Cellular IoT Market is projected to grow from USD 3.9 billion in 2021 to USD 15.4 billion by 2027; it is expected to grow at a CAGR of 25.7%from 2021 to 2027.
The key factors fueling the growth of the market include the increasing deployment of cellular IoT modules in smart city infrastructure and building automation verticals, and growing demand for cellular IoT in agricultural automation and environmental monitoring. Additionally, increasing application of cellular IoT modules in medical wearables, and Increasing applications for cellular IoT modules in-vehicle telematics and fleet management is expected to create a growth opportunity for the cellular IoT market.
The hardware segment is projected to account for the largest share of the cellular IoT market during the forecast period.
Hardware components such cellular IoT modules and chipsets form the basis of the entire cellular IoT ecosystem. The increasing deployment of cellular IoT modules in wearables and connected healthcare devices as well as smart city infrastructure, and building automation projects is expected to fuel the growth of the hardware segment during the forecast period
The market for wearable devices segment is expected to grow at the highest CAGR during the forecast period
Increasing demand for medical wearables during the COVID-19 pandemic is expected to fuel the growth of the wearable devices segment during the forecast period.
APAC region is expected to grow at the highest CAGR during the forecast period.
China, Japan, India, and South Korea are the major countries contributing to the growth of the cellular IoT market in APAC. Rapid deployment of smart city projects and increased demand for connected health wearable devices during the COVID-19 pandemic are driving the growth of the regional market.