According to IoT Analytics, the global cellular IoT connectivity market reached a milestone, with mobile operators worldwide earning a combined $15 billion from 3.6 billion cellular IoT connections in 2023. This growth rate of 23% YoY exceeded that of IoT software companies and hyperscalers in the same year.
The consolidated market saw its top five mobile IoT network operators manage 83% of all global cellular IoT connections, and the top five by revenue receive 64% of the combined revenue.
Looking ahead, the advent of 5G and 5G Redcap technologies is set to further drive growth in the global cellular IoT market. These technologies are forecasted to push the market at a compound annual growth rate (CAGR) of 18% between 2024 and 2030
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KEY INSIGHTS
- Mobile operators worldwide earned a combined $15 billion from 3.6 billion cellular IoT connections in 2023– according to IoT Analytics’ Global Cellular IoT Connectivity Tracker & Forecast (updated June 2024) and IoT Mobile Operator Pricing & Market Report 2024–2030 (released July 2024).
- Mobile operators’ IoT revenue growth rate of 23% YoY exceeded that of IoT software companies and hyperscalers in 2023.
- Cellular IoT connections grew even while the shipments and revenue for cellular IoT modules declined globally in 2023.
- The top five mobile IoT network operators managed 83% of all global cellular IoT connections, while the top 5 by revenue received 64% of combined revenue.
- 5G and 5G Redcap are likely to drive the global cellular IoT market’s forecasted 18% CAGR between 2024 and 2030.
