LTE IoT Market Size (2024 - 2029)

LTE IoT Market Analysis

LTE IoT Market will register a CAGR of over 25.23% during the forecast period. The growth of connected devices and the need for unique and defined network qualities fuel the development of the LTE IoT market.

• The managed service provider offers customers comprehensive and cost-effective solutions, thereby delivering their expertise in handling various operating activities (including infrastructure management, security operations, and cloud operations) to clients, enabling them to launch multiple Machine-to-Machine (M2M) offerings.
• Due to the delicate nature of manufacturing operations, manufacturers are adopting IoT solutions, sensors, and wireless connectivity platforms to increase their productivity, transforming their operations into smart manufacturing.
• Many software and solution providers offer industries smart manufacturing applications that include proactive and automatic analytics capabilities, making industrial manufacturing an intelligent and self-manageable environment. The LTE technology is availed to establish stable connectivity among various devices in a factory for data transmission, to enable industries to tackle the issues related to predictive maintenance and autonomous production.
• However, the market observed highly region-specific challenges. The enterprises demanding to deploy an IoT project within the United States have to be based on the LTE-M network due to the predominant presence of LTE radios. LTE CAT M1 devices' presence in Asia, Africa, and Eastern Europe is because mobile network operators still use 3G connectivity. However, NB-IoT devices can be found in abundance across Asia, especially in China, due to the presence of low-cost device manufacturers.
• The spread of COVID-19 has impacted many sectors that are the main markets for LTE IoT technology. The construction sector is witnessing a slower growth rate due to COVID; many running projects need to be stalled or canceled. This stops the further installation of IoT devices, such as smart street lights, meters, and parking meters. Moreover, the pandemic also affected the consumer and retail market; the sales of smart devices and smart appliances declined. All these devices actively use NB-IoT Chipset.

LTE IoT Industry Segmentation

Companies are actively working on IoT along with its high growth opportunities in multiple verticals across the market, ranging from healthcare to energy utilities and from automotive to robotics. The size of the 3GPP ecosystem is projected to further drive the commercialization of IoT, with mobile operators, infrastructure suppliers, chipset and module manufacturers, device companies, and development and testing houses supporting new services. In turn, this pushes operators to provide broadband solutions on both mobile networks under the scope of LTE-M and NB-IoT, thereby defining and creating new bundle plans with the help of combined mobile and fixed services.

The LTE IoT Market is segmented by Service (Professional, Managed), Product Type (NB-IoT, LTE-M), End-user Industry (IT & Telecommunication, Consumer Electronics, Retail (Digital Ecommerce), Healthcare, Industrial), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.