Berg Insight predicts the global number of cellular IoT subscribers will increase to 9.0 billion in 2023 from 1.2 billion in 2018.
China which accounted for 63% of the global installed base in 2018, is expected to continue leading the market owing to the Chinese government actively driving adoption as a tool for achieving domestic and economic policy goals.
The global revenue for cellular IoT connectivity services increased by 19% in 2018 to reach € 6.7 billion.
The private sector in China continues to implement IoT technology to improve efficiency and drive innovation.
Tobias Ryberg, Principal Analyst at Berg Insight, said: “China is deploying cellular IoT technology at a monumental scale.’
“According to data from the Chinese mobile operators, the installed base in the country grew by 124 percent year-on-year to reach 767 million at the end of 2018. The country has now surpassed Europe and North America in terms of penetration rate with 54.7 IoT connections per 100 inhabitants.”
China has also witnessed widespread adoption of new technologies such as connected cars, fleet management, smart metering, asset monitoring and other new consumer services enabled by connectivity like bike sharing.