According to a market report by Lucintel, the future of the global cellular IoT market looks promising with opportunities in the retail, energy, healthcare, manufacturing, consumer electronic, and automotive & transportation sectors. The global cellular IoT market is expected to reach an estimated $8.1 billion by 2028 with a CAGR of 14.5% from 2023 to 2028. The major drivers for this market are growing demand for IoT based cellular modules in smart cities and smart homes, increasing penetration of telematic solutions in highway and off-road vehicles, and widespread adoption of 5G network across the globe.

In this market, hardware and software are the major segments of global cellular IoT market by component. Lucintel forecasts that software is expected to witness higher growth over the forecast period due to growing demand for cloud and IoT based platform among enterprises to obtain the benefit of real-time monitoring, predictive analytics, and automated workflow.

Within this market, energy will remain the largest segment due to its substantial use in cellular technologies for applications, which requires large deployments and high-density endpoint connections.

Asia Pacific is expected to witness the highest growth over the forecast period due to increasing number of smart city projects, rising demand for connected wearable healthcare gadgets, and growing number of technologically advanced companies in the region.

Quectel, Thales Group, Fibocom Wireless, Telit Communications, u-blox Holding, Sierra Wireless, and Qualcomm are the major suppliers in the global cellular IoT market.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at helpdesk@lucintel.com