LTE IoT Market
The global LTE IoT market is booming thanks to the rise of linked devices and the demand for distinct and well-defined network parameters. Customers benefit from the managed service provider's cost effective as well as comprehensive solutions. Besides, their experience in managing different operational tasks is also expected to boost demand in the market. Cloud operations, security operations, and infrastructure management are amongst the services provided to customers, allowing them to launch a variety of Machine-to-Machine (M2M) solutions.
Because manufacturing operations are so sensitive, businesses are turning to IoT wireless connection platforms, sensors, and IoT solutions are likely to boost productivity and fundamentally change their operations into smart manufacturing. Several software and solution providers are delivering smart manufacturing solutions with automated and proactive analytics capabilities, thereby transforming industrial production into an intelligent and self-managing ecosystem. This factor is likely to boost global LTE IoT market in the years to come. The LTE technology is used to provide consistent data transfer connectivity across multiple equipment in a factory, allowing companies to address challenges such as autonomous manufacturing and predictive maintenance. Businesses are researching on IoT and its high-growth prospects across a variety of industry verticals, spanning from energy utilities and healthcare, and from robotics and automotive.
Global LTE IoT Market: Overview
LTE IoT is an up and coming technology that is expected to garner substantial growth in the upcoming years. Internet of things (IoT) is developing at a rapid pace and generating high demand for data transfer and storage applications. Several fields, IoT enabled-manufacturing, professional services, telematics, navigation, and infotainment in transport, are expected to bolster the brisk development of the global LTE IoT market. The emergence of connected devices is further fueling the LTE IoT market across the globe to a large extent.
LTE IoT comprises of two key technologies- the LTE-M, and the NB-IoT. The LTE-M is a technology standard for low power wide area networks. It is specific to LTE CatM1, specially designed for IoT. The purpose LTE-M is to reduce modem costs and support data integrity and security, by lowering complexity and extending coverage. NB-IoT boosts the system capacity and efficiency of the spectrum. The high demand for key NB-IoT benefits such as improved range, better network reliability and security, easy deployment, and cost efficiency are expected to drive the global LTE IoT market in the forthcoming years.
This report gives top to bottom investigation of the global LTE IoT market, focusing on market opportunities and possible constraints, along with the latest trends driving the market.
Global LTE IoT Market: Trends and Opportunities
A key trend expected to leave a mark in the global LTE IoT market is the soaring demand for managed services. Providers of managed services have become essential across a plethora of operational activities such as security operations, cloud operations, and infrastructure management. Managed services aid the introduction of cost effective and efficient machine-to-machine solutions. Global mobile networks and satellite providers are key users of managed services, which enable them to provide first in its class managed services to system integrators, application providers, and end-users.
Currently, the licensing costs associated with LTE IoT are high. This is a pivotal cause constraining the growth of the global LTE IoT market. Issues with complexity in the front end, and deployment may hinder the growth of the market to some extent.
Global LTE IoT Market: Regional Outlook
The LTE IoT market is dominated by WN America as IoT and cloud services are increasingly adopted in this area. The increasing demand for efficient and cheap connectivity technology in the area supports the Narrowband-IoT market as well. The increasing application of NB-IoT in the automotive and transport sector in the region also anticipates a healthy growth in the LTE IoT market in Europe. The diverse government initiatives for intelligent cities in India and China are increasing in Asia-Pacific.
Europe has acknowledged its IoT phrase and made a substantial contribution to promoting IoT telecommunications and allies worldwide. Moreover, innovative technologies for the telecoms industry are important because telecoms companies such as Deutsche Telekom, Vodafone, and Orange are present. This enables new technologies like LTE-M and NB-IoT to be adopted in the region.
Global LTE IoT Market: Competitive Landscape
The global LTE IoT market is currently at a nascent stage. Vendors are expected to capitalize on the wide opportunity provided by the increasing applications and adoption of IoT in the coming years.
Prominent vendors in the global LTE IoT market are Vodafone, Telstra, MediaTek, Sierra Wireless, Orange, T-Mobile, PureSoftware, and Actility.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.