The global cellular Internet of Things (IoT) market was valued at $1.15bn in 2017 and is expected to register a CAGR of 27% from 2018–26, according to a report by Persistence Market Research.
The major factors driving the escalated growth are the increasing demand for connected devices and the increasing implementation of advanced cellular technologies such as 5G, NB-IoT and LTE-M. Additionally, the launch of 3GPP-standards-based IoT networks and the increase in smart cities across the globe are the primary factors that are expected to boost the adoption of IoT-connected devices.
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The report, which covers IoT trends in regions such as North American, Latin America, Europe, China, South East Asia & others, also found that the revenue share from the cellular IoT market in North America and Europe is expected to account for more than 50% of the market revenue in 2018. During the forecast period, China is also projected to experience a high growth in the global market, registering a CAGR of over 29%.
"Cellular IoT offers advanced connectivity technologies that connect billions of IoT devices to the internet across the globe," said Persistence Market Research. "Cellular IoT offers global coverage, reliable connection of IoT devices, and low-cost hardware that is required for cellular IoT connections.”