The number of cellular IoT subscribers is expected to see a CAGR of 15.5 per cent until 2027, according to Research & Markets.

The number of cellular IoT subscribers increased 27 per cent in 2022 to reach 2.7 billion by the end of the year, accounting for approximately 24 per cent of all mobile subscribers. This number is expected to reach 5.4 billion by the end of 2027.

During the same period, cellular IoT connectivity revenues are projected to grow at a CAGR of 14.6 per cent, from €10.8bn in 2022 to approximately €21.4bn in 2027, while the monthly ARPU is expected to drop to €0.35.

The report highlights China as the world’s largest market for cellular IoT connectivity services, accounting for about 70 per cent of the global installed base with 1.8 billion IoT connections at the end of 2022.

The Chinese government plays a significant role in driving IoT adoption in the country, actively endorsing large-scale IoT deployments to address various societal issues, including crime, fire safety, energy conservation and traffic management. In contrast, developments in North America and western Europe are mainly driven by commercial interests, with connected cars emerging as one of the strongest trends.

The report provides insights into the strategies of leading mobile operators worldwide, including China Mobile, China Telecom, China Unicom, Vodafone, AT&T and Verizon. Additionally, it covers the IoT managed service providers, including 1NCE, Airnity, EMnify, Eseye, Plintron and Quectel, who play a crucial role in connecting over 150 million cellular devices.

The report offers an overview of the cellular IoT communications ecosystem, covering technology trends, LPWA and satellite technologies, IoT networking platforms, and more. It also analyses the impact of 5G and low power wireless networking technologies on the IoT market.

The report presents detailed market forecasts and trends, providing a 360-degree overview of the global M2M and IoT communications market. It covers industry trends, geographic markets, vertical markets such as connected cars, smart metering and fleet management, and technology trends such as cellular, NB-IoT, redcap, private cellular and eSIM adoption.