Global cellular IoT connections exceed 4 billion in 2024

The global cellular Internet of Things (IoT) market has surpassed 4 billion connections in 2024, driven largely by advancements in 5G and LTE Cat 1 bis technologies.

As reported by IoT Analytics, these connections now account for approximately 22% of overall global IoT connections. The growth is expected to continue with a compound annual growth rate (CAGR) of 15% projected from 2024 to 2030.

Several mobile operators have seen significant market share gains in the first half of 2024, most notably China Telecom, Airtel, KDDI, LG U+, Orange, and Verizon, highlighting their growing impact on the market.

In their updated Global Cellular IoT Connectivity Tracker & Forecast, IoT Analytics noted that global cellular IoT connections reached 3.9 billion in the first half of 2024. By the end of the year, this figure has exceeded 4 billion.

Satyajit Sinha, Principal Analyst at IoT Analytics, explained the implications of the growth in 5G IoT. "The growth of 5G IoT, particularly in areas like automotive connectivity and fixed wireless access (FWA), is transforming the connectivity landscape by providing low-latency, high-speed networks to previously underserved regions. The upcoming 5G Reduced Capability (RedCap) rollout is expected to accelerate this transition further, offering a solution bridging the gap between full 5G and legacy LTE networks. RedCap will provide a more efficient and cost-effective option for IoT applications that require moderate speeds, enabling new opportunities across sectors, from smart cities to industrial IoT," he said.

The momentum in 5G and LTE Cat 1 bis technologies underpinning these connections is contributing to an environment that fosters innovation and sectoral opportunities globally, laying the groundwork for the market's projected expansion over the coming years.