LTE IoT (NB-IoT and LTE-M) Market - Global Forecast to 2023

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Dublin, May 27, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.

The global LTE IoT market is expected to grow from USD 789.5 million in 2018 to USD 2,759.2 million by 2023, at a Compound Annual Growth Rate (CAGR) of 28.4% during the forecast period.

LTE IoT technologies are designed for managing multiple IoT applications in various industries, such as manufacturing, energy and utilities, transportation and logistics, and agriculture. The evolution of IoT technology has enabled enterprises to manage operations in a much better way. It has also simplified the complexities at the production level to help enterprises enhance their efficiency. It has driven the adoption of IoT technologies in various industries. Similarly, the unprecedented high adoption rate of LTE has given rise to new business opportunities not only for mobile operators, but also for device manufacturers now highly encouraged to connect their devices to the internet via LTE.LTE's LPWAN technology interconnects low-bandwidth, battery-powered devices with low bit rates over long ranges. The LPWAN technologies are divided into groups: cellular-based technologies and non-cellular based technologies. The cellular-based technologies can be provided only by mobile network operators having a mobile spectrum license, such as AT&T and Verizon in the US.

As such operators utilize existing facilities for mobile phones, they can easily offer a nationwide network and secure stability and reliability in communications. While non-cellular technologies use spectrum that does not require a spectrum license, and even operators that have not been engaged in the telecommunications business can provide LPWANs. It is also possible for such operators to establish a network on their own by deploying base stations. The cellular technologies include LTE-M and Narrowband-IoT (NB-IoT), while noncellular technologies include LoRaWAN, Sigfox, and NB-Fi.The research report also tracks the strategic alliances and acquisitions among key players in the global LTE IoT market. The market is expected to gain traction, and this is evident from new product launches and partnership strategies adopted by major players, such as Ericsson, Vodafone Limited (Vodafone), Sierra Wireless, Telstra Corporation Limited (Telstra), T-Mobile USA Inc (T-Mobile), Orange, Telus, Sequans, PureSoftware, Link Labs, Inc (Link Labs), Telensa, MediaTek, Inc (MediaTek), Actility, Netnumber, Inc (Netnumber), and Athonet srl (Athonet).

The players are launching new LTE IoT solutions and service offerings to cater to the needs of their diverse commercial clientele spread across the globe.

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Laura Wood, Senior Press Manager
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Related Topics: Computing Services, 4G and 5G, Internet of Things and M2M

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Globe Newswire: 16:35 GMT Monday 27th May 2019

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