Wedoany.com Report-Dec.22, Market research firm Berg Insight recently released a report forecasting the development of the global cellular IoT market. The report indicates that by the end of 2024, the 550 largest-scale cellular IoT deployment projects it tracks worldwide collectively have approximately 743 million active connections. It is projected that by 2029, the total number of connections for these projects will grow to 1.22 billion units.

The agency's research database covers multiple vertical industries including automotive, transportation and logistics, utilities, retail, industrial, and healthcare. Analysis from the report shows that, in terms of the number of projects, transportation and logistics is the most actively deployed sector; while by connection scale, automotive original equipment manufacturers (OEMs) represent the largest vertical industry currently. Over 120 projects on the list have already surpassed one million connections.

Berg Insight forecasts that between 2024 and 2029, the compound annual growth rate (CAGR) of connections for these 550 major projects will reach 10.4%. This growth trend reflects the deepening application and continuous expansion of cellular IoT technology across various economic sectors. The report asserts that the steady growth in cellular IoT connections is a significant manifestation of the digital transformation process.