By 2030, there will be over 6 billion cellular IoT connections globally.
According to a report by Counterpoint Research, global cellular Internet of Things (IoT) connections reached 2.7 billion in 2022, representing a 29% year-over-year increase. The report predicts that by 2030, these connections will grow at a compound annual growth rate (CAGR) of 10.8% and reach an installed base of over 6 billion.
The majority of cellular IoT connections were in China, followed by Europe and North America, and globally. The growth of the cellular IoT market has been driven by digital transformation initiatives in various industries, including smart meters, automobiles, and asset tracking. The report highlights that 4G Cat 1 bis technology has gained popularity over NB-IoT due to its superior performance, and as 5G technology becomes more affordable and available, it is expected to further drive IoT applications.
Cellular IoT connectivity has played a crucial role in increasing productivity, streamlining operations, reducing downtime, automating processes, and saving costs for industries. The COVID-19 pandemic has also accelerated digital transformation efforts, benefiting enterprise IoT players.
The report suggests that cellular connections in the coming decade will be driven by the digital transformation initiatives undertaken by enterprise IoT players, rather than consumer devices like smartphones and PCs.
