The potential growth difference for the LTE IOT market size between 2021 and 2026 is USD 12085.2 billion. To get the exact CAGR and the Y-O-Y growth rate, according to Technavio.
Key Market Dynamics
- Market Driver: Growth in industrial automation is driving the growth of the market. The networking of automation devices is progressing globally. A global remote maintenance solution based on LTE can provide the optimal solution to machine manufacturers and plant operators. Reliable and scalable wireless communication mechanisms are important, with the increase in real-time analytics and automation in manufacturing. Several applications need to be wireless, such as smart connected tools, next-generation automated guided vehicles (AGVs), smart personal protective equipment (PPE), and wearable sensors. These applications can be connected seamlessly with the help of LTE. Therefore, the demand for LTE is expected to grow at a rapid pace during the forecast period, with the trend of industrial automation.
- Market Challenge: Connectivity issues and lack of infrastructure are challenging the growth of the market. IoT devices require high-speed and reliable Internet connectivity. However, several other countries lack the required infrastructure. Thus, low Internet speed, along with latency and poor infrastructure, will negatively impact the adoption of LTE IoT devices, which will hamper the growth of the global LTE IoT devices during the forecast period.
The LTE IOT market report is segmented by technology (NB-IoT and LTE-M) and geography (Europe, North America, APAC, Middle East and Africa, and South America). Europe will be the leading region with 37% of the market’s growth during the forecast period. Germany, the UK, and France are the key countries for the LTE IOT market in the region.