According to Counterpoint Research, cellular internet of things (IoT) connections are expected to reach 6 billion by 2030, with a compound annual growth rate (CAGR) of 10.8%. Various sectors such as utilities, automotive, industrial, retail, and healthcare are expected to drive the growth of cellular connectivity in the upcoming decade. Counterpoint predicts that the adoption of cellular connectivity will reduce prices for cellular-connected devices and increase competition with alternative non-cellular connectivity technologies like LoRa, Sigfox, and Wi-SUN. Additionally, cellular IoT connections grew at 29% year-over-year to reach 2.7 billion in 2022, with China accounting for over two-thirds of the share. At the end of 2022, 4G and NB-IoT together accounted for nearly 90% of the installed base of cellular IoT connections. The research firm expects 5G-based applications to pick up as more 5G reduced capability (RedCap)-based solutions become available in the market.
Global Cellular IoT Connections Predicted to Reach 6 Billion by 2030
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