The global LTE IoT market size was US$ 1.9 billion in 2021. The global LTE IoT market is expected to grow to US$ 4.98 billion by 2030 by registering a compound annual growth rate (CAGR) of 21.8% during the study period, i.e., 20222-2030.
LTE IoT links billions of Internet-connected devices globally through robust connectivity technology. These advanced technologies include 3G, 4G, and 5G. Just a few examples of NB-IoT applications include smart parking, smart cities, smart agriculture, industrial monitoring, smoke alarms, and others.

Factors Influencing the Market
Increased manufacturing demand and use of this technology would result in robust networks. Additionally, the applications of LTE IoT in processing sensor data, evaluating, and real-time monitoring will be the significant driver fuelling market expansion. Another factor influencing the market's expansion is the necessity to support activities that require immediate access to data updates and the rising demand for ultra-low latency from numerous industries.
Over the projected period, there will likely be an increase in demand for LTE IoT devices as autonomous vehicles move from testing to commercial implementation. Further, established players in the energy and utility sectors are eager to adopt cutting-edge technologies to streamline the processes involved in energy production and distribution. Therefore, it will escalate the growth of the LTE IoT market during the forecast period. 
On the contrary, high investment costs may limit the growth of the LTE IoT market during the analysis period.

Regional Analysis
Asia-Pacific is expected to hold dominance in the LTE IoT market due to the rising implementation of emerging technology across various industries. Apart from that, the region is witnessing significant transformation across all sectors, which will upsurge the deployment of 4G and 5G networks during the study period. Countries like Japan, South Korea, Australia, Singapore, China, and India are expected to bring a host of opportunities for the LTE IoT services industry. Moreover, businesses are becoming more innovative, which will benefit the Asia-Pacific LTE IoT market during the forecast period.

COVID-19 Impact Analysis
Multiple industries that make up the primary markets for LTE IoT technology have been disrupted in the wake of the COVID-19 pandemic. COVID-19 disease is slowing down growth in the building industry, and many ongoing projects are being abandoned. As a result, it halts the addition of new IoT hardware, including smart street lights, meters, parking meters, etc. Thus, the negative impact on the consumer and retail markets has negatively affected the LTE IoT market.

Competitors in the Market
• Airtel India
• Vodafone Limited
• China Mobile Limited
• Nokia
• Deutsche Telekom AG
• SAMSUNG
• Vodafone Limited
• Intel Corporation
• AT & T Intellectual Property
• Other Prominent Players

Market Segmentation
The global LTE IoT market segmentation focuses on Service, End-User, and Region. 
By Service Type:
• Professional Services
• Managed Services
By End User:
• Manufacturing
• Healthcare
• Energy and Utilities
• Automotive and Transportation
• Supply Chain and Logistics
• Government and Public Safety
• Agriculture
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America