The world of cellular IoT connections is about to kick off a future of boundless possibilities, as a report by Counterpoint reveals some incredible growth numbers.

In 2022, global cellular IoT connections experienced a stunning 29% year-on-year increase, reaching a whopping 2.7 billion connections. These connections are projected to continue their upward trajectory, with a mind-boggling compound annual growth rate (CAGR) of 10.8%, soaring beyond the 6 billion mark by 2030.

Fueling this remarkable growth is none other than the digital transformation wave that's sweeping across various industries. Smart meters, automobiles, and asset tracking are leading the charge, leveraging cellular IoT connectivity to boost productivity, streamline operations, minimize downtime and automate processes

China took the lead as the geographical powerhouse in this cellular IoT revolution with over two-thirds of total cellular IoT connections in 2022. Europe and North America trail closely behind, showcasing their own impressive numbers.

In terms of technology dynamics, 4G and NB-IoT took centre stage, jointly accounting for a staggering 90% of the installed base of cellular IoT connections in 2022. 4G stole the show after outshining its predecessors, 2G and 3G, back in 2016. Meanwhile, the adoption of 5G, which is still in its nascent stage, is expected to increase as module prices drop and more 5G-based solutions become available.

Looking ahead, the global cellular IoT connections installed base is set to surpass 6 billion connections by 2030, driven by the adoption of cellular connectivity across diverse sectors such as utilities, automotive, industrial, retail, and healthcare