The eSIM market was valued at USD 392.74 million in 2019 and is projected to reach USD 2,282.27 million by 2027.
The embedded SIM (eSIM) market is predicted to witness a significant growth rate during the forecast period. The growth is majorly attributed to the substantial adoption of IoT technology across industries. The network connectivity has become an integral component of any manufacturing facility.
Consumer electronics is one of the key industries for the growth of the embedded SIM (eSIM) market, which is majorly driven by the smartphone sector. At present, a major population in the developed and developing countries, carry smartphones. As smartphone manufacturers continue to develop and commercialize advanced technology smartphones, several associated industries such as telecom industry also get benefitted. The growth in the smartphone industry has led several telecom companies to design and develop eSIM with added advantages over removable SIMs. The demand for smartphones continues to grow, and it is foreseen that the industry is expected to surge tremendously over the years. The upward trend in smartphone adoption is expected to boost the embedded SIM (eSIM) market as the smartphone manufacturers are emphasizing on offering their products with eSIM.
Based on application, the global eSIM market is segmented into connected cars, laptops and tablets, M2M, smartphones, wearables, and others. The OEMs across the globe are focusing on the development and integration of eSIMin various applications. The growing demand of miniaturization and IoT technology across various industries is also boosting the eSIM market globally. The application of eSIM technology with cellular M2M modules unwraps more innovation and technological development globally. The M2M applications are driving the demand for eSIMs in various industries such as automotive, consumer electronics, retail, energy & utility, and logistics & transportation. The growing demand for advanced and innovative technology such as M2M applications and IoT is boosting the integration of eSIM in various industries.
The mounting technological advancements and growing trend of miniaturization of devices across various industry verticals are boosting the integration of eSIM. The telecom providers are focusing on the development and advancements in connectivity technologies between the devices. It optimizes the space in gadgets and the eSIM is enhancing the scope of new generation connected consumer devices. Based on vertical, the eSIM market is segmented into automotive, energy and utilities, manufacturing, retail, consumer electronics, transportation and logistics, and others.
Want to know more about how we can help you as a partner? Get in touch now!