LTE IoT Market Increasing at A Phenomenal Pace to Reach USD 49.37 Billion By 2032

According to the report, the global LTE IoT market size was valued at approximately USD 20.43 billion in 2023 and is predicted to reach around USD 49.37 billion by the end of 2032, expanding at a CAGR of around 10.3% from 2024 to 2032.

This review is based on a report by Zion Market Research, titled “LTE IoT Market By Technology (NB-IoT and LTE-M), By Service (Professional Services and Managed Services), By Industry (Manufacturing, Energy and Utilities, Transportation and Logistics, Healthcare, and Agriculture), and By Region: Global Industry Perspective, Comprehensive Analysis and Forecast, 2024 - 2032”

BYOD and advancements in technology driving the market

Increased M2M communications are propelling the connected devices market forward, particularly in the industrial sector. Furthermore, industry trends such as the Internet of Things (IoT) have made connectivity possible in almost every industry, including healthcare, consumer electronics, and retail. Sensors are required for smart devices to generate real-time data. The lower cost of these sensors has resulted in a significant increase in IoT adoption across businesses.

Furthermore, smooth communications through better connectivity, low power requirements, and a growing preference for a smarter and greener planet are all driving the increased adoption of IoT. The deployment of M2M/IoT devices such as smart meters, smart streetlights, livestock monitoring devices, and smart parking solutions is expected to be driven by the rising demand for connected devices for long-range connectivity.

Presence of Big Players in the Region Support Europe Dominance

The widespread adoption of LTE technology for enterprise IoT applications has propelled Europe to the forefront of the LTE IoT market. In terms of LTE IoT coverage, the region is on top. Europe claims credit for coining the term "Internet of Things" and for making a significant contribution to the global promotion of IoT telecom and related services. The European Commission and member states of the European Union are working on strategies to support experiments and the deployment of IoT telecom and related services.

Germany, the United Kingdom, and France are the top three contributors to Europe's LTE IoT market. The overall growth of LTE IoT would be driven by the rising adoption of telco cloud, growing data consumption, and increasing adoption of smart devices at a peak The Global LTE IoT market is segmented as follows:

Browse the full “LTE IoT Market By Technology (NB-IoT and LTE-M), By Service (Professional Services and Managed Services), By Industry (Manufacturing, Energy and Utilities, Transportation and Logistics, Healthcare, and Agriculture), and By Region: Global Industry Perspective, Comprehensive Analysis and Forecast, 2024 - 2032” Report at https://www.zionmarketresearch.com/report/lte-iot-market

Some of key players in LTE IoT market are Ericsson (Sweden), Vodafone (UK), Telstra (Australia), Sierra Wireless (Canada), PureSoftware (India), Sequans Communications (France), Orange (France), T-Mobile (US), Telus (US), MediaTek (Sweden), Athonet (Italy), NetNumber (US), Telensa (UK), Actility (France), and Link Labs (US), among others.  These players are set to bolster the development of the global LTE IoT market.

By Technology

• NB-IoT
• LTE-M

By Service

• Professional Services
• Managed Services

By Industry

• Manufacturing
• Energy and Utilities
• Transportation and Logistics
• Healthcare
• Agriculture

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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