Vehicle Telematics

Technavio: IoT market to grow at a CAGR of 23% from 2022 to 2027

NEW YORK, July 6, 2023 /PRNewswire/ — The cellular IoT market is set to grow by USD 8,073.13 million from 2022 to 2027, progressing at a CAGR of 23% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. Implementation of cellular IoT modules in smart city infrastructure and building automation is a key factor driving market growth. The battery-powered devices can connect to the internet more efficiently than previous 2G and 3G technologies due to advancements in NB-LTE-M, NB-IoT, and 5G. This provides various applications in smart cities, including smart parking, streetlights, smart street lighting, traffic sensing, waste management devices, and parking management devices. Furthermore, various pilot projects and public-private partnerships exist in North America and Eastern Europe. Hence, the increasing development of smart city infrastructure and building automation is expected to drive market growth during the forecast period.-Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and a forecast period (2023-2027). 

The report on the cellular IoT market provides a holistic update, market size and forecast, trends, growth drivers, challenges, and vendor analysis. 

The cellular IoT market covers the following areas:

Cellular IoT Market 2023-2027 – Market Dynamics

Major Trends

  • Growing applications in vehicle telematics and fleet management are a major trend shaping the market.
  • The applications enhance performance and connectivity while optimizing asset utilization and are extensively utilized in-vehicle telematics.
  • Furthermore, IoT and telematics solutions are being implemented to monitor equipment and on-road assets efficiently in vehicles like cranes and excavators.
  • Telematics solution providers are adding cellular IoT into their product offerings, simplifying data collection and analysis for fleet managers and original equipment manufacturers (OEMs).
  • Hence, these factors are expected to drive the market growth during the forecast period.

Significant Challenges

  • The increasing number of cyber-attacks is a major challenge hampering market growth.
  • Connectivity plays a key role in enabling cellular IoT functionality across numerous industries.
  • The increasing number of IoT devices connected to cellular networks is making it easier for cybercriminals to illegally take various information from cellular and IoT systems.
  • Cloud-based security is an important solution for ensuring the security of cellular IoT deployments.
  • For instance, surveillance or delivery drones rely on cloud-based IoT functionality and can process information independently but may transmit data to a cloud server.
  • Hence, these factors are expected to restrict the market growth during the forecast period.

Cellular IoT Market 2023-2027: Market Segmentation

The cellular IoT market component (hardware and software), Type (3G, 2G, 4G, and others), and Geography (North America, APAC, Europe, South America, and the Middle East and Africa.

·  The market share growth by the hardware segment will be significant during the forecast period. Hardware devices including sensors, actuators, gadgets, devices, and machines that are programmed for specific applications are getting popular and increasing in demand from various industries. These hardware devices provide real-time data from various devices and sensors. Furthermore, the high data transmission speed of 3G networks helps enterprises to use 3G connectivity M2M modules in various applications. Hence, these factors are expected to drive the segment growth during the forecast period.

This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report

Back to top button