KUALA LUMPUR, Feb 15 -- A new Juniper Research study has found that the global value of the cellular IoT market will reach US$61 billion by 2026; rising from US$31 billion in 2022. (US$1 = RM4.186)
It identified the growth of 5G and cellular LPWA (Low-power Wide Area) technologies as key to this 95 per cent increase over the next four years, based on a statement.
The new study, Cellular IoT: Strategies, Opportunities & Market Forecasts 2022-2026, predicted that, LPWA solutions, such as NB-IoT and LTE-M, would be the fastest-growing cellular IoT technologies over the next four years.
It anticipated that the low cost of both connectivity and hardware would drive adoption for remote monitoring in key verticals, such as agriculture, smart cities and manufacturing. In turn, LPWA connections are expected to grow 1,200 per cent over the next four years.
The report urged operators to migrate IoT connections on legacy networks to networks that support LPWA technologies.
It anticipated that demand from enterprises for low-cost monitoring technologies, enabled by LPWA networks, would increase as legacy networks are shut off over the next four years.
Conversely, the report predicted that 5G IoT services will generate US$9 billion of revenue by 2026; rising from US$800 million in 2021. This represents growth of 1,000 per cent over the next five years as 5G coverage expands and operators benefit from the increased number of 5G IoT connections.
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.
-- BERNAMA
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