The number of worldwide cellular IoT subscribers increased by 56% in the past year, hitting 647.5 million and by the end of 2018 cellular IoT market is set to hit one billion installed devices.
- The report highlights the potential for the technology; it estimates that the global market for IoT devices will be 2.7 billion devices by 2022.
- Much of the growth is being driven by China. The report points out that the Chinese government has set a goal to connect 600 million devices to NB-IoT networks by 2020.
China is playing a key role in accelerating and transforming the global cellular IoT market… NB-IoT will essentially replace 2G technology, which accounted for the bulk of the 150m new cellular IoT connections added in the country in 2017. In the process, the cost of 4G-based cellular IoT chipsets and modules will fall dramatically, paving the way for a similar transition worldwide.
Tobias Ryberg, senior analyst at Berg Insight.