CELLULAR IOT MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Cellular Internet of Things (IoT) Market Analysis:

The Cellular IoT Market is projected to experience significant growth, with its size expected to increase from USD 5.02 billion in 2023 to USD 14.26 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 23.21% during the forecast period (2023–2028).

Several key factors are anticipated to drive the global growth of cellular IoT. These include the presence of rapidly developing nations, the increasing adoption of advanced technologies, and the growing number of connected devices.

The global cellular IoT market is expected to be propelled by the rise in digitalization and automation across various industries, such as manufacturing, automotive, and energy & utilities. Additionally, businesses worldwide are seeking extended network coverage, expanding beyond mobile broadband, and accommodating a large number of connected devices, which are all contributing to the growth of the cellular IoT market.

Cellular IoT market players are expected to benefit from the growing adoption of IoT in the automotive industry, the commercialization of 5G, and the emergence of Narrowband Internet of Things (NB-IoT) and Long Term Evolution for Machines (LTE-M).

Furthermore, the global cellular IoT market is being driven by the increasing demand for end-to-end security, including device-level solid access and authentication, encrypted data transport, and other security measures. Cellular IoT solutions offer a robust infrastructure that helps businesses minimize risk and maximize uptime.

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