According to a research report IoT MVNO Market size is projected to grow from USD 2.9 billion in 2023 to USD 6.8 billion by 2028, at a CAGR of 18.2% during the forecast period. Due to the rise in the number of devices connected to the internet, increasing demand for connectivity solutions specifically designed for IoT has been noticed in the market ecosystem. IoT MVNOs offer specialized services and connectivity plans as solutions tailored to meet the need of IoT devices.
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The service operator segment is expected to grow at the highest CAGR during the forecast period
The growth of the IoT market is being driven by a number of factors, including the increasing adoption of IoT devices, the growing need for data-driven insights, the need for flexibility and scalability, and the need for security. Service operators are well-positioned to meet this demand and are expected to play a key role in the growth of the IoT MVNO market. The service operator segment in the IoT MVNO market is expected to grow at a double-digit CAGR from 2023 to 2028
The transportation and logistics segment is expected to account for the largest market size during the forecast period
The transportation and logistics industry is one of the fastest and largest-growing sectors in the global economy. The industry is responsible for the movement of goods and people around the world, playing a crucial role in the global supply chain. IoT devices are being used to track the movement of goods throughout the supply chain. This data can be used to improve efficiency, reduce costs, and improve customer service. IoT devices are being used to monitor the condition of assets, such as trucks and trailers. This data can be used to prevent breakdowns and improve maintenance.
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Based on region, North America is expected to dominate the market during the forecast period
North America is expected to dominate the IoT MVNO market in the coming years. The US government has been a strong supporter of IoT, which has helped create a favorable environment for the growth of the IoT MVNO market in North America. There has been a high level of investment in IoT in North America, which has helped drive the development of new IoT technologies and solutions. North America has a mature telecommunications infrastructure, which provides a solid foundation for the deployment of IoT solutions. Overall, the IoT MVNO market in North America is expected to grow in the coming years, driven by several factors, including the increasing adoption of IoT devices, the growing need for data-driven insights, flexibility and scalability, and the need for security.
Market Players
The major players in the IoT MVNO market are KDDI (Japan), KORE Wireless (US), Sierra Wireless (Canada), Twilio (US), Asahi Net (Japan), Telit (US), BICS (Belgium), Lycamobile (UK), Wireless Logic (UK), Truphone (UK), Aeris Communications (US), Cubic Telecom (Ireland), Hologram (US), 1NCE (Germany), 1OT (Estonia), Soracom (Japan), Onomondo (Denmark), etc. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and enhancements, and acquisitions to expand their footprint in the IoT MVNO market.
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