eSIM Market Overview
The global eSIM Market size valuation is expected to reach $5.77 billion by 2030 by registering a CAGR of 31.40%. E-SIM is also known as embedded SIM, a SIM chip built to operate with multiple mobile devices globally. The e-SIM allows a device to have multiple devices operating profiles at once, which results in simultaneous use of the same device by using different profiles. The multiple profiles can be used remotely as well. Additionally, they can be switched between one another depending on the user. With e-SIM, a user can use the same SIM while switching to different mobile. It eliminates the need to change the SIM physically.
The rapid increase in IoT devices in various sectors such as consumer electronics, automotive and energy, and utilities propels the eSIM market. E-SIM offers cost-effective, secure, and reliable cellular connectivity for IoT applications, and it has increased the adoption of wireless cellular-based solutions like e-SIM. This e-SIM industry is growing owing to the increase in the number of M2M connections globally. The M2M communication is carried over the mobile networks, and due to this, e-SIM plays a huge role in wireless communication, which will boost the eSIM market trends.
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Market segmentation
The eSIM market is segmented based on solution, application, and region.
Based on the solution, the E-SIM market is segmented into hardware and connectivity services. In 2019 connectivity segment was responsible for the highest share of 92%, and it is expected to have a significant CAGR during the forecast period. The connectivity services include the services offered by MNOs for remotely and securely handling the cellular subscriptions of the end-users. Additionally, the adoption of e-SIM for M2M connection is favoring the eSIM market growth.
Based on application, the E-SIM market is segmented into consumer electronics and M2M. M2M was responsible for the highest share in 2019 of 68% and predicted to grow at a CAGR rate of 14% during the forecast period. The M2M segment is further categorized into energy & utilities, automotive, and others.
By region, the E-SIM market is divided into North America, Asia Pacific, Europe, and the rest of the world. North America dominated the market.
Regional analysis
The major regions in the E-SIM market are North America, Asia Pacific, Europe, and the rest of the world. Among them, North America accounted for the highest share of 35% in 2019 due to the technological advancement and presence of strong network providers.
The Asia-Pacific region is expected to register the highest CAGR rate of 18.5% in the forecast period. This is due to the rising adoption of IoT technology and the demand for embedded connectivity in vehicles. Additionally, the rising adoption of consumer solutions like wearable, laptops, and smartphones is further expected to boost the demand.
Industry news
In January 2018, Deutsche Telecom increased its IoT ecosystem at the IBM Watson IoT center, in Germany. In January 2018, Sierra Wireless launched the industry's smallest, multi-mode Low Power Wide Area (LPWA), lowest power cellular modules for various applications.
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