Cellular IoT Connections to Continue Growing Amid IoT Landscape Transformation
- Global cellular IoT connections exceeded 3.8 billion by the end of 2024 and are projected to grow at a CAGR of over 9%, reaching 6.5 billion by the end of 2030.
- Cellular IoT revenues are expected to hit $28 billion by 2030, driven by 5G adoption.
- Key advancements in artificial intelligence (AI), eSIM, and satellite connectivity will be pivotal in reshaping the IoT connectivity ecosystem, enabling smarter, more autonomous, and globally scalable deployments.
- Emerging markets will drive the next wave of digital infrastructure and IoT expansion, particularly in utilities, transportation, and smart cities.
Beijing, Berlin, Buenos Aires, Fort Collins, Hong Kong, London, New Delhi, Seoul, Taipei, Tokyo – September 19, 2025
Cellular IoT connections grew 17% YoY in 2024, exceeding 3.8 billion by the end of the year according to Counterpoint’s Global Cellular IoT Connectivity Report. The global cellular IoT modules market also expanded, supported by replacement cycles and the increasing adoption of cost-effective solutions.
Commenting on these evolving dynamics, Principal Analyst Tina Lu said, "With the phase-out of legacy technologies, the market is embracing more efficient and cost-effective solutions like 4G Cat-1 bis. These technologies are simplifying deployments and making IoT implementations more scalable and reliable. The rollout of 5G will further catalyze this momentum, opening doors to advanced use cases and creating new revenue opportunities not just for enterprises, but also for operators looking to boost IoT-driven returns in a market where traditional ARPUs remain under pressure."
While 4G will remain the primary cellular IoT technology in the near term thanks to its wide availability, ease of deployment, and cost efficiency, 5G is poised to accelerate from 2026 onwards. As networks densify, the device ecosystem matures, and operators look to monetize 5G beyond consumer applications, adoption will steadily climb. Automotive and industrial IoT are expected to be the leading growth drivers, with healthcare and broader enterprise use cases following closely behind.
Global Cellular IoT Connections by Region (in Billions)
The IoT connectivity landscape is poised for transformation, driven by the convergence of multiple emerging technologies. The adoption of eSIM and the SGP.32 standard will play a pivotal role in enabling seamless, scalable, and remote connectivity for a wide range of IoT devices. Meanwhile, AI integration will become increasingly critical not just at the device level, but also across platforms, enhancing intelligence, automation, and security. Simultaneously, the continued expansion of 5G and the deployment of 5G Standalone (SA) networks will accelerate the adoption of RedCap technology. RedCap will power use cases such as surveillance, wearables, and enhanced mobile broadband, and will become crucial to future IoT deployments.
Global Cellular IoT Connectivity Revenue by Region (in $ Billions)
Remarking on the trends, Research Analyst Siddhant Cally said, "Regions across the globe are continuing their digital transformation, particularly in areas such as public welfare and utilities. The Internet of Vehicles has emerged as a major growth driver, especially in North America, Europe, and China alongside strong momentum in smart retail and point-of-sale (PoS) deployments. Looking ahead, the next wave of growth will be driven by both high-data applications in mature mobile markets and essential, scalable solutions in emerging economies."
Tier-1 mobile network operators (MNOs) continue to lead the cellular IoT market, largely driven by their deep partnerships with large enterprises, including automotive manufacturers and public sector organizations. China remains the global frontrunner, accounting for nearly 70% of total cellular IoT connections and surpassing 2.6 billion connections in 2024. Its scale and momentum serve as a blueprint for emerging markets like India, which are increasingly turning to cellular IoT to accelerate industrial digitization and smart infrastructure development.
About Counterpoint Research
Counterpoint Research is a global market research firm specializing in products across the technology ecosystem. We advise a diverse range of clients – from smartphone OEMs to chipmakers and channel players to Big Tech – through our offices located in the world's major innovation hubs, manufacturing clusters and commercial centers. Our analyst team, led by seasoned experts, engages with stakeholders across the enterprise – from the C-suite to professionals in strategy, analyst relations (AR), market intelligence (MI), business intelligence (BI), product and marketing – to deliver services spanning market data, industry thought leadership and consulting. Our core areas of coverage include AI, Automotive, Consumer Electronics, Displays, eSIM, IoT, Location Platforms, Macroeconomics, Manufacturing, Networks and Infrastructure, Semiconductors, Smartphones and Wearables. Visit our Insights page to explore our publicly available market data, insights and thought leadership, and to understand our focus, meet our analysts and start a conversation
Receive our insightful weekly newsletter and stay ahead of the competition.
Author
Siddhant Cally
With more than 8 years of rich experience in the telecommunications industry, Siddhant is currently a Senior Analyst at Counterpoint Research. He has previously worked with global leaders such as Bosch and Ericsson, and has managed networks for prominent operators including Claro, Sprint, and RCOM. In his current role, Siddhant focuses on researching and analyzing wireless technologies and their business outlook. He holds an engineering degree in Electronics and Communication, and MBA from IIT Delhi.