(EMAILWIRE.COM, July 30, 2019 ) According to new research report "IoT Telecom Services Market by Component, Connectivity Technology (Cellular, LPWAN, NB-IoT, and RF-Based), Network Management Solutions, Service (IoT Billing & Subscription and M2m Billing Management), and Application - Global Forecast to 2021" published by MarketsandMarkets, the IoT Telecom Services Market size estimated to grow from USD 2.90 Billion in 2016 to USD 17.67 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 43.6%.
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The major forces driving this market are the growing need for enhanced connectivity solution to connect smart devices, critical need for smart network bandwidth management and automation in backend communication operations which is an essential pre-requisite for streamlining business processes, and the significant increase in adoption of BYOD among enterprises. Telcos are promoting OTT applications that helps to boost the adoption of IoT telecom services.
Transportation, connected logistics, and traffic management application is expected to grow at the highest CAGR in the IoT Telecom Services Market during the forecast period
Application of IoT with regards to connected logistics allows the clients and logistics providers to make quick adjustments, in case there is any delay in the shipment. IoT services strengthen the supply chain management by offering them transparency so that they can take effective decisions in real-time. Telcos offer connectivity solutions to IoT-enabled smart vehicles and trucks for location and tracking of assets, and real-time management of logistics services and control systems and smart devices to control and manage basic home functions automatically over the internet and network connectivity provided by telecom service providers.
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Machine to Machine (M2M) billing management services segment is expected to hold the largest market share in the IoT Telecom Services Market and the current trend is expected to continue during the forecast period
M2M billing management services play a vital role in IoT telecom services, as they track the usage of services subscribed by users of M2M connected devices and manages the billing and rating of network-as-a service subscription offered by various telcos in the IoT space. As the there are millions of M2M and IoT devices connected over network which generates massive amount of data. This empowers great revenue opportunity for telecom service providers, by providing a wide range of features including remote monitoring, ubiquitous connectivity, automatic exchange of data, real-time notification, and many others which helps in better management of M2M billing of its associated services.
North America is expected to contribute the largest market share; Asia-Pacific (APAC) to grow at the fastest rate
North America is expected to hold the largest market share and would dominate the IoT Telecom Services Market from 2016 to 2021, due to the presence of a large number of IoT telecom service providers offering tailored solutions to multiple application areas. North America has been witnessing a high adoption of IoT telecom services on a large scale as they are the early adopters of smart technologies. APAC offers potential growth opportunities for the IoT Telecom Services Market to grow, as countries in the region are investing heavily in the development of IoT telecom services owing to major instances of rising adoption of smart devices and smart technologies.
The major vendors in the IoT Telecom Services Market include AT&T, Inc. (U.S.), Ericsson (Sweden), Verizon Communications, Inc. (U.S.), Deutsche Telekom AG (Germany), and Huawei Technologies Co., Ltd. (China), among others.
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