The market for IoT in telecom services is expected to reach $254.2bn by 2031, according to a report published by Allied Market Research.

The global IoT in telecom services market was estimated at $17.4bn in 2021 and is expected to hit $254.2bn by 2031, registering a CAGR of 31.1% from 2022 to 2031.

By connectivity, the cellular technology segment held more than one-third of the global IoT in telecom services market revenue in 2021, and is expected to dominate by 2031. The NB-IoT segment, however, will have the fastest CAGR of 33.5% throughout the forecast period.

By network management, the network performance monitoring and optimisation segment held more than one-third of the global IoT in telecom services market share in 2021, and is expected to dominate by 2031. The network security management segment, on the other hand, will grow fastest at a CAGR of 32.7%.

By service type, the business consulting services segment contributed to nearly one-third of the global IoT in telecom services market share in 2021, and is projected to retain its dominance throughout the forecast period. The IoT billing and subscription management segment, on the other hand, will have the fastest CAGR at 33.7%.

By application, the smart building and home automation segment contributed to more than one-fifth of the global market revenue in 2021, and is projected to rule the roost throughout the forecast period. Simultaneously, the smart healthcare segment will have the fastest CAGR of 33.9% from 2022 to 2031.

Based on region, the market across North America generated more than one-third of the global IoT in telecom services market share in 2021, and is anticipated to retain the lion’s share by 2031. The Asia-Pacific region, on the other hand, will have the fastest CAGR of 35.0%.

Key market players analysed in the report include Sierra Wireless (now part of Semtech), Ericsson, T-Mobile, Orange, Vodafone, MediaTek, Telstra, Sequans Communications, Puresoftware and Telus. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures and others to highlight their prowess in the industry.