Cellular IoT Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Component (Hardware, Software), By Type (2G, 3G, 4G, 5G, LTE-M, NB-LTE-M, NB-IoT), By End-User (Retail, Energy, Healthcare, Manufacturing, Consumer Electronics, Automotive & Transportation, Other), By Region, and By Competition, 2020-2030F

Market Overview

The Global Cellular IoT Market, valued at USD 5.10 Billion in 2024, is projected to experience a CAGR of 22.70% to reach USD 17.40 Billion by 2030. The Cellular Internet of Things (IoT) involves connecting physical devices to the internet utilizing cellular networks, including technologies such as 4G LTE, 5G, NB-IoT, and LTE-M, enabling robust data exchange and remote management. Key drivers supporting this market’s growth are the continuous advancements in cellular network capabilities, particularly the global rollout of 5G and specialized Low Power Wide Area solutions, which enhance connectivity speed, latency, and power efficiency. Furthermore, increasing industrial adoption across various sectors, coupled with a rising demand for real-time data collection and analytics to optimize operational efficiencies, significantly contributes to market expansion.

The market demonstrates considerable scaling, with global cellular IoT connections continuing to rise. According to the International Telecommunication Union, the number of cellular IoT connections reached 3.2 billion globally in 2024, representing a 28% increase from the prior year. Nevertheless, a notable challenge impeding further market expansion is the inherent complexity and substantial cost associated with deploying and maintaining cellular IoT infrastructure, encompassing both initial capital expenditure and ongoing operational expenditures.

Key Market Drivers

The evolution of 5G and Low Power Wide Area Network LPWAN technologies represents a critical catalyst for the Global Cellular IoT Market. Innovations such as 5G Reduced Capability RedCap are specifically designed to bridge the gap between high-speed mobile broadband and ultra-low-bandwidth IoT devices, offering enhanced power efficiency and reduced complexity. This technical progression enables a broader range of IoT applications that require balanced performance and cost structures, thereby accelerating wider deployment. According to GSMA Intelligence, October 2024, 'The Mobile Economy North America 2024', AT&T was the first US mobile operator to introduce 5G RedCap in June 2024, with commercial services becoming available in specific areas of the Dallas metropolitan area. Such commercial launches by major operators underscore the increasing maturity and practical applicability of these advanced cellular technologies for diverse IoT use cases.

The expanding adoption of IoT solutions across various industries constitutes another paramount driver for market growth. Sectors including manufacturing, logistics, and smart infrastructure are increasingly integrating cellular IoT to facilitate real-time data collection, remote asset monitoring, and operational automation. This widespread industry uptake is driven by the imperative to enhance efficiency, optimize resource allocation, and foster data-driven decision-making. According to GSMA Intelligence, March 2024, 'GSMA Intelligence Forecasts 5G to Dominate Mobile Connections by 2029', the enterprise segment accounted for 10.7 billion IoT connections, highlighting significant industrial integration. This robust demand for connected devices further propels the cellular IoT market forward. Overall, the Global Cellular IoT Market continues to demonstrate strong momentum; according to Ubisense, in 2025, cellular IoT connections experienced a 24% increase in 2023 compared to the prior year, outpacing overall IoT growth globally.

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Key Market Challenges

The inherent complexity and substantial cost of deploying and maintaining cellular IoT infrastructure represent a significant impediment to the global market's expansion. Both initial capital expenditure and ongoing operational expenditures create considerable financial burdens for enterprises looking to integrate cellular IoT solutions. This financial barrier limits widespread adoption, particularly for small and medium-sized businesses or organizations operating with tighter budgets, consequently slowing the overall pace of market penetration across various sectors.

The extensive investment required for network upgrades and new deployments directly impacts the scalability and accessibility of cellular IoT. According to GSMA Intelligence, mobile operator capital expenditure is projected to reach $1.5 trillion between 2023 and 2030, with a vast majority dedicated to the rollout and expansion of 5G and beyond, which underpins advanced cellular IoT capabilities. These substantial expenditures are passed down through the value chain, manifesting as higher costs for IoT modules, connectivity services, and ongoing network management, thereby reducing the return on investment for potential adopters. This deters new entrants and constrains the growth of existing deployments.

Key Market Trends

eSIM and iSIM integration for enhanced flexibility represents a pivotal trend for scaling cellular IoT deployments by addressing operational complexities. These technologies streamline device provisioning and management through remote SIM activation, eliminating the need for physical card swaps and simplifying global deployments. This reduces logistical overhead and enables dynamic connectivity changes, which is crucial for devices operating across diverse geographical locations or multiple network operators. According to the Trusted Connectivity Alliance in March 2025, eSIM shipment volumes reported by its members in 2024 exceeded half a billion units, growing 35% year-on-year to reach 503 million. This widespread adoption facilitates more adaptable and cost effective cellular IoT solutions.

The growth of satellite-based IoT connectivity expands cellular IoT reach significantly, enabling deployments in remote or previously unconnected regions. This trend opens new markets for applications in sectors like agriculture, maritime, and environmental monitoring, where terrestrial network coverage is limited. Integrating satellite capabilities provides ubiquitous coverage and enhances the resilience of connected devices in challenging environments. A notable indicator of this trend is that 91 individual telecoms operators had formed partnerships with satellite companies for service distribution, reflecting a strategic shift to extend network and revenue streams, as reported by GSMA Intelligence in its Q2 2024 Satellite and NTN tracker. This convergence is vital for ensuring continuous data exchange for mission critical IoT applications globally.

Segmental Insights

The Automotive & Transportation segment stands out as the fastest-growing sector within the Global Cellular IoT Market. This rapid expansion is primarily driven by the increasing demand for seamless connectivity in vehicles and across transportation infrastructure, enabling crucial applications such as real-time fleet management and predictive maintenance. Furthermore, the evolution of Advanced Driver-Assistance Systems (ADAS) and autonomous driving technologies necessitates robust cellular IoT for critical, low-latency communication and data exchange. Regulatory initiatives from governmental bodies, focusing on enhancing vehicle safety, reducing emissions, and ensuring secure data collection, further accelerate the adoption of cellular IoT solutions to meet compliance requirements and operational efficiency standards across the automotive ecosystem.

Regional Insights

Asia Pacific leads the Global Cellular IoT Market due to robust digitalization initiatives and extensive 5G network deployments across the region. Countries such as China, Japan, and South Korea have significantly invested in advanced connectivity infrastructure, enabling diverse IoT applications. Furthermore, strong governmental support for smart city initiatives and industrial automation projects, particularly in manufacturing and logistics sectors, drives widespread adoption. This concentrated focus on technological advancement and strategic implementation solidifies the region's market dominance.

Recent Developments

• In October 2025, Semtech Corporation and Skylo expanded their partnership to introduce an integrated device-to-cloud terrestrial and satellite IoT solution. This offering facilitates automatic switching between terrestrial and satellite networks, ensuring continuous connectivity for global IoT deployments. The solution incorporates Semtech's HL7810 LPWA module, supporting LTE-M, NB-IoT, and non-terrestrial network (NTN) connections, along with the Smart Connectivity Premium SIM. This development aims to simplify global IoT deployment by providing a comprehensive solution from a single provider, addressing challenges in asset tracking, agriculture, and remote utilities.

• In October 2025, Sateliot, a 5G IoT satellite telecommunications operator, and Nordic Semiconductor achieved a significant milestone by successfully conducting the first 5G IoT transmission from a Low Earth Orbit (LEO) satellite using a standard commercial cellular IoT device. This breakthrough validates full interoperability between terrestrial and satellite networks, allowing existing cellular IoT devices to connect to space-based networks without hardware modifications. The collaboration, which included Gatehouse Satcom, utilized Nordic Semiconductor's nRF9151 low-power cellular IoT module. This advancement paves the way for extended global IoT services in logistics, agriculture, and environmental monitoring, reaching areas beyond conventional terrestrial network coverage.

• In September 2024, u-blox, a global provider of positioning and wireless communication technologies, launched its SARA-S528NM10 module, the first combined 3GPP-compliant terrestrial network (TN) and non-terrestrial network (NTN) IoT module. Powered by the UBX-R52 cellular/satellite chipset and M10 GNSS platform, this product expands u-blox's cellular portfolio for the satellite IoT market based on the 3GPP Release 17 specification. This module offers global coverage with accurate, low-power, and concurrent positioning, addressing the escalating demand for guaranteed global reach in IoT applications such as asset tracking, industrial monitoring, and fleet management in remote or maritime environments.

• In April 2024, XL Axiata, a prominent Indonesian converged operator, partnered with Cisco to introduce its IoT Connectivity+ product. This new offering, powered by Cisco's IoT Control Center, provides a cloud-delivered connectivity management platform designed to help businesses in Indonesia scale their cellular IoT deployments more rapidly and securely. The collaboration focuses on delivering superior customer experiences and lays the groundwork for future IoT applications that leverage 5G connectivity. The initiative aims to address the complexities of managing large-scale IoT deployments by offering a unified architecture with artificial intelligence-powered anomaly detection and enterprise-grade security.

Key Market Players

• Commsolid GmbH
• Sequans Communications
• MediaTek Inc.
• ZTE Corporation
• U-Blox
• Texas Instruments Incorporated
• Qualcomm Technologies, Inc.
• Thales Group
• Semtech Corporation
• Telit Cinterion

Report Scope:

In this report, the Global Cellular IoT Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Cellular IoT Market, By Component:

o   Hardware

o   Software

• Cellular IoT Market, By Type:

o   2G

o   3G

o   4G

o   5G

o   LTE-M

o   NB-LTE-M

o   NB-IoT

• Cellular IoT Market, By End User:

o   Retail

o   Energy

o   Healthcare

o   Manufacturing

o   Consumer Electronics

o   Automotive & Transportation

o   Other

• Cellular IoT Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Cellular IoT Market.

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Global Cellular IoT Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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