Global IoT Connections Grew by 29% in 2022

The global cellular IoT market has been growing at a rapid pace as of late, and 2022 was no exception to this rule with all things having been considered and taken into account. Recent data has just revealed that the market grew by an astounding 29% in 2022 alone, reaching 2.7 billion in the process. As these connections inch ever close to the 3 billion mark, all eyes will be on it as members of the industry await the crossing of that threshold.

With all of that having been said and now out of the way, it is important to note that two out of every three cellular IoT connections around the world are located in China. Europe came in second, with North America trailing in third place. In spite of the fact that this is the case, China uses a different form of IoT called NB-IoT, whereas LTE-M takes precedence in North America, Japan and Australia. Europe, meanwhile, uses a combination of the two.

NB-IoT is joined by 4G as the foremost technology being used to connect the Internet of Things, accounting for 90% of total connections. 5G is still in the early growth stage, but it will be interesting to see if this tech manages to surpass 4G anytime soon because of the fact that this is the sort of thing that could potentially end up taking it up a notch.

Also, while the 29% growth rate is impressive to say the least, it will slow down a bit over the coming years. However, despite the trailing in the growth rate, it is expected that global cellular IoT connections will hit the 6 billion mark by 2030. This entails a CAGR of 10.8%, which might help the industry reach the mark faster than might have been the case otherwise.

All in all, this industry is seeing its growth shifting into various areas. The future of the IoT will be an interesting case study for an increasingly interconnected world, and China’s heavy lead does not seem like it will be going away anytime soon unless a massive paradigm shift were to occur.

H/T: Counterpointresearch

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