Market Research Future (MRFR) reports that the global IoT telecom services market value in 2017 was USD 3.45 billion and can touch a valuation of USD 22.57 billion by 2023. The market can potentially achieve a CAGR of 36.96% during the forecast period (2018-2023), adds MRFR report. 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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Primary Drivers and Key Barriers
Rising adoption of telco cloud along with emerging applications like industrial automation, vehicle telematics, and smart buildings can boost the demand for IoT telecom services market at a global level. In addition, the rising need to improve connectivity is estimated to benefit the market during the review period. Low-power, wide-area (LPWAN) technologies are enjoying strong demand, and are expected to be used instead of short-range wireless as well as mobile WAN technologies including Wi-Fi, Near Field Communication (NFC) and Bluetooth.
The market is also predicted to do well in logistics tracking, traffic management, transportation and various applications, given the surging use of smart technologies to manage logistics and traffic. Network security management solution is going to be in high demand during the estimated period, as it helps fortify the data and resources within a network with the use of firewalls and various other IoT-enabled security solutions, which ensures effective network management.
The IoT telecom services market growth is supported by the increasing need for a high connectivity solution for connecting smart devices and the urgent need for smart network bandwidth management. The need for automation in backend communication operations also favors the market, as it helps streamline business processes. Remarkable surge in adoption of bring your own device (BYOD) among enterprises also induces market growth.
Top players competing in the worldwide IoT Telecom Services Market are Ericsson (Sweden), Sprint Corporation (US), Deutsche Telekom AG (Germany), Aeris (France), Verizon Communications, Inc. (US), Vodafone (UK), Huawei Technologies Co., Ltd. (China), AT&T, Inc. (US), T-Mobile (US) and others.
Other than the top players, other players responsible for the market growth include Telia (Sweden) China Telecom (China), China Mobile (China), Swisscom AG (Switzerland), to name a few.
Component, services, and application are the primary segments according to which the IoT telecom services market has been studied in the MRFR report.
Depending on the component, the market includes connectivity technology, network management solution, and services. The network management solution segment can be split into network traffic management, network performance monitoring and network optimization, network security management, and others. Considering the connectivity technology, the market comprises Low-power Wide Area Network (LPWAN), cellular technologies, radio frequency-based, narrowband-IoT (NB-IoT) and others.
With respect to the types of service, the market consists of business consulting services, device and application management services, installation and integration services, IoT billing and subscription management, and M2M billing services. M2M billing segment has acquired the top position in the market and is responsible for the largest revenue generation. Its dominance in the market is expected to continue throughout the review period, as M2M billing management services help track the use of IoT services subscribed by M2M connected devices users.
Applications covered in the report are capillary network management, smart buildings, vehicle telematics, industrial automation, energy and utilities, transportation and traffic management, smart healthcare, and others.
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The IoT telecom services market has been geographically studied on the basis of Asia Pacific (APAC), Europe, North America, and the rest of the world (RoW), which includes Latin America and the Middle East, Africa.
In 2017, North America was identified as the leading market for IoT telecom services. The IoT market in the United States (US) is thriving, thanks to the fast-paced adoption of connected devices and technologies. Growing adoption of telco cloud, demand for smart network bandwidth management, automation in operations, and deployment of over-the-top applications are other factors that benefit the regional market.
In 2017, Europe emerged as the second most profitable market for IoT telecom services. Applications like transportation, vehicle telematics, traffic management, logistics tracking, capillary networks management, and smart healthcare stimulate the growth of the IoT telecom services market in Europe.
The APAC market is expected to attain the highest growth rate during the appraisal period. The region is abuzz with highly competitive vendors that provide cost-efficient local solutions, lenient regulations & policies and easy availability of trained labors. The booming smart devices market, as well as smart technology in the region, also accelerates the demand for IoT telecom services market.
LIST OF TABLES
Table 1 IoT Telecom Services Market, By Region, 2019–2023
Table 2 North America: IoT Telecom Services Market, By Country, 2019–2023
Table 3 Europe: IoT Telecom Services Market, By Country, 2019–2023
Table 4 Asia-Pacific: IoT Telecom Services Market, By Country, 2019–2023
Table 5 Middle East & Africa: IoT Telecom Services Market, By Country, 2019–2023
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LIST OF FIGURES
FIGURE 1 Global IoT Telecom Services Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global IoT Telecom Services Market
FIGURE 4 Value Chain Of Global IoT Telecom Services Market
FIGURE 5 Share Of Global IoT Telecom Services Market In 2019, By Country (In %)
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