- Cellular IoT connections and connectivity is a complex network, a method of connecting physical things such as sensors to the internet. Cellular IoT connections and connectivity is the mainstay of driving secure connections of different devices to the internet across different sectors. Cellular IoT connections and connectivity include many sub-categories of network technology such as 2G, 3G, LTE Cat.0, LTE Cat M, NB-IoT, 4G LTE, and LTE Advanced. At present, most cellular IoT applications use one of two technologies: LTE-M or NB-IoT.
- Cellular IoT connections and connectivity is a complete system of wearables, IoT devices, and sensors that use edge and cloud computing to create a connection.
- The global cellular IoT connections and connectivity market is projected to expand at a rapid pace during the forecast period, due to advancement in technologies across the globe.
Global Cellular IoT Connections and Connectivity Market: Key Drivers
- Surge in demand for extended network coverage among end-users is a major factor likely to accelerate the cellular IoT connections and connectivity market in the next few years.
- Rise in demand for better communication and interaction with the physical environment to accomplish a broad range of activities in a more efficient and informed manner across the globe is estimated to boost the growth of the cellular IoT connections and connectivity market during the forecast period.
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- Additionally, rise in adoption of cloud computing technologies among various sectors is projected to boost the demand for cellular IoT connections and connectivity across the globe.
- Rising demand for cellular IoT connectivity in the automotive sector is also expected to propel the cellular IoT connections and connectivity market during the forecast period.
- Increasing adoption of smart technologies, distributed applications, and advent of 5G is anticipated to boost the cellular IoT connections and connectivity market.
- Currenty, various sectors are focused on wireless technologies, which is expected to create new opportunities for the cellular IoT connection and connectivity market during the forecast period.
Global Cellular IoT Connections and Connectivity Market: Restraints
- Technology fragmentation and strong competition from low power wide area network (LPWAN) technologies is the major factor projected to hinder the global cellular IoT connections and connectivity market in the next few years.
- Lack of regulations for spectrum allocation is also anticipated to hamper the cellular IoT connections and connectivity market during the forecast period.
Impact of COVID-19 on the Global Cellular IoT Connections and Connectivity Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. Most manufacturing or production of goods have been temporarily suspended all over the world. Businesses have been adversely impacted in most countries due to partial or full lockdown. This in turn is projected to indirectly hamper the global cellular IoT connections and connectivity market in the next few years. Lack of industrial activity is expected to result in low cash flows, further hampering the funding of projects.
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North America to Hold a Major Share of the Global Cellular IoT Connections and Connectivity Market
- In terms of region, the global cellular IoT connections and connectivity market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global cellular IoT connections and connectivity market in 2019. The U.S. is the key market in the region due to the increasing adoption of cellular IoT connectivity in the automotive, transport & logistics, and wearable sector.
- The cellular IoT connections and connectivity market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to increasing number of smart city and smart infrastructure projects across China, Japan, and India in the region.
Global Cellular IoT Connections and Connectivity Market: Competition Landscape
Several local, regional, and global players are active in the cellular IoT connections and connectivity market with a strong presence. Rapid technological advancements have created significant opportunities in the global cellular IoT connections and connectivity market. Market players are increasingly focusing on collaboration, mergers, and acquisition activities with technology partners to develop innovative and advanced solutions in order to improve their offerings and market reach.
