According to the Markets and Markets forecast, the cellular IoT market is expected to grow from USD 1.26 billion in 2015 to USD 5.31 billion by 2022, at a CAGR of 23.34% between 2016 and 2022. The growing demand for low power consuming devices and rising demand for extended network coverage area drives the demand for cellular IoT technology. Moreover, growing demand for end–to–security also contribute to the growth of the market.

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This report segments the cellular IoT market based on offering, type, end-use application, and geography. On the basis of offering, the market has been divided into hardware and software. The hardware segment held the largest market in 2015. The advanced chipsets for cellular IoT consume less power and provide reliable and secure connection for various IoT applications. The advantages of these modules in comparison to other technologies such as LoRA, SigFox, and so on drive the demand for cellular connectivity in IoT applications. The cellular IoT market for software is expected to grow at the highest rate between 2016 and 2022. Network enhancement is one of the major factors driving the growth of software in market.

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On the basis of industry, energy held the largest market share in 2015. The increasing adoption of smart meters and smart grids drives the growth of cellular IoT modules in energy industry. However, building automation is expected to grow at the highest rate between 2016 and 2022. The demand for energy management, along with the increasing demand for green homes, drives the growth of building automation market

North America accounted for the largest share of the cellular IoT market. The U.S. is major contributor to the growth of market in North America. Investment from U.S. government towards implementation of IoT across various sectors such as building automation and utilities under programs such as “Smart America” is driving the North America market for cellular IoT. Deployment of smart city and smart infrastructure in countries such as China, Japan, and India contributes to the highest growth of Asia-Pacific region during the forecast period.

The major players in the cellular-IoT market are Qualcomm Inc. (U.S.), Gemalto N.V. (Netherlands), Sierra Wireless (Canada), U-Blox Holding AG (Switzerland), MediaTek Inc. (Taiwan), Telit Communications PLC (U.K.), ZTE Corporation (China), Mistbase (Sweden), Sequans Communications (France) and CommSolid GmbH (Germany).

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