Global LTE IoT Market was valued US$ 1,024.80 Mn in 2019 and is expected to reach US$ 7,430.74 Mn by 2027, at a CAGR of 28.1 % by 2027.
Latest generation of IoT-optimized connectivity technology, LTE Cat. M1, follows Cat. 1 and takes network effectiveness and simplicity to an entire new level. Gemalto and Sequans are first to innovate Cat. M1 for the IoT market enabling reduced power consumption and cost through optimized wireless speeds at 375kbps while concurrently enhancing reliability and range for internal installations.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
The manufacturing industry is witnessing great revolution, because of developments in technologies, like robotics and automated production lines. Owing to the slight nature of manufacturing operations, manufacturers are implementing IoT solutions, sensors, and IoT wireless connectivity platforms to rise their productivity, so transforming their operations into smart manufacturing. Many software and solution providers are presenting industries smart manufacturing applications which include active and automatic analytics capabilities, making industrial manufacturing an intelligent and self-manageable environment. LTE technology is availed to launch stable connectivity among several devices in a factory for data transmission, to enable industries to challenge the issues related to predictive maintenance and autonomous production.
LTE IoT market includes several stakeholders, like private enterprises, technology consultants, technology service vendors, IT and telecommunication enterprises, and IT solution managed service providers. Demand side of the market is characterized by development of industries, like manufacturing, energy and utilities, transportation and logistics, healthcare, and agriculture. Market’s supply side is characterized by improvements in technologies and solutions for data and information security.
Europe is leading the LTE IoT market because of the extensive adoption of the LTE technology for enterprises’ IoT applications. Region is leading in terms of LTE IoT coverage area. Europe has a major contribution to the promotion of IoT telecom and associated services across the globe. Also, presence of telecom companies, like Orange, Vodafone, and Deutsche Telekom, are playing an important role in fetching innovations to the telecom industry. This empowers the region to adopt new technologies like LTE-M and NB-IoT. Additionally, government initiatives toward the adoption of such technologies are assisting the vendors work on new advanced technologies. European Commission and European Union member states are committed to emerging strategies to support experiments and the deployment of IoT telecom and similar services. Germany, UK, and France are top 3 contributors to the LTE IoT market in Europe.
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, would drive the overall growth of LTE IoT.
Companies are dynamically working on IoT use cases and opportunities in numerous vertical markets ranging from agriculture to energy utilities and from automotive to robotics. It is expected that the market will grow rapidly over the next five years and for 3GPP technologies to account for much of that growth as they continue to develop.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding LTE IoT market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in LTE IoT market.
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Scope of Global LTE IoT Market:
Global LTE IoT Market, by Technology:
Global LTE IoT Market, by Service:
• Professional Services
• Managed Services
Global LTE IoT Market, by Industry:
• Energy and Utilities
• Transportation and Logistics
Global LTE IoT Market, by Region:
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Key Players Operating Market Include:
• Sierra Wireless
• Sequans Communications
• Link Labs
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