NEWSBYTE The worldwide market for cellular Internet of Things (IoT) technologies will be worth $7.6 billion by 2026, according to a new forecast from analyst firm Persistence Market Research.
The report, Cellular IoT Market – Global Industry Analysis 2013-2017 and Forecast 2018-2026, says that the market was worth $1.145 billion in 2017 and should experience a compound annual growth rate (CAGR) of 26.7 per cent from 2018 to 2026.
Analysts said that increasing demand for connected devices across different verticals and the implementation of technologies such as 5G, NB-IoT, LTE-M, and others, are the major factors driving the growth of cellular IoT services.
For example, cellular IoT revenues from the energy sector are expected to grow at a CAGR rate of over 28 percent during the forecast period. Meanwhile, NB-IoT segment revenues are expected to increase at a CAGR of over 35 percent.
The launch of 3GPP-standards-based IoT networks and a worldwide increase in smart city projects are expected to boost overall cellular IoT growth, they added.
High cost of IoT infrastructure
However, the report says that the high cost of IoT infrastructure, along with legal, regulatory, and rights issues, will restrain the growth of cellular IoT services worldwide, especially in developing economies.
Despite that, analysts said that China is projected to show relatively high growth of 29 percent over the forecast period.
North America and Europe are jointly expected to account for over half (50.1 percent) of the global cellular IoT market revenue this year.
Internet of Business says
Here are some of our recent reports on these areas:
- Read more: Ericsson launches pilot NB-IoT network in Moscow
- Read more: AT&T to launch NB-IoT network in US and Mexico
- Read more: Vodafone, Deutsche Telekom complete Europe’s first NB-IoT roaming trial
- Read more: NB-IoT will win because China supports it | Analysis
- Read more: Vodafone teams up with China Mobile to drive global IoT expansion
- Read more: Juniper Networks launches routing platform for 5G and IoT
- Read more: Nokia moves forward with new 5G and 4G IoT trials