The world of cellular IoT is expanding rapidly, with connections reaching 3.3 billion in 2023, marking a 24% year-over-year growth. Despite challenges, the latest Counterpoint IoT Connections Tracker predicts that this growth will continue, projecting over 6.2 billion connections by 2030, with a 10% compound annual growth rate.

China leads the way with over 2.3 billion connections, representing nearly 70% of the global market share. Despite this dominance, China’s contribution to the global IoT connectivity landscape is 36%. The country’s focus on low-cost IoT plans and network expansions has propelled its growth in the cellular IoT sector.

Connected Cars, Smart Meters, and Smart Retail are poised to drive the future of cellular IoT, accounting for more than 60% of the market by 2030. These sectors will revolutionize industries with real-time connectivity, efficiency, and data-driven insights.

Mohit Agrawal, Research Director at Counterpoint, notes, “China’s IoT plans are set to stabilize with the introduction of 5G and 4G solutions, expanding into automotive, smart meters, and smart retail sectors.”

Looking ahead, Siddhant Cally, Research Analyst at Counterpoint, emphasizes the role of 5G in driving connectivity revenues, especially as operators leverage massive Machine-type Communications capabilities for a range of applications including autonomous vehicles and industrial automation.

By 2030, 5G is expected to account for half of Global Cellular IoT revenues, fueling the growth of high-demand applications like autonomous vehicles, industrial automation, and smart cities.

While the Cellular IoT market remains consolidated, emerging regions are gaining traction as digitization and network expansion propel IoT solutions. As the demand for IoT continues to rise, these regions are poised for significant growth in their subscriber bases.

Join the conversation on Twitter via @IoTNow_ and visit our homepage at IoT Now