Global Cellular Iot Connectivity Market Reached $15B In 2023, 5G Set To Drive Further Growth
IoT Analytics, Tuesday, July 16th, 2024
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.