Northbrook, IL 60062 -- (SBWire) -- 10/09/2023 --The global IoT MVNO Market size is projected to grow from USD 2.9 billion in 2023 to USD 6.8 billion by 2028, at a CAGR of 18.2% during the forecast period, according to research report by MarketsandMarkets™. Due to the rise in the number of devices connected to the internet, increasing demand for connectivity solutions specifically designed for IoT has been noticed in the market ecosystem. IoT MVNOs offer specialized services and connectivity plans as solutions tailored to meet the need of IoT devices.
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The service operator segment is expected to grow at the highest CAGR during the forecast period
The growth of the IoT market is being driven by a number of factors, including the increasing adoption of IoT devices, the growing need for data-driven insights, the need for flexibility and scalability, and the need for security. Service operators are well-positioned to meet this demand and are expected to play a key role in the growth of the IoT MVNO market. The service operator segment in the IoT MVNO market is expected to grow at a double-digit CAGR from 2023 to 2028
The transportation and logistics segment is expected to account for the largest market size during the forecast period
The transportation and logistics industry is one of the fastest and largest-growing sectors in the global economy. The industry is responsible for the movement of goods and people around the world, playing a crucial role in the global supply chain. IoT devices are being used to track the movement of goods throughout the supply chain. This data can be used to improve efficiency, reduce costs, and improve customer service. IoT devices are being used to monitor the condition of assets, such as trucks and trailers. This data can be used to prevent breakdowns and improve maintenance.
Based on region, North America is expected to dominate the market during the forecast period
North America is expected to dominate the IoT MVNO market in the coming years. The US government has been a strong supporter of IoT, which has helped create a favorable environment for the growth of the IoT MVNO market in North America. There has been a high level of investment in IoT in North America, which has helped drive the development of new IoT technologies and solutions. North America has a mature telecommunications infrastructure, which provides a solid foundation for the deployment of IoT solutions. Overall, the IoT MVNO market in North America is expected to grow in the coming years, driven by several factors, including the increasing adoption of IoT devices, the growing need for data-driven insights, flexibility and scalability, and the need for security.
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Market Players
The major players in the IoT MVNO market are KDDI (Japan), KORE Wireless (US), Sierra Wireless (Canada), Twilio (US), Asahi Net (Japan), Telit (US), BICS (Belgium), Lycamobile (UK), Wireless Logic (UK), Truphone (UK), Aeris Communications (US), Cubic Telecom (Ireland), Hologram (US), 1NCE (Germany), 1OT (Estonia), Soracom (Japan), Onomondo (Denmark), etc. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and enhancements, and acquisitions to expand their footprint in the IoT MVNO market.
Key Dynamic Factors For IoT MVNO Market:
Diversity and Proliferation of IoT Devices: To support a wide range of devices, from sensors to industrial machinery, IoT MVNOs must adapt and offer specialised connection options.
Technology Developments and the Rollout of 5G:
IoT connection is significantly impacted by the deployment of 5G networks and subsequent technical breakthroughs. To provide improved services like low latency, high bandwidth, and dependable connections, IoT MVNOs must keep up with emerging advancements.
Regulatory Environment and Compliance:
The regulatory landscape surrounding IoT and telecommunications affects the operation of IoT MVNOs. Compliance with regulations related to data privacy, security, and spectrum allocation is critical for success and market expansion.
Data security and privacy issues: Because IoT data is sensitive, it is crucial to implement strong security and privacy safeguards. Concerns about data breaches, secure data transmission, and adherence to industry standards for data protection must be addressed by IoT MVNOs.
Business Models and Monetization Techniques: It's critical to create profitable business models and monetization techniques that match IoT use cases and customer expectations. To maximise revenue sources, this may comprise subscription structures, pay-per-use, revenue-sharing, or value-added services.
Collaborations and relationships: For IoT MVNOs to broaden their customer base, improve their service portfolios, and enter new markets, they need to develop strategic relationships with device makers, IoT platform providers, and other industry stakeholders.
Competitive and Segmentation Analysis:
Aeris, KORE Wireless, Sierra Wireless, and Ingenu are a few of the major participants in the IoT MVNO (Internet of Things Mobile Virtual Network Operator) market with sizable market shares. These businesses collaborate strategically with system integrators, IoT platform providers, and device makers to expand their service offerings. They provide a variety of connectivity options, such as satellite connectivity, cellular (2G, 3G, 4G, and increasingly 5G), and LPWAN (Low Power Wide Area Network) technologies like LoRa and NB-IoT. Their solid financial performance, supported by investments and mergers or acquisitions inside the IoT ecosystem, reflects their financial stability and sustainable growth.
According to connectivity technology, industrial vertical, location, business model, end-user type, and application, the IoT MVNO market may be segmented. Cellular, LPWAN, and satellite connectivity are the three types of connectivity that are segmented according to their suitability for various IoT device requirements. Healthcare, agriculture, the automobile industry, smart cities, and other industries are all segmented vertically to provide services that are specific to their respective industries' needs. The geographic segmentation takes into account regional regulatory variances and market dynamics and includes North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Subscription-based, pay-as-you-go, revenue-sharing, and packaged services are all included in the business model segmentation, which reflects various pricing and engagement tactics. Businesses, governments, and consumers are included in the end-user type segmentation, reflecting the diversity of IoT adopters.
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2023 IoT MVNO Market Size, Share, Growth, Industry Projections, SWOT Analysis, Trends 2028
This research report categorizes the IoT MVNO market to forecast revenues, analyze trends, operational model, subscribers, enterprise, and region.