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Cellular IoT Market to Reach $5.31 Billion by 2022
February 7, 2017 | Business WireEstimated reading time: Less than a minute
The cellular IoT market is expected to grow from USD 1.26 billion in 2015 to USD 5.31 billion by 2022, at a CAGR of 23.34% during the forecast period.
Rising demand for extended network coverage and capacity to accommodate large number of connected devices are expected to drive the market for cellular IoT. However, technology fragmentation and lack of regulation for spectrum allocation is expected to re-script the growth of this market.
The demand for long-range communications owing to the increase in demand for connectivity between mobile objects or objects spread out across a wide area drives the growth of NB-IoT market. Moreover, NB-IoT offers low power utilization and extended coverage in comparison to existing technologies such as LoRa and SigFox and is therefore expected to be widely adopted by several industries.
Cellular technologies are now being deployed in smart meter and smart grid for point-to-point communication with individual meters. Moreover, when utility companies opt for cellular communications, they can rely on the mobile operator to provide the network instead of bearing the cost of deploying, operating, and maintaining the entire communications infrastructure themselves. By outsourcing it to mobile operators, companies can reduce both installation costs and implementation time for their smart metering projects.
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