Market Trends of Cellular IoT Industry
Increasing demand of cellular Iot for C-V2X in automotive sector to Drive The Market
Cellular Vehicle-to-Everything (C-V2X) in the automotive sector is growing due to increased demand for safe and dependable road transportation, rising adoption of autonomous vehicles, and rising adoption of vehicle telematics by logistics and transportation companies. The increasing demand for highly reliable, real-time communication at high speeds and in high-density traffic and leveraging the comprehensive coverage of secure and well-established LTE networks are driving demand for C-V2X cellular IoT. The advancements in 5G technology would enable the applications of 5G-V2X, which is expected to offer better cybersecurity performance and handle many messages in congested traffic environments. Another factor driving the cellular IoT segment is the cost of hardware components.
For instance, in the previous year, Verizon and Nissan completed a proof-of-concept project demonstrating the powerful synergy of edge computing over 5G and C-V2X. (Cellular Vehicle-to-Everything). For the experiment, data collected from roadside infrastructure and onboard vehicle sensors were analyzed at the Verizon network's edge. Following processing, the data was quickly transmitted back to the vehicles for urgent driver notifications.
Asia-Pacific To Register Highest Market Growth
Asia-Pacific is anticipated to be the fastest-growing market of cellular IoT due to countries such as China and India having a large pool of semiconductor dealers. Furthermore, the growing influx of technology companies in the region and increased investment in IoT technology are expected to accelerate market growth.
Governments in Asian countries such as India are also interested in the cellular IOT market and are launching numerous smart infrastructure projects. Governments in India, Japan, China, Korea, Malaysia, and Singapore have promoted national cellular IoT strategies, which are expected to boost the growth of the cellular IoT market in these countries.
The growing use of smart meters and grids fuels the expansion of cellular IoT modules in the region's energy industry. Furthermore, the expansion of energy management, combined with rising demand for green homes, drives overall demand for the building automation market, resulting in high demand for cellular IoT deployment.
For APAC enterprises, key strategic IoT drivers are cost and efficiency, with data/network security and ongoing costs posing major challenges. Global cloud and IT vendors are emerging as leading IoT providers in APAC, adding fuel to the region's market.
While data/network security and ongoing expenditures are the primary concerns, cost and efficiency are the key strategic IoT drivers for APAC businesses. Spending on enterprise IoT is also relatively low in APAC. International cloud and IT vendors are quickly becoming the top IoT providers in APAC due to their best-in-class technology and integration capabilities.
