This Frost & Sullivan study analyzes the global cellular IoT and LPWAN market between 2025 and 2031, covering traditional cellular IoT (2G/3G, 4G, and 5G), massive cellular IoT (NB-IoT, LTE-M, and 5G RedCap), and massive non-licensed LPWAN technologies (LoRaWAN, Sigfox, and other standards). The analysis evaluates market growth by technology, region, vertical industry, and network type, using cumulative active connections as the primary measurement.

The IoT market is being reshaped by disruptive technologies, industry convergence, and geopolitical pressures, with AI moving intelligence to the edge, TN-NTN expanding coverage, and security and sovereignty concerns driving new deployment models and managed connectivity opportunities.

Traditional cellular IoT remains the largest connectivity segment, growing at a 10.5% CAGR between 2025 and 2031 as affordable LTE Cat-1bis modules gain traction, automotive connectivity and C-V2X initiatives accelerate, eSIM adoption expands, and 5G standalone networks gradually mature. Massive cellular IoT is projected to grow faster, at a 13.2% CAGR, supported by government-led smart metering and smart city programs, declining module costs, and NTN-enabled coverage expansion into rural and remote environments. In the non-licensed LPWAN market, utilities modernization and smart city initiatives are sustaining demand for low-power, wide-area connectivity, with LoRaWAN emerging as a key technology after reaching 125 million connections by the end of 2025.

The study concludes by identifying key growth opportunities in 5G for connected vehicles, 5G RedCap for industrial IoT, and LoRaWAN for smart buildings.

Author: Cecilia Perez