New Report Predicts Cellular Market Growth, IIoT Asset Management Solutions Gain Ground
According to a new research report published by The Insight Partners titled “Cellular IoT Market – Global Analysis and Forecast to 2027,” the global cellular IoT market is expected to reach over $18 billion in 2027, with a CAGR of 22.6 percent during the forecast period 2019-2027.
The cellular IoT market has witnessed steady growth in the last couple of years globally, with increasing adoptions across industries including consumer electronics, retail, healthcare, and industrial. Today, the majority of the cellular IoT connections are enabled by either 2G or 3G connectivity technologies, with growth coming from 4G connectivity given advantages of lower latency, more bandwidth and support for a larger number of devices. As 5G rolls out, this will continue to shift, with LTE-M and NB-IoT also taking off.