Mobile IoT market set to expand 27% by 2026

| July 24, 2018

By Rene Millman

The worldwide market for cellular Internet of Things (IoT) technologies will be worth $7.6 billion by 2026, according to a new forecast from analyst firm Persistence Market Research.

The report, Cellular IoT Market – Global Industry Analysis 2013-2017 and Forecast 2018-2026, says that the market was worth $1.145 billion in 2017 and should experience a compound annual growth rate (CAGR) of 26.7 per cent from 2018 to 2026.

Analysts said that increasing demand for connected devices across different verticals and the implementation of technologies such as 5G, NB-IoT, LTE-M, and others, are the major factors driving the growth of cellular IoT services.

For example, cellular IoT revenues from the energy sector are expected to grow at a CAGR rate of over 28 percent during the forecast period. Meanwhile, NB-IoT segment revenues are expected to increase at a CAGR of over 35 percent.

The launch of 3GPP-standards-based IoT networks and a worldwide increase in smart city projects are expected to boost overall cellular IoT growth, they added.

High cost of IoT infrastructure

However, the report says that the high cost of IoT infrastructure, along with legal, regulatory, and rights issues, will restrain the growth of cellular IoT services worldwide, especially in developing economies.

Despite that, analysts said that China is projected to show relatively high growth of 29 percent over the forecast period.

North America and Europe are jointly expected to account for over half (50.1 percent) of the global cellular IoT market revenue this year.

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