LTE IoT Market: Segmented by Service Type (Professional Services and Managed Services); by End user (Manufacturing, Healthcare, Energy and Utilities, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture and Others) and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
LTE IoT Market to surpass USD 5.23 billion by 2030 from USD 1.56 billion in 2020 at a CAGR of 29.8% in the coming years, i.e., 2021-30.
LTE IoT uses modern connectivity technology to connect billions of Internet-connected devices all around the world. 3G, 4G, 5G, and LPWA (Low Power Wide Area) cellular technologies including NB-IoT and LTE-M are among these sophisticated technologies. LTE IoT provides global coverage, dependable IoT device connectivity, and low-cost hardware for cellular IoT connections. Smart parking, smart cities, smart agriculture, industrial monitoring, smoke alarms, and other NB-IoT applications are just a few examples. LTE-M (LTE for Machine) is a sort of cellular IoT LPWA technology that uses a mobile operator's 4G LTE communications infrastructure. It's also known as Cat-M1 or eMTC (enhanced machine-type communication). Tracking systems, smartwatches and fitness bands, telematics, gas or water meters, pet tracking, and other LTE-M applications are just a few examples.
In the efforts to maintain intense competition environments, many vertical industries are concentrating more aggressively on technological changes to improve ultimate productivity and operational efficiency. 5G wireless technology has the potential to support notable vertical transformations by reducing overall cost and increasing profitability. Further emphasis will continue on enhancing energy monitoring and management as well as better access to the network for energy production and distribution over the projected timeframe.
Global LTE IoT market is segmented by End-user into Manufacturing, Healthcare, Energy and Utilities, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture, and Others. The manufacturing segment of the LTE IoT market is expected to have a larger market size during the forecast period, based on the end-user. With Industry 4.0 in full swing, 5G's high bandwidth, wireless versatility, and low-latency performance capabilities have accelerated the growth of intelligent factories of the future. Manufacturers are adopting digitalization to reduce costs and improve ROI, and LTE IoT ensures new process efficiencies and cutting-edge technical advances, resulting in increased profitability and shop floor productivity. Cyber-physical systems and the Internet of Things are projected to power Industry 4.0, which would necessitate the use of 5G networks. Future factories will be more effective, linked, and scalable as a result of this.
Global LTE IoT is divided by service type into Professional Services and Managed Services. Professional services are needed before, during, and after the deployment of LTE IoT technologies including LTE-M and NB-IoT. Planning, design, and implementation, advising, support and maintenance, and updates are all examples of these services. The professional services sector is expanding, with large corporations turning to players for consultation and implementation services. Professional services are particularly significant in the LTE IoT market because clients need to understand the feasibility of LTE IoT solutions. Consultants, security specialists, and dedicated project management teams specialize in the design and implementation of essential decision support software, tools, services, and knowledge for the companies offering these services.
Increased manufacturing demand and technology acceptance
By incorporating protection into the network architecture, increased demand for manufacturing and acceptance of this technology would not only provide stable networks, but also fantastic safe connections for Industrial IoT. Other factors driving market growth include an increase in demand for processing data collected through sensors, analyzing, and real-time monitoring of business operations and other activities across a variety of industrial sectors. Additionally, providing backing operations that need real-time access to data changes instantly, as well as increased demand for ultra-low latency from a variety of industries, are some of the factors driving the market growth.
Increased demand of IoT in the autonomous sector
As autonomous vehicles progress from testing to commercial deployment, demand for LTE IoT devices is expected to rise over the forecast period. At the same time, incumbents in the energy and utility industries are eager to embrace the latest technologies to simplify energy generation and distribution processes, which is expected to drive the demand for IoT devices that support next-generation frequencies in order to provide improved performance.
High investment costs as well as government regulations
The significant investment needed to develop a stable 5G network infrastructure could stymie the market. Furthermore, government regulations and other network connectivity-related issues could pose significant challenges to the market in the coming years.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global LTE IoT market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Global LTE IoT APAC held the largest market share in the year 2020. In terms of the implementation of emerging technology across various industries, the area is undergoing rapid transformation. The increasing deployment of 4G and 5G networks in APAC, especially in Japan, South Korea, Australia, Singapore, China, and India, presents huge opportunities for the implementation of LTE IoT services. Because of the region's large mobile subscriber base, businesses are becoming more innovative and concentrating on providing quality customer service.
|Market size value in 2021||USD 1.56 billion|
|Revenue forecast in 2030||USD 5.23 billion|
|Growth Rate||CAGR of 29.85 % from 2021 to 2030|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Network Type, End-User, and Region|
|Regional scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)|
|Key companies profiled||Airtel India, Vodafone Limited, China Mobile Limited, Nokia, Deutsche Telekom AG, SAMSUNG, Vodafone Limited, Intel Corporation, AT & T Intellectual Property, Cisco, KT Corp., Verizon Wireless, Other Prominent Players.|
The LTE IoT market size was estimated at USD 1.56 billion in 2021 and is expected to reach USD 5.23 billion by 2031
Key players Airtel India, Vodafone Limited, China Mobile Limited, Nokia, Deutsche Telekom AG, SAMSUNG, Vodafone Limited, Intel Corporation, AT & T Intellectual Property
Manufacturing segment are anticipated to hold the LTE IoT market
Increased manufacturing demand and technology acceptance and Increased demand of IoT in the autonomous sector
LTE IoT uses modern connectivity technology to connect billions of Internet-connected devices all around the world. 3G, 4G, 5G, and LPWA (Low Power Wide Area) cellular technologies including NB-IoT and LTE-M are among these sophisticated technologies. LTE IoT provides global coverage, dependable IoT device connectivity, and low-cost hardware for cellular IoT connections.
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