IoT Telecom Services Market Research Report- Forecast till 2027
Internet of things (IoT) telecom services is a suite of services offered by telecom firms to commercial clients for deployment of connectivity technology to their networks and business processes. The global IoT telecom services market report compiled by Market Research Future (MRFR) touches on developments in IoT, commoditization of services, and large number of customers that shape the market scenario for the period of 2018 to 2023 (forecast period). The COVID-19 outbreak and its effect on the market are analyzed thoroughly.
The global IoT telecom services market is expected to reach USD 22.57 billion by the end of forecast period with a CAGR of 36.96%. It was valued at USD 3.45 billion in 2017. Development of dependable platforms for providing services to smart homes, smart vehicles, smart manufacturing, vehicle tracking, and others is one of the drivers of the market. The connected ecosystem made popular due to IoT and inclination towards automation can spur the market demand till 2022.
Development of backend solutions for generating analytics out of the large volume of IoT data, integration with enterprise applications, offerings on prescriptive, predictive, and diagnostic data analytics, and ample support on narrowband (NB) frequency can favor the market. Presence of public cloud for data storage and offering of tailored solutions for enterprises and customers can propel the market valuation in the coming years.
But unclear regulations on spectrum allocation and payment disagreements between telecom providers and OTT players can impede market growth.
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By component, the market is segmented into connectivity technology, network management solution, services, and application.
By connectivity technology, the market is segmented into narrowband-IoT (NB-IOT), Low-power wide area network (LPWAN), cellular technologies, radio frequency-based, and others.
By network management solution, the market is divided into network traffic management, network performance monitoring and network optimization, network security management, and others.
By services type, the market is segmented into device and application management services, installation and integration services, IoT billing and subscription management, M2M billing services, and business consulting services. Among the service type segments, M2M billing segment is the largest revenue generating segment and is expected to continue its dominance throughout the forecast period. M2M billing management services are used in tracking the usage of IoT services subscribed by M2M connected devices users.
By application, the market is bifurcated into transportation and traffic management, smart buildings, capillary network management, vehicle telematics, energy and utilities, smart healthcare, industrial automation, and others. The industrial automation segment is expected to grow at a significant CAGR during the forecast period. This is expected owing to rising employment expenses, production costs, and deployment of sensors and devices for connecting enterprises and managing daily operations.
The geographical analysis of IoT telecom services market is studied for North America, Europe, Asia Pacific, and Rest-of-the-World (including the Middle East, Africa, and Latin America). Among the regions mentioned, North America dominated the IoT telecom services market in 2017. Growth of IoT in the U.S. due to rapid adoption of connected devices and technologies is one of the major drivers contributing to the IoT telecom services market in North America. Europe was the second-largest market for internet of things telecom services industry in 2017 due to large rate of industrialization and adoption of digital twins by major conglomerates. Competitive Outlook
AT&T, Inc., Huawei Technologies Co., Ltd., Vodafone, Deutsche Telekom AG, Verizon Communications, Inc., T-Mobile, Sprint Corporation, Aeris, and Ericsson are prominent names in the global IoT telecom services market.
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IoT telecom services Market, by Component (Connectivity Technology, Network Management Solution, Services), by Connectivity Technology (Cellular Technologies, LPWAN, NB-IoT, Radio Frequency-Based), by Network management Solutions (Network Performance Monitoring and Network Optimization, Network Traffic Management), by Service Type (Business Consulting Services, Device and Application Management Services), by Application (Smart Buildings, Capillary Network Management) — Global Forecast till 2023
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