Industrial will be the leading vertical followed by Automotive with highest CAGR in 2030
BOSTON–(BUSINESS WIRE)–Strategy Analytics published its latest report on IoT Cellular Connections by Vertical and by Air Interface (25,3G,4G&5G), forecasting a double-digit compound annual growth rate (CAGR) of 14% during 2022-2030
According to Waseem Haider, Principal Analyst, Enterprise IoT at Strategy Analytics and author of the report, “IoT Cellular Connection by Air Interface by Vertical” which provide projections till 2030 – Industrial and Automotive will be the biggest verticals in terms of number of IoT Connections during the forecast period 2022-30.
This latest update looks at the historical data as far as 2013 and forecasts IoT connections by Air Interface technology (2G, 3G, 4G, 5G) and by Verticals – Automotive, Healthcare, Home (non-security), Industrial, Primary Processing, POS/Retail, Security, Transport, Utilities and others. During 2022-30, Healthcare is the highest growing vertical with a CAGR of 23% followed by Industrial and Automotive verticals with a CAGR of 17% and 16% respectively.
Strategy Analytics believes that the largest sectors will continue their growth trajectory, with IoT connections in Industrial accounting for 21% in 2030, growing from 17% in 2022 and Automotive accounting for 18% in 2030, growing from 15% in 2022, during the forecast period of 2022-30. In 2022, Industrial is the leading sector with 17% of the total IoT connections followed by Automotive and Utilities with 15% connections, respectively.
Gina Luk, Director of Enterprise Research at Strategy Analytics, added that “By 2030, 5G IoT connections will be dominated by Industrial and Automotive applications, with 28% and 21% 5G IoT connections respectively. Healthcare and Security applications will be the next largest market in 2030, accounting for a combined 20% of 5G IoT connections. The low latency benefits of 5G will allow IoT use cases where near-instantaneous communications are required, such as platooning of trucks in transportation, autonomous driving, low latency in manufacturing and areas like remote surgery in healthcare, where a surgeon could be conducting a surgery via robotics and virtual/augmented reality, even though not located in the operating theatre with the patient.”
Source: Strategy Analytics, Inc.
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