The market is poised for robust growth as Internet of Things (IoT) continues to advance, generating substantial demand for data storage and transfer applications.
According to the latest SNS Insider report, the LTE IoT Market, valued at USD 2.97 billion in 2022, is projected to reach USD 23.23 billion by 2030. This represents a remarkable compound annual growth rate (CAGR) of 29.3% expected over the forecast period from 2023 to 2030.
Market Report Scope:
LTE IoT technology is set to experience significant growth in the coming years, driven by the rapid emergence of IoT and the escalating demand for data storage and transfer applications. Industries like manufacturing are undergoing a revolution, adopting IoT solutions and wireless connectivity platforms to enhance productivity, fostering the evolution of smart manufacturing. The LTE IoT market caters to various stakeholders, including private enterprises, technology consultants, IT and telecommunication enterprises, and more. The surge in demand for connected devices is propelling the LTE IoT market, driven by IoT-enabled manufacturing, telematics, professional services, navigation, and infotainment in transport.
Get a Sample Report of LTE IoT Market @ https://www.snsinsider.com/sample-request/1790
Major Key Players Included in the Report are:
- Ericsson
- NetNumber
- Vodafone
- Athonet
- Link Labs
- Telstra
- Sequans Communications
- Sierra Wireless
- MediaTek
- PureSoftware
- Others
Market Analysis
The LTE IoT market is poised for exponential growth, driven by the escalating demand for connected devices in diverse sectors. Industries, especially manufacturing, are undergoing a transformative phase with the adoption of IoT solutions, sensors, and wireless connectivity platforms. This shift towards smart manufacturing is enhancing productivity and operational efficiency. The market, segmented into NB-IoT and LTE-M technologies, is witnessing increased adoption due to their unique capabilities, such as high throughput, low latency, and cost efficiency. Europe leads in market adoption, with a robust LTE infrastructure and supportive government initiatives fostering innovation and widespread acceptance of LTE for IoT applications.
Segment Analysis:
In terms of technology, the market is segmented into NB-IoT and LTE-M. LTE-M, with its high throughput and low latency, is geared towards minimizing costs and complexity while expanding coverage. NB-IoT, based on low power wide area (LPWA), is anticipated to witness high demand due to improved coverage, network stability, security, quick rollout, and cost efficiency.
End-users of the LTE IoT market include manufacturing, energy and utilities, transportation and logistics, healthcare, and agriculture. The manufacturing sector is expected to lead the market growth, leveraging advancements in robotics and automated production lines.
Market Segmentation and Sub-Segmentation Included Are:
On The Basis of Technology
- NB-IoT
- LTE-M
On The Basis of Services
- Professional Services
- Managed Services
On The Basis of End-User Industry
- Manufacturing
- Energy and Utilities
- Transportation and Logistics
- Healthcare
- Agriculture
Key Regional Development:
Europe spearheads the LTE IoT industry, driven by the widespread acceptance of the LTE platform for business IoT applications. Notably, Germany, the UK, and France are major contributors due to robust LTE coverage and the presence of key players. Government initiatives further support the adoption of LTE technology, fostering innovation in the region.
Key Takeaways for LTE IoT Market Study:
- The LTE IoT market is set to surpass USD 23.23 billion by 2030, driven by escalating demand for connected devices.
- Manufacturing emerges as a key contributor to market growth, adopting IoT solutions for enhanced productivity and smart manufacturing.
- Europe leads in LTE IoT adoption, supported by widespread LTE coverage and government initiatives fostering innovation.
Recent Developments:
In June 2022, System Loco partnered with the Aeris Intelligent IoT network, ensuring dynamic and adaptable connectivity for global track and trace of smart pallets.
Table of Contents – Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- COVID-19 Impact Analysis
- Impact of Ukraine- Russia war
- Impact of ongoing Recession on Major Economies
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- LTE IoT Market Segmentation, by Technology
- LTE IoT Market Segmentation, by Services
- LTE IoT Market Segmentation, by End-User Industry
- Regional Analysis
- Company Profiles
- Competitive Landscape
- Conclusion