Northbrook, IL -- (SBWire) -- 04/28/2021 --According to a new market research report "LTE IoT Market by Technology (NB-IoT and LTE-M), Service (Professional Services and Managed Services), Industry (Manufacturing, Energy and Utilities, Transportation and Logistics, Healthcare, and Agriculture), and Region - Global Forecast to 2023" published by MarketsandMarkets™, the global Long-Term Evolution (LTE) Internet of Things (IoT) market size is expected to grow from USD 800 million in 2018 to USD 2800 million by 2023, at a Compound Annual Growth Rate (CAGR) of 28.4% during the forecast period. The growth of connected devices, and the need for unique and defined network qualities are the major growth factors for the LTE IoT market.
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The managed services segment to grow at a higher CAGR during the forecast period
Managed service providers operating in this market deliver 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 rapidly, at a variable cost. With global coverage, the managed service provider offers customers comprehensive and cost-effective solutions. These managed service providers leverage partnerships with prime satellite and mobile networks to offer high-end managed services to application providers, system integrators, and end-user clients.
The NB-IoT segment to hold a larger market size during the forecast period
NB-IoT provides various key benefits, such as very low power consumption, extended range in buildings and underground areas, easy deployment into existing cellular network architecture, network security and reliability, and low component cost as compared to LTE-M. NB-IoT is optimized for applications that need to communicate small amounts of data over long periods of time. Moreover, since it operates in a licensed spectrum, it is secure and reliable, providing a guaranteed quality of service.
APAC to record the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to witness a subsequent surge with regard to the rising adoption of IoT telecom services and applications. The region has witnessed advanced and dynamic adoption of new technologies and has always been a lucrative market for IoT telecom service providers. APAC is expected to grow at the highest CAGR during the forecast period in the LTE IoT market. APAC includes countries such as Australia, New Zealand, Japan, and Singapore, who act as the early adopters of smart technology.
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Major vendors in the LTE IoT market include Ericsson (Sweden), Vodafone (UK), Telstra (Australia), Sierra Wireless (Canada), PureSoftware (India), Sequans Communications (France), Orange (France), T-Mobile (US), Telus (US), MediaTek (Sweden), Athonet (Italy), NetNumber (US), Telensa (UK), Actility (France), and Link Labs (US).
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LTE IoT Market Will Reach to $2800 Million by 2023
LTE IoT Market size is expected to grow from USD 800 million in 2018 to USD 2800 million by 2023, at a Compound Annual Growth Rate (CAGR) of 28.4%