A new study from Juniper Research has found that the global value of the cellular IoT market will reach $61 billion by 2026; rising from $31 billion in 2022. It identified the growth of 5G and cellular LPWA (Low-power Wide Area) technologies as key to this 95% increase over the
Growth of 36% between 2021 and 2024 A new Juniper Research study has predicted that end user spend via carrier billing will increase to $73.8 billion in 2024, from $54.4 billion in 2021, with growth driven by 5G-based mobile gaming and video subscriptions. To leverage this growth, the report advises
A new study from Juniper Research has found that the global value of the cellular IoT market will reach $61 billion by 2026; rising from $31 billion in 2022. It identified the growth of 5G and cellular LPWA (Low-power Wide Area) technologies as key to this 95% increase over the next four years. The new study, Cellular IoT: Strategies, Opportunities & Market Forecasts 2022-2026, predicted that, LPWA solutions, such as NB-IoT and LTE-M, will be the fastest-growing cellular IoT technologies over the next four years. It anticipated that the low cost of both connectivity and hardware will drive adoption for remote monitoring in key verticals, such as agriculture, smart cities and manufacturing. In turn, LPWA connections are expected to grow 1,200% over the next four years. For more insights, download our free whitepaper: Three Important Cellular IoT Strategies for 2022. 2G and 3G Network Shutdowns to Drive LPWA The report urged operators to migrate IoT connections on legacy networks to networks that support LPWA technologies. It anticipated that demand from enterprises for low-cost monitoring technologies, enabled by LPWA networks, will increase as these legacy networks are shut off over the next four years. Research co-author Charles Bowman commented: “Operators must educate users on the suitability of LPWA as a replacement technology for legacy networks. However, many IoT networks cannot solely rely on LPWA technologies. More comprehensive technologies, such as 5G, must underpin IoT network architectures and work in tandem with LPWA technologies to maximise the value of IoT services.” 5G to Generate $9 Billion for the IoT Market by 2026 Conversely, the report predicted that 5G IoT services will generate $9 billion of revenue by 2026; rising from $800 million in 2021. This represents a growth of 1,000% over the next five years as 5G coverage expands and operators benefit from the increased number of 5G IoT connections. To capitalise on this growth, it recommended operators offer value-added services, such as network slicing and edge computing, to IoT users to maximise the value of 5G adoption.
Growth of 36% between 2021 and 2024 A new Juniper Research study has predicted that end user spend via carrier billing will increase to $73.8 billion in 2024, from $54.4 billion in 2021, with growth driven by 5G-based mobile gaming and video subscriptions. To leverage this growth, the report advises operators to forge new partnerships with content providers to build frameworks enabling the distribution of new content paid for by carrier billing. The new report, Carrier Billing: Opportunities, Challenges & Market Forecasts 2022-2026, also expects carrier billing spend on content bundling to enable operators to further recoup investments into 5G by charging a premium to facilitate high-quality video and games streaming over 5G networks. To maximise this opportunity, it urges operators to offer payment services in markets underserved by existing digital payment methods to maximise carrier billing spend. For more insights, download the free whitepaper: Carrier Billing ~ Leveraging the 5G Opportunity Indian Subcontinent Identified as Key Opportunity Operators must expand the geographical reach of carrier billing; leveraging the trust fostered between them and their subscribers, and becoming increasingly valuable partners to content providers. It identified the Indian Subcontinent as a key target region for carrier billing stakeholders over the next two years, with smartphone penetration in the region expected to reach 50% by 2024. New Opportunities in the Transit Sector The research also found carrier billing spend on digital ticket purchases will grow by 250%, from $141 billion in 2021 to $275 billion in 2024. It predicts that the rise of new transportation modes, such as MaaS (Mobility-as-a-Service) will drive carrier billing spend for transit services by offering an improved user experience across a single app that leverages carrier billing to process the payment. Additionally, RCS (Rich Communication Services) messaging will provide an interface between MaaS users and transit service providers; offering real-time travel updates. Research author Susannah Hampton says: “Operators should focus on demonstrating their relevance to transit; driving the further growth of carrier billing via an improved range of technology partnerships.”
