Increasing Demand for Commercial Vehicle Telematics Driving the Growth of LTE-M Devices Market.
Hyderabad, India - July 24, 2021 /MarketersMedia/ —
The LTE-M Devices Market size is forecast to reach $6.2 billion by 2026, growing at a CAGR of 25.4% in the period 2021-2026. LTE-M stands for Long-Term Evolution for Machines is the Mobile IoT technology that denotes benefits such as enhanced security features and extended coverage to low-cost devices. The rapid emergence of cellular IoT technologies, increasing demand for the wireless secure communications across diversified industry-verticals, for compelling solutions, such as long battery life, carrier-grade security and low data needs, are some of the notable factors that accelerate the market growth. In fact, the growing popularity of cellular technology and the widespread adoption of advanced IoT solutions, such as asset trackers, alarm systems, smart city controllers, smart metering, wearable, and other latest IoT-optimized wireless technologies are estimated to drive the LTE-M Devices Industry. Therefore, the augmentation of smart devices and other real time monitoring solution are estimated to boost the LTE-M Devices Market growth.
LTE-M Devices Market Segment Analysis - By Offerings
By offerings, the LTE-M Devices Market is segmented into Hardware, Software and Services. The Hardware segment is analyzed to hold a significant LTE-M Devices market share at 51.2% in 2020 owing to the large scale adoption of IoT technology hardware components such as chipset and modules to drive the power-saving benefits. In July 2020, Deutsche Telekom launched LTE-M in Germany, and offers a great variety of LTE-M modules and chipsets for enabling quality connectivity and faster user time-to-market. Furthermore, multitude of end-users are upgrading or opting to new low power WAN technologies including LTE-m to drive innovation, specifically, the areas such as, smart city, smart tracking and e-health, thereby driving the LTE-M Devices market growth.
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LTE-M Devices Market Segment Analysis - By End-Use Industry
By End-Use Industry, the LTE-M Devices Market is segmented into Agriculture, Food and beverage, Aerospace and Defense, Healthcare, Utilities, Transportation & Logistics, General Manufacturing, Consumer Electronics, Automotive, and others. The Utility sector is estimated to witness significant growth of 34.2% during 2021-2026 in the LTE-M Devices market, owing to considerable demand of IoT technology solutions to support low cost devices, seamless connectivity and power saving capabilities. In November 2020, Tele2 launched new LTE-M network, designed specifically for massive IoT applications, as LTE- M is a pivotal technology to deliver versatile applications across several industries. Thus, the growing introduction of IoT - connectivity offerings to serve huge demand for high-quality secure communication and versatile processes are likely to drive the growth of LTE-M Devices Market.
LTE-M Devices Market Segment Analysis – By Geography
Europe region is analyzed to dominate the global LTE-M Devices Market in 2020 with a share of 38.5%, as it is the major hub for Industrial automation. The significant demand for Cellular connectivity in IoT applications and potential investment to design enhanced manufacturing operations are estimated to drive the growth in the region. In July 2020, Deutsche Telekom completed the rollout of its 5G-ready LTE -M network across Germany. The LTE-M deployment of Deutsche Telekom enables faster user time-to-market and connectivity quality, which is commercially available in both post-paid and pre-paid IoT offerings, including its Business Smart Connect LPWA and M2M tariffs. North America is estimated to be the fastest growing region owing to the government initiative for smart city projects. In February 2020, U.S. Cellular, the fifth-largest full-service wireless carrier in the United States announced the launch of LTE-M network to some selective sites as the LTE-M network enables business organization in both urban and rural areas with more capabilities due to reliable,secure and cost-effective way to connect huge volume of Internet of Things (IoT) devices.
LTE-M Devices Market Drivers
Growing demand for Smart Agriculture solution
The growing demand for Smart Agriculture solution to carry out various agricultural activities with maximum utilization of the resources is projected to contribute the growth of the LTE-M Devices Market. LTE-M Devices offer a robust monitor operation that requires short range connection to aim defined productivity in farming. In December 2020, Vodafone India Foundation collaborated with Finnish telecoms gear maker Nokia to deploy a smart agriculture solution in India. The demonstrative ability of technology to transform agriculture into smart farming is witnessed to drive the market.
Increasing demand for commercial vehicle telematics
The commercial vehicle telematics offer improved transportation infrastructure and other Fleet management programs, such as remote communication, optimum vehicle performance and asset tracking, thereby influencing the growth of the market. The growing use of wireless technologies across the vehicle telematics market for safety towards automation, navigation and system diagnosis are creating abundant demand for connectivity solutions. In March 2020, AWS Marketplace launched LTE-M Asset Tracking Solutions, cellular-based Asset Tracking Solutions, which provide condition monitoring needs of critical remote assets.
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LTE-M Devices Market Industry Outlook
LTE-M Devices Market Top 10 companies include Qualcomm Incorporated, Telstra Corporation Limited, Sierra Wireless, Sequans Communications, MediaTek Inc, HiSilicon Semiconductor company, Nordic Semiconductor,Thales Group and among others.
Key Takeaways
The growing demand for Smart Agriculture solution to carry out various agricultural activities with maximum utilization of the resources is projected to contribute the growth.
The growing use of wireless technologies across the vehicle telematics market for safety towards automation, navigation and system diagnosis are creating abundant demand.
Europe region is analyzed to dominate the global LTE-M Devices Market in 2020 with a share of 38.5%, as it is the major hub for Industrial automation.
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