IoT Telecom Services Market Report Overview
IoT Telecom Services Market size is analysed to grow at a CAGR of 16.1% during the forecast 2022-2027 to reach $17.92 billion by 2027. The Internet of Things (IoT) telecom services is a collection of services provided by telecom companies to their commercial clients in order to facilitate the deployment of smart connectivity technologies across networks and business processes. Malware attacks drive the need for IoT network security management. These services include enhanced data security and privacy, interoperability, asset management, real-time analytics, and many more. Telcos are primarily deploying IoT telecom services for their commercial clients to ensure critical machine connectivity. During the projection period, emerging applications such as smart buildings, industrial automation, and vehicle telematics will drive the expansion of IoT telecom services even further. IoT telecom services address the critical need for continuous connectivity and smart network monitoring. In recent years, the technologies used in loT telecom services have evolved significantly, from standard cellular technology to sophisticated narrowband IoT (NB-IoT) connections. The emergence of new technologies such as NB-IoT and RF is generating enormous promise in smart cities and smart home applications, as well as boosting demand for loT telecom services. Scalable data management and analytics, as well as security capabilities, are key to delivering on IoT's promise of analysis and action.
IoT Telecom Services Market Segment Analysis – By Connectivity
By Connectivity, IoT Telecom Services Market has been segmented into Cellular Technologies, LPWAN, NB-IoT, Radio Frequency-Based. During the forecast period, the NB-IoT is expected to witness highest CAGR. It is projected to record a 26.4% CAGR and reach $15.2 Billion by 2027. NB-IoT (Narrowband-IoT) is a narrowband radio technology for M2M and Internet of Things (IoT) devices and applications that require wireless transmission over a longer range at a low cost and with minimal power consumption for long battery life. Because of the emergence of low-power high-range wireless connectivity technologies, the NB-IoT connectivity technology component of the market is expected to grow at the fastest rate during the forecast period. The transportation, logistics tracking, and traffic management application market is also expected to grow at the fastest rate during the forecast period due to the adoption of smart technologies for traffic and logistics management. In December 2020, In support of Prime Minister Shri Narendra Modis vision of a completely Digital India, BSNL, in collaboration with Skylotech India, announced a breakthrough in satellite-based NB-IoT (Narrow Band-Internet of Things). India will now have access to a pervasive network of connection for millions of hitherto disconnected equipment, sensors, and industrial IoT devices due to this solution.
IoT Telecom Services Market Segment Analysis - By Network Management Solution
By Network Management Solution, IoT Telecom Services Market has been segmented into Network Performance Monitoring and Optimization, Network Traffic Management, Network Security Management, Others. During the forecast period, network security management solutions are expected to grow at a CAGR rate of 18% during the forecast period because they secure data and resources in a network by utilizing firewalls and other IoT-enabled security solutions for effective network management. Network security management enables an administrator to manage a network that includes both physical and virtual firewalls from a single point. Administrators require network security management solutions to gain visibility into network behavior, automate device configuration, enforce global policies, view firewall traffic, generate reports, and provide a unified management interface for physical and virtual systems. Network security management provides complete network visibility and generates data for assets (asset classifications and groupings), firewalls, applications, ports, protocols, VPNs, NATs, security policies, and vendor devices. This data is drilled down into the specifics of individual devices and analyzed.
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IoT Telecom Services Market Share Segment Analysis - Geography
By geography, IoT Telecom Services Market has been segmented under North America, Europe, APAC, South America and RoW. North America is analyzed to be the major region with a share of 35% in 2021 for the IoT Telecom Services Market. The rising adoption of smart connected devices and technologies, as well as telcos promoting OTT applications, are driving the growth of IoT telecom services in this region. North America is expected to dominate the market during the forecast period due to the region's increasing adoption of cloud-based technology. Furthermore, increased spending by telecom service providers on IoT adoption in this region is one of the key factors expected to drive market growth during the forecast period. In May 2021, Manx Telecom, a mobile network operator (MNO), relaunched its Global Solutions division under a new brand, OV, to serve the growing global IoT market alongside its existing global mobile virtual network enabler (MVNE) and travel SIM business
IoT Telecom Services Market Drivers
Due to technological advancement and growing innovation, the demand for improved connectivity has risen significantly over the years. This is expected to boost IoT adoption in the telecom industry:
Because of technological advancement and growing innovation, the demand for improved connectivity has grown significantly over the years. This is expected to increase IoT adoption in the telecom sector, thereby promoting the market growth. Furthermore, as the volume of data associated with telecommunications grows, so will the demand for technologies that can improve data management. However, one of the key concerns that may have a negative impact on market growth over the forecast period is the risk associated with data privacy. Furthermore, manufacturers can emphasize the importance of wireless connectivity and IoT. The IoT telecom services market is predicted to be driven by an increase in Telco adoption, penetration of smart connected devices, and the demand for network bandwidth control and automation in communication operations. Furthermore, the expanding next-generation wireless networks, as well as the use of smart technologies and distributed applications, are likely to provide significant potential prospects for the telecom IoT market over the projection period. In April 2021, Vodafone Idea (Vi) announced an integrated IoT solution in order to capitalise on opportunities created by the Digital India and Smart Cities missions.
Use of IoT-powered smart cameras for security will boost market growth:
In remote locations where expensive equipment is deployed, security can be a major concern. There are also other resources, such as batteries and fuel, that are used to power the equipment at remote locations. Theft of equipment and consumable resources can be costly for telecom companies. As a result, telecom companies must ensure that effective security protocols are implemented. Telecom companies can deploy IoT-powered smart cameras at their remote locations. Smart cameras can detect on-site tampering and alert the appropriate authorities in real-time. Additionally, telecom companies can use beacons and RFID badges to secure the perimeter and restrict unauthorized access. Telecom companies can also use this method to create a geofence for their IoT devices. A geofence will assist in the creation of an interconnected barrier with IoT devices that allows only authorized individuals to enter. As a result, the implementation of IoT in telecom companies can aid in the execution of more effective security protocols.
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IoT Telecom Services Market Challenges
The absence of spectrum allocation regulations is a significant impediment to market growth:
The lack of regulation for spectrum allocation is a major impediment to market growth. The IoT telecom services market is highly fragmented, with relationships with telecom service providers and IoT platform vendors changing regionally, affecting relationships between IoT platform providers and Network-as-a-Service providers significantly. Additionally, Customers' demand for bandwidth-intensive applications and high-quality network experiences are also causing telecom service providers to struggle to stay up. IoT platform vendors changing regionally and not being able to form a good relationship between IoT platform providers and Network-as-a-Service providers is expected to hamper IoT Telecom Service Market growth.
IoT Telecom Services Industry Outlook
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the IoT Telecom Services market. In 2021, the market of IoT Telecom Services industry outlook has been fragmented by several companies. IoT Telecom Services top 10 companies include
Ericsson
Vodafone
Telstra
Sierra Wireless
PureSoftware
Sequans Communications
Orange
T-Mobile
Telus
MediaTek
Acquisitions/Technology Launches/Partnerships
In September 2021, Telstra opened innovation centres in India to address AI and IoT challenges.
In May 2021, Manx Telecom, a mobile network operator (MNO), relaunched its Global Solutions division under a new brand, OV, to serve the growing global IoT market alongside its existing global mobile virtual network enabler (MVNE) and travel SIM business.
In April 2021, Bharti Airtel Ltd launched its internet of things (IoT) platform for enterprises to connect and manage billions of devices and applications.
Key Takeaways
North America is analyzed to be the major region with a share of 35% in 2021 for the IoT Telecom Services Market. The rising adoption of smart connected devices and technologies, as well as telcos promoting OTT applications, are driving the growth of IoT telecom services in this region
IoT in the telecom sector has been optimizing network service performance through the integration of IT tools. Traditional IT has emerged as an effective tool for telecom service management. It is making its way through the changing telecom landscape around the world as one of the most effective tools for lowering the costs associated with network equipment operation.
In the telecom industry, IoT is used for a variety of applications such as product monitoring, premises monitoring, and supply chain monitoring. Furthermore, the majority of telecom companies use IoT technologies in a variety of ways, including smartphones, tablet computers, and other digital devices.
Relevant Report Titles:
IoT Communication Technologies Market
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