The growing internet connectivity with a huge number of devices and the need for unique and defined network qualities are fueling the growth of the LTE IoT market. LTE IoT is a technology that connects IoT devices, such as sensors and trackers to the internet by deploying them on a single network. It enables Low-Power Wide-Area Network (LPWAN) applications to communicate over long distances securely and reliably.
The global LTE IoT market size is expected to reach close to USD 3 billion by 2029 with an annualized growth rate of 28 % through the projected period.
The presence of fast growing nations, rising adoption of advanced technologies, and digital transformation initiatives are some of the major factors that are anticipated to fuel the growth of LTE IoT market. High licensing cost and lack of the ability to protect against new forms of attack is anticipated to hinder the growth of the market. However, companies are actively working on IoT in multiple vertical across the market ranging from healthcare to energy utilities and from automotive to robotics which is going to boost the growth of the market.
Rising adoption of telco-cloud, increasing data consumption, growing adoption of smart devices at a peak rate, and reduction in cost of IoT components with the growing wireless technology, like 5G and NB-IoT is expected to drive the overall growth of LTE IoT. In various vertical sectors, from agriculture to energy services and from aerospace to robotics, businesses are dynamically focusing on IoT usage cases and possibilities. It is expected that over the next five years, the industry will expand exponentially and that 3GPP innovations will account for much of the growth as they continue to evolve. Operational failure or lack of the ability to protect against new forms of attack is anticipated to hinder the growth of the market. However, with the advancements of LTE and development of IoT, the future market is very promising for better situational analysis and awareness.
Based on the technology segment, the market is bifurcated into two sub-segments that NB-IoT and LTE-M. The LTE-M is a technology standard for high throughput with low latency. Its aim is to minimize modem costs, reduce complexity and expand coverage, to facilitate data privacy and protection. NB-IoT is a standard based on low power wide area (LPWA). In the coming years, high demand for NB-IoT for improved coverage, improved network stability and security, quick rollout, and cost efficiency is expected to boost the global LTE IoT industry.
Based on the service segment, the market is bifurcated into professional services and managed services. Professional services segment is expected to hold a larger market size as compared to managed services during the forecast period. This can be attributed as professional services are required before and after implementation of LTE IoT technologies. These services include planning, design and implementation, consulting services, support and maintenance services, and upgrades. It also provides customers better understanding of feasibility.
Based on the end-user, the market is segmented into manufacturing, energy and utilities, transportation and logistics, healthcare, and agriculture. The manufacturing industry is expected to be the largest contributor to the LTE IoT market growth during the forecast period. This can be attributed to advancements in technologies, such as robotics and automated production lines. Many manufacturers are adopting IoT solutions, sensors, and IoT wireless connectivity platforms to their productivity, thereby transforming their operations into smart manufacturing. Increase. This provides flexibility and interoperability to the manufacturers.
The global LTE IoT market is a wide range to North America, Europe, APAC, South America, and the Middle East & Africa. Europe leads the LTE IoT industry, owing to the widespread acceptance of the LTE platform for business IoT applications. This region is leading in terms of LTE coverage area and has well-established presence of some of the prominent players. In addition, government efforts to implement such technology enable companies to focus on new emerging innovations. Countries such as Germany, UK, and France are the major contributors in this region.
The major players of the global LTE IoT market are Ericsson, Vodafone, Telstra, Sierra Wireless, PureSoftware, Sequans Communications, Orange, T-Mobile, Telus, and Qualcomm Technologies. The LTE IoT market consists of a few main players and is strongly concentrated. However, new entrants are increasing their market reach with the development of industrial IoT technologies across several end-user markets, thus extending their industry footprint across developing economies.
LTE IoT Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2027||USD 3 billion|
|Growth Rate||CAGR of 28% during 2021-2027|
|Segment Covered||By Technology, By Service, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Vodafone, Telstra, MediaTek, Sierra Wireless, Orange, T-Mobile, PureSoftware, and Actility.|
Key Segments of the Global LTE IoT Market
Technology Overview, 2018-2028 (USD Billion)
Services Overview, 2018-2028 (USD Billion)
- Professional Services
- Managed Services
End-User Industry Overview, 2018-2028 (USD Billion)
- Energy and Utilities
- Transportation and Logistics
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global LTE IoT market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global LTE IoT market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the LTE IoT industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on technology, services, and end-user. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global LTE IoT market. The report will benefit:
- Every stakeholder is involved in the LTE IoT market.
- Managers within the Tech companies looking to publish recent and forecasted statistics about the global LTE IoT market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global LTE IoT market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.