LTE IoT Market is expected to register a healthy CAGR of over 28% during the forecast period (2020 - 2025). The growth of connected devices and the need for unique and defined network qualities are fueling the growth of the LTE IoT market.
- The managed service provider offers customers comprehensive and cost-effective solutions thereby delivering their expertise in managing various operating activities (including infrastructure management, security operations, and cloud operations) to clients, enabling them to launch various Machine-to-Machine (M2M) offerings.
- Due to the delicate nature of manufacturing operations, manufacturers are adopting IoT solutions, sensors, and IoT wireless connectivity platforms to increase their productivity, thereby transforming their operations into smart manufacturing.
- Many software and solution providers are offering industries smart manufacturing applications that include proactive and automatic analytics capabilities, making industrial manufacturing an intelligent and self-manageable environment. The LTE technology is availed to establish stable connectivity among various devices in a factory for data transmission, to enable industries to tackle the issues related to predictive maintenance and autonomous production.
Scope of the Report
Companies are actively working on IoT along with its high growth opportunities in multiple vertical across the market ranging from healthcare to energy utilities and from automotive to robotics. The size of the 3GPP ecosystem is projecetd to further drive commercialisation of IoT, with mobile operators, infrastructure suppliers, chipset and module manufacturers, device companies as well as development and testing houses supporting new services. In turn, this is pushing operators to provide broadband solutions on both mobile networks under the scope of LTE-M and NB-IoT thereby defining and creating new bundle plans by the help of combined mobile and fixed services.
Key Market Trends
Industrial Sector is Expected to Grow at a Significant Rate
- The IoT is transforming the way the approach of the organizations communicating and regulating their everyday businesses and industrial processes. Its widespread adoption across the industries has proven to be well suited for sectors that have to manage a large number of assets and coordinate complex and distributed operations.
- Due to the complexity and diversity of industrial requirements, there are numerous types of communication systems required. With new technologies in place, current warfare is now being referred to as network-centric warfare wherein a robustly networked architecture improves information sharing that enhanced the quality of information and shared situational awareness. Such an extended applications and servicability of the market type has helped it to creat a demand specific to market and end users need.
- Flexibility, interoperability, and longevity are key characteristics of networked communications for the LTE applications, that are helpeing to craete demand for the end users, to maintain close coordination within the team as well as across adjacent and higher operating units in industries. With the advancement in the LTE along with the development in IoT, the future of the market holds a lot of promise for enhanced situational awareness via voice, video, and data delivered not only limited to the emergency operations/dispatch of services but also to first responders in the field.
Europe holds a Significant Market Share
- Europe is gaining the LTE IoT market presence owing to the widespread adoption of the LTE technology for enterprises' IoT applications. The well-established presence of some of the prominent players across the region such as Telefonaktiebolaget LM Ericsson, Halberd Bastion Pty Ltd, u-blox AG among others is expected to further assit the regional market in the overall growth.
- The region is leading in terms of LTE IoT coverage area, with some of the ongoing development by the prominent players across the region, fueling the demand across the region. For instances, Huawei and Vodafone opened an open lab in Newbury, UK, for R&D of LTE IoT technologies and applications.
- European Commission and European Union member states are committed to developing strategies to support experiments and the deployment of IoT telecom and allied services. Various cellular operators are also set for the widespread deployment of LTE IoT in the UK and rest of Europe where, Germany, UK, and France are the top 3 contributors to the LTE IoT market in Europe. Further, several pre-commercial trials and plots have also been deployed by Mobile Network Operators (MNOs) across Europe.
The LTE IoT market is highly consolidated and consists of a few major players. In terms of market share, some of the major players currently dominate the market. However, with the advancement in the industrial IoT application across multiple end-user industries, new players are increasing their market presence thereby expanding their business footprint across the emerging economies.
- May 2019 - Sequans Communications S.A. announced the certification and commercial availability of Sequans’ SP150Q LTE Cat 1 module, designed to operate on Sprint’s Curiosity IoT dedicated core network and operating system engineered to generate immediate business intelligence from connected devices. Positioning Universal (PUI) is the first customer to adopt the module and has recently launched the FJ1000 automotive tracker.
- February 2018 - Cisco Jasper Control Center for NB-IoT made its first commercially available global NB-IoT platform. When used in conjunction with the Cisco Jasper Control Center IoT connectivity management platform, enterprises are expected to be able to manage both NB-IoT and cellular devices. NB-IoT (Narrow Band-IoT) is expected to drive the growth of IoT at a massive scale, increasing the number of connected devices.
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