The IoT market analysis by an analyst firm predicts mobile IoT market to expand by 27 per cent in the coming years
According to a report on IoT market analysis by Persistence Market Research, the global cellular IoT technologies will be worth $7.6 billion by 2026. This indicates a compound annual growth rate(CAGR) of 26.7 per cent from 2018 to 2026.
Catalysts behind the expected growth
It has been suggested that the driving force behind this anticipated growth includes demand for connected devices as well as technologies such as 5G, NB-IoT and LTE-M. The report also mentioned that the forecast period expects IoT revenues from the energy sector to grow at a CAGR of 28 per cent and NB-IoT revenues to increase at a CAGR of 35 per cent.
It has been predicted that the holistic growth of cellular IoT will be strengthened by the launch of 3GPP-standards-based IoT networks and increases in smart city projects.
The report proposes hurdles that can potentially impede the growth of IoT services. These include the high cost of IoT infrastructure along with legal, regulatory and rights issues.
Despite that, analysts suggested a growth of 29 per cent in China. Further, it is expected that North America and Europe will cumulatively account for over half of the global cellular IoT revenues. Thus, the report concludes that the developed countries can expect growth prospects in revenues generated by IoT services.