected to dominate the market during the forecast period. The dominance of the region is observed due to huge opportunity for cellular IoT devices connectivity because of IoT developments taking place in infrastructure and smart buildings in North America. However, Asia Pacific is expected to be the fastest growing region for cellular IoT market during the forecast period owing to investments by the countries such as China, India, South Korea and Japan for the implementation of cellular IoT services in the region.
The growth in global cellular IoTmarket is also influenced by the presence of major players such as Gemalto N.V. (Netherlands), Mediatek (Taiwan), Qualcomm (U.S.), u- blox holding (Switzerland), Sierra wireless (Canada), etc. Product launches, mergers & acquisitions etc. are some important strategies which are adopted by the major players of global cellular IoT market to gain competitive advantage.
The report on global cellular IoT market is segmented into offering, type and applications. Offering type is segmented into hardware and software, Type is segmented into 2G, 3G, 4G, 5G, LTE-M, NB-IoT and NB-LTE-M. 2G accounted for the largest market share in terms of revenue in 2016 and is expected to dominate the market during the forecast period. 2G is widely adopted in smart grid projects in countries such as China and Japan which contributes to the highest growth of the segment during the forecast period. Furthermore, the applications of the global cellular IoT market include agriculture, automotive and transportation, building automation, consumer electronics, energy, environmental monitoring, healthcare, manufacturing, retail and smart city. Building automation accounted for the largest market share in terms of revenue in 2016 and is expected to dominate the market during the forecast period owing to increasing demand for green homes and energy management.