PUNE, India, January 26, 2017 /PRNewswire/ --
According to the new market research report "Cellular IoT Market by Offering (Hardware and Software), Type (2G, 3G, 4G, LTE-M, NB-LTE-M, NB-IoT, and 5G), End-Use Application (Automotive & Transportation, Energy, Manufacturing, Retail, Building Automation and Smart City) & Geography - Global Forecast to 2022", published by MarketsandMarkets, 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% during the forecast period.
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Browse 68 market data Tables and 68 Figures spread through 161 Pages and in-depth TOC on "Cellular IoT Market".
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Rising demand for extended network coverage and capacity to accommodate large number of connected devices are expected to drive the market for cellular IoT. Moreover, increasing demand for end-to-security between network connected devices also contributes to the growth of cellular IoT market.
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2G market to hold the largest share of the cellular IoT market
2G is widely adopted for IoT applications because of low cost of chipset and majority of connected devices in massive IoT require low data transfer rate which makes 2G an ideal connectivity technology in comparison to 3G, 4G and others. With growth in smart grid projects in countries such as China, Japan and South Korea, adoption of 2G is expected to be higher, especially in smart meters, which is expected to drive the 2G market.
Building automation expected to grow at the highest rate in between 2016 and 2022
The demand for energy management, along with the increasing demand for green homes drives the growth of the building automation market. Moreover, low power consumption is an important factor that drives the growth adoption of cellular IoT modules for building automation. Also, smart city projects in North America and Asia-Pacific regions are expected to drive building automation market.
North America to hold the major market share for cellular IoT market during the forecast period
North America, which comprises the U.S., Mexico, and Canada, dominates the cellular IoT market on a global level. North America presents a huge opportunity for cellular IoT connectivity considering the IoT developments taking place in infrastructure, smart building, utilities, agriculture, and transportation. The U.S. government has been investing significant amounts toward the implementation of IoT across various sectors such as infrastructure and utilities under programs such as Smart America. The Smart America Project exhibits the manner in which IoT can improve transportation, emergency services, healthcare, security, energy conservation, and manufacturing. This is expected to bring huge opportunity for cellular IoT in North America.
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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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