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Cellular IoT revenue to surge $23 billion by 2028

A new study by Juniper Research, the foremost experts in the telecommunications market, found total operator revenue from cellular IoT will increase from $12.4 billion in 2024 to $23 billion in 2028.

The research found that despite this $10 billion growth, quantum attacks on cellular IoT represent a significant security vulnerability for enterprises. To resolve this, cellular IoT vendors must develop quantum-resistant cryptography services to futureproof their protection.

The research suite included the latest edition of Juniper Research’s Competitor Leaderboard covering the cellular IoT market. It analysed the comprehensiveness of offerings across 18 key cellular IoT operators and vendors, as well as their innovation and future prospects. The top 3 vendors are ranked as follows:

  1. Microsoft
  2. Huawei
  3. Vodafone Business

Microsoft Leads Global Cellular IoT Market
Juniper Research’s Competitor Leaderboard identified Microsoft’s edge services for enterprise IoT as critical to its market leadership. These services enable enterprises to deploy cloud-native workloads such as AI directly on IoT devices; ensuring low latency and reliability during offline periods. These edge capabilities are critical to supporting and monetising mission-critical IoT devices, which act and communicate in real-time.

Future Market Leadership Depends on Quantum Innovation
As quantum computing attacks will render current security for cellular IoT obsolete, investment into quantum-resistant cryptography is vital. This vulnerability will prevent enterprises from deploying cellular IoT devices within mission-critical operations; limiting monetisation in key market verticals such as healthcare.

Research author Alex Webb remarked: “Quantum-resistant cryptography will enable cellular IoT vendors to mitigate the threat of quantum computer attacks, without significantly increasing enterprise security expenditure. This will ensure a swift transition to secure cellular IoT environments.” Juniper Research

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