- Growing demand for the Internet of Things is likely to be a major driver for the global IoT telecom services market.
- The manufacturing sector has been revolutionized by the Internet of Things.
- North America is expected to dominate the global IoT telecom services market over the forecast period.
The global IoT telecom services market is expected to exhibit an astounding CAGR of 36.96% over the forecast period from 2018 to 2023, growing to a value of $22.57 billion due to growing demand for IoT telecom services in automotive telematics, smart buildings and cities, as well as industrial automation.
The Internet of Things (IoT) is a concept that projects smart communication capabilities tacked on to regular day to day objects to turn them into sensors and transmitters for relevant information.
In the telecom sector, the impact of IoT has been enormous, as maintaining a stable IoT network requires a strong investment in telecom architecture and services. Increasing demand for the Internet of Things in smart city planning, industrial automation, and other applications such as vehicular telematics is likely to be a major driver for the global IoT telecom services market over the forecast period. The manufacturing sector has been revolutionized by the Internet of Things, as separate data points can be created along the manufacturing line to gain access about critical and sensitive nodes. This has driven a steady increase in the usage of IoT technology in the manufacturing sector.
Growing demand for low-power wide-area networks (LPWAN) instead of short-range communication technologies such as Bluetooth, NFC, and Wi-Fi is also likely to be a key driver for the global IoT telecom services market over the forecast period. The cost benefits of LPWAN systems are likely to lead to increasing government support to the widespread installation of LPWAN systems, leading to steady growth prospects for the global IoT telecom services market over the forecast period.
By component, the global IoT Telecom Services Market is segmented into connectivity technology, network management solutions, and services.
By connectivity technology, the IoT telecom services market is segmented into cellular technologies, low-power wide area network (LPWAN), narrowband-IoT (NB-IOT), radio frequency-based, and others.
By network management solution, the market is segmented into network performance monitoring and network optimization, network traffic management, network security management, and others.
By service type, the IoT telecom services market is segmented into business consulting services, device and application management services, installation and integration services, IoT billing and subscription management, and M2M billing services. M2M billing is likely to remain the dominant service type in the global IoT telecom services market over the forecast period.
By application, the IoT telecom services market is segmented into smart buildings, capillary network management, industrial automation, vehicle telematics, transportation and traffic management, energy and utilities, smart healthcare, and others. Industrial automation is likely to remain the leading end user of IoT telecom services over the forecast period due to the growing demand for automated services in the manufacturing industry.
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Leading players in the global IoT telecom services market include T-Mobile, Aeris, Vodafone, Deutsche Telekom AG, Sprint Corporation, Huawei Technologies Co. Ltd., Ericsson, Verizon Communications Inc., and AT&T Inc.
In May 2019, Microsoft Corporation inked a new agreement with SK Telecom on the use of 5G, AI, and cloud technology to improve and enhance the functionality of the Internet of Things. The rapid development of 5G networking in developed regions is likely to be a key driver for the global IoT telecom services market over the forecast period, as this is likely to drive the demand for data-intensive IoT operations.
North America is expected to dominate the global IoT telecom services market over the forecast period due to the growing adoption of IoT technology across the industrial spectrum in the region. Growing demand for advanced telecommunications technology and the presence of several leading players in the IoT sector are also likely to be important factors for the IoT telecom services market in North America over the forecast period.
Asia Pacific is expected to exhibit steady growth over the forecast period due to the increasing adoption of advanced technological solutions in the region’s industrial and telecom sectors. Increasing government support to 5G rollout schemes in the region could play a vital role in facilitating easy adoption of IoT telecom services over the forecast period.
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