The global Long-Term Evolution (LTE) Internet of Things (IoT) market size is expected to grow from USD 800 million in 2018 to USD 2800 million by 2023, at a Compound Annual Growth Rate (CAGR) of 28.4% during the forecast period. The growth of connected devices and the need for unique and defined network qualities are the major growth factors for the LTE IoT market.
The major vendors in the LTE IoT market include Ericsson (Sweden), Vodafone (UK), Telstra (Australia), Sierra Wireless (Canada), PureSoftware (India), Sequans Communications (France), Orange (France), T-Mobile (US), Telus (US), MediaTek (Sweden), Athonet (Italy), NetNumber (US), Telensa (UK), Actility (France), and Link Labs (US). These players have adopted various growth strategies, including partnerships, agreements, collaborations, and new product launches, to further expand their presence in the global LTE IoT market. New product launches, partnerships, and agreements have been the most favored strategies adopted by major players from 2016 to 2018, which have helped them innovate their offerings and broaden their customer base.
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One of the key players in the market, Vodafone Group, offers a wide array of communication services to both consumers and enterprises. The company offers mobile, fixed broadband, TV, voice, and other value-added services to its consumers, whereas its offerings for enterprises include IoT, cloud and security, and carrier services. Vodafone is the global leader in managed IoT, with approximate 77 million connections in more than 30 countries. With LTE-M, Vodafone expands its IoT portfolio for customers, which makes the telecom company the first to offer the most complete radio network for IoT services. In November 2018, Vodafone launched 2 new IoT technologies, NB-IoT and LTE-M, which help the company connect to the world’s leading IoT platform for a new, innovative range of IoT applications. These technologies are expected to drive the next wave of IoT innovation in New Zealand and overseas. Vodafone has launched NB-IoT networks in Czech Republic, Germany, Greece, Ireland, Italy, Australia, Netherlands, South Africa, Spain, and Turkey. Outside Europe, Vodafone would also expand its existing NB-IoT networks in South Africa and Turkey.
Ericsson is one of the leading providers of networking solutions and is a prominent vendor for 3GPP LTE and 5G technologies. The company offers cellular IoT network services. The company’s cellular IoT services provide NB-IoT, Cat-M1, and Extended Coverage GSM IoT (EC-GSM-IoT) functionalities that bring major enhancements to low-cost and simplified devices with extended coverage and long battery life. The company has been consistently focused on strategies such as partnerships and agreements to enhance its capabilities and expand its geographic presence across the globe. For instance, in November 2018, Ericsson and DISH Network entered into a partnership to deliver a radio access and core network for DISH’s NB-IoT network.
LTE IoT Market by Technology (NB-IoT and LTE-M), Service (Professional Services and Managed Services), Industry (Manufacturing, Energy and Utilities, Transportation and Logistics, Healthcare, and Agriculture), and Region - Global Forecast to 2023
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