The cellular IoT market was valued at USD 3.9 billion in 2021 and is projected to reach USD 15.4 billion by 2027; it is expected to grow at a CAGR of 25.7% from 2021 to 2027.
The growth of the cellular IoT market is driven by the increasing deployment of cellular IoT modules in smart city infrastructure and building automation verticals, and growing demand for cellular IoT in agricultural automation and environmental monitoring.
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Hardware components such cellular IoT modules and chipsets form the basis of the entire cellular IoT ecosystem. The hardware segment of cellular IoT market is expected the biggest market share during the forecast period. The increasing deployment of cellular IoT modules in wearables and connected healthcare devices as well as smartcity infrastructure, and building automation projects is expected to fuel the growth of the hardware segment during the forecast period
The wearable devices segment of the cellular IoT market to grow at the highest CAGR during the forecast period. Increasing demand for medical wearables during the COVID-19 pandemic is expected to fuel the growth of the wearable devices segment during the forecast period.
APAC region is expected to grow at the highest CAGR for the cellular IoT market during the forecast period. China, Japan, India, and South Korea are the major countries contributing to the growth of the cellular IoT market in APAC. Rapid deployment of smart city projects and increased demand for connected health wearable devices during the COVID-19 pandemic are driving the growth of the regional market.
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