CounterPoint Research Predicts 43% Annual Growth for IoT eSIM Connections, Reaching 2.2 Billion by 2030

According to a new report published by CounterPoint Research, eSIM connections of IoT (Internet of Things) are going to grow at a 43% annual growth rate. It is expected that they are going to reach 2.2 by 2030 if they continue growing at this pace. We will see about one third of IoT connections to be on eSIM or iSIM. Mohit Agrawal who is an associate director commented on connections of eSIM and said that due to restrictions of M2M eSIM, we thought that connections of eSIM or IoT are going to fail in keeping up with consumer space. This is the reason why there were only 200 million eSIM connections in IoT at the end of 2023 even though eSIM was doing well in the product market.

He further added that China is the biggest market of IoT but has low single digit SIM penetration because of all the restrictions it was facing a few years back. There were also alot of LPWA devices which didn’t need eSIM. Due to all this, China has the least usage of eSIM despite being the biggest market for it. But as China is the largest eSIM hub, it makes the eSIM penetration of the whole world to less than 10%.

Senior Research Analyst, Ankit Malhotra, also shared his thoughts on eSIM and says that GSMA standards for IoT connected eSIM is going to bring eSIM to devices that do not support it right now. This will help a lot in the growth in eSIM and then after a while, eSIM. The people who are dealing with eSIM know a lot about new eSIM standards and the growth of eSIM will speed up after GSMA will release test specifications this year. Right now, all the users of eSIM are automotive and the connectivity providers of many enterprises are not willing to change.

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