Which partnership strategies will help your teams leverage new opportunities in cellular Internet of Things (IoT) connectivity to bridge industry growth gaps?
Revealed: Growth Potential of Cellular IoT Connectivity
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Frost & Sullivan finds that the global cellular IoT ecosystem will grow from $8.3 billion in 2022 to $15.6 billion in 2028, expanding at a CAGR of 9%.
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Applications like connected cars, fleet management, and logistics are poised to drive the fastest growth in cellular IoT, followed by manufacturing, patient monitoring, and smart cities.
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In 2022, Narrowband-IoT (NB-IoT) became the fastest-growing technology in China, while LTE-M applications accelerated growth in North America.
The global cellular IoT connectivity industry is evolving fast, driven by growing 4G/5G adoption and disruptive technologies. This is intensifying the pressure on operators to nurture collaborative ecosystems with cloud providers, system integrators, and hardware manufacturers, developing innovative solutions with 5G RedCap and terrestrial/non-terrestrial networks (NTNs). Now, as more enterprises embrace cellular IoT, providers are being challenged to implement future-proof growth strategies that help thwart barriers like chipset/semiconductor shortages, eroding average revenue per unit (ARPU), and competition from low-cost connectivity technologies like LoRaWAN®, Sigfox, Wi-SUN, and Wi-Fi.
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Disruptive Technologies
The proliferation of low-power wide-area network (LPWAN) technologies like LTE-M, and NB-IoT, as well as 5G technology, is pushing IoT providers to modernize connectivity services and deliver a wide range of innovative applications ranging from massive IoT to critical IoT.
Innovative Business Models
Multi-access edge computing (MEC) and 5G are transforming bandwidth-hungry, latency-sensitive applications, casting the limelight on business models like cellular vehicle-to-everything (C-V2X). Now, key applications in industrial automation, telehealth, and augmented reality (AR)/virtual reality (VR) are poised to drive growth.
Industry Convergence
Telcos find themselves confronted with the pressure of forging strategic partnerships with hardware manufacturers, cloud providers, and IoT companies to hasten the testing of 5G RedCap solutions, integrate eSIM in IoT, and maximize the adoption of 5G amid rising competitive intensity.
How will you ensure that your organization’s growth strategies align with best practices in the cellular IoT connectivity ecosystem?
Harnessing decentralized, at-source computing, private 5G, Wi-Fi 6 networks, network slicing, and next-generation, on-premises hardware to develop collaborative machines and robots that dynamically interact with each other through smart network orchestration.
Leveraging collaborations with cloud providers, computer vision specialists, and artificial intelligence (AI)/machine learning (ML) companies to enable new IoT applications in mission-critical workflows.
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