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. 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.
This industry is expected to be dominated by many developments over the next eight years. In the forecast era, various vertical sectors, from agriculture to energy services and from aerospace to robotics, businesses are dynamically focusing on IoT usage cases and possibilities. The industry will expand exponentially and that 3GPP innovations will account for much of the growth as they continue to evolve.
As a result of the increasing application in, banking, financial services, and insurance, government and public sector, healthcare and life sciences, energy and utilities, it and telecom, education, manufacturing, legal, others, the demand for global LTE IoT market is substantially gaining. Moreover, digitalization of industries, rising internet penetration, and the use of mobile devices is increasing the revenue growth of the global market. Leveraging LTE IoT brings with it the necessary flexibility and scalability that is essential for driving business growth
High licensing cost and lack of the ability to protect against new forms of attack is anticipated to hinder the growth of the market. With the implementation of new platforms, the industry is also facing a lack of qualified. 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.
The global LTE IoT is segmented on the basis of component, deployment, organization size, and verticals. In terms of components, the LTE IoT market is bifurcated into solutions, and services. In terms of technology, service and end-user industry. The LTE IoT technology segment is bifurcated into 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). 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. 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.
The global market for LTE IoT has intense competition among well developed and new emerging players. Through investing in alliances, mergers, and acquisitions and expanding their markets, these industry leaders seek to achieve a strategic edge over the other participants.
Geographically, the global LTE IoT market is categorized into North America, Europe, South America, Asia Pacific, 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, 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.
Segment Overview of 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