IoT Telecom Services Market Expected to Reach $254.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “IoT Telecom Services Market, By Connectivity (Cellular Technology, LPWAN, NB-IoT, RF-Based), By Network Management Solution (Network Performance Monitoring And Optimization, Network Traffic Management, Network Security Management), By Service Type (Business Consulting Services, Installation And Integration Services, Devices And Applicaton Management Solution, IoT Billing And Subscription Management, M2M Billing Management), By Application (Smart Building And Home Automation, Capillary Network Management, Industrial Manufacturing And Automation, Vehicle Telematics, Energy And Utilities, Smart Healthcare): Global Opportunity Analysis And Industry Forecast, 2022-2031". The iot telecom services market was valued at $17.4 billion in 2021, and is estimated to reach $254.2 billion by 2031, growing at a CAGR of 31.1% from 2022 to 2031.

The Internet of Things (IoT) telecom services are a group of products and services that telecom firms offer to their business clients to make it easier to integrate smart connectivity technologies into their networks and operational procedures. These services improve interoperability, real-time analytics, asset management, and data security and privacy. Telephone Company is heavily utilising IoT communication services for its commercial clients to deliver crucial machine-centric connectivity. The main objectives of IoT telecom services are smart network monitoring and consistent connectivity.

Furthermore, increase in adoption of technological advancement and innovation and IoT powered smart cameras for security primarily drive the growth of the IoT telecom services market. However, lack of guidelines for spectrum allocation hampers the market growth to some extent. Moreover, adoption of blockchain technology is expected to provide lucrative opportunities for the market growth during the forecast period.

Depending on the enterprise size, the large enterprise segment dominated the IoT telecom services market share in 2021 and is expected to continue this trend during the forecast period, owing to growth in data in large enterprises and increase in need to keep a central repository in an organization. However, the SMEs segment is expected to witness the highest growth in the upcoming years, owing to the increase in investments by the market players to develop IoT telecom services for SMEs. In addition increase in adoption of mobile device applications and platforms are the major factors that drive the market growth.

Region-wise, the IoT telecom services market size was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to rise in awareness regarding data security among banks, insurance firms, financial institutions and rise in number of cyberattacks aiding the growth of the IoT telecom services market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to adopting of security solutions to implement new technologies and to overcome online frauds, which is expected to fuel the market growth in this region.

COVID-19 has impacted all industries majorly. However, the IoT telecom services has been severely impacted. This pandemic has imposed governments, and enterprises to switch their priorities and operating modules. Integrating new technologies for smart development is the major driver of the market. In addition, IoT's ability to support millions of connected devices and their energy efficiency also rise as IoT innovations are introduced. Leading telecom companies are utilizing IoT to track products, manage staff and user engagement, monitor customer satisfaction levels, and more.

Government Initiatives:

The government provides infrastructure. Understanding linked infrastructure is the first step in determining what laws or regulations may be required for the efficient usage of IoT technology. Governments may be asked to supply the IoT infrastructure, just as they are responsible for constructing and maintaining the nation's roads for cars. The IoT stack contains a wide range of communication techniques and protocols, therefore it is currently unclear precisely what is needed to build the IoT's underlying infrastructure.

Uncertainties surrounding the utilization of new technology are unavoidable. Governments at all levels are accountable for reducing the risk that these uncertainties pose to the public. This problem is complicated by the fact that no new technology can be fully utilized at the time of its introduction. As a result, predicting the potential risks that such technologies represent to the general public can be rather challenging.

For instance, the Indian government has established a number of statutes, rules, regulations, guidelines, and other policies that make up the regulatory and policy framework governing the country's communications industry. The Indian Telegraph Act 1885, the Indian Wireless Telegraphy Act 1933, and the Telecom Regulatory Authority of India (TRAI) Act 1997 are the main statutes that govern the industry (the TRAI Act).

KEY FINDINGS OF THE STUDY

• By connectivity, the cellular technology segment accounted for the largest IoT telecom services market share in 2021.
• On the basis of network management solution, the network performance monitoring and optimization segment generated the highest revenue for IoT telecom services industry in 2021.
• By service type, the business consulting services segment accounted for the largest share in IoT telecom services market forecast.
• On the basis of application, the smart building and home automation segment generated the highest revenue in 2021.
• Region-wise, North America generated the highest revenue in 2021

The key players profiled in the IoT telecom services market analysis are Telstra, Orange, Sequans Communication, Telus Corporation, MediaTek Inc, LM Ericsson Telephone Company, Vodafone Idea Ltd, Sierra Wireless, Puresoftware Ltd, and T-Mobile. These players have adopted various strategies to increase their market penetration and strengthen their position in the IoT telecom services industry.