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ESIM Market Overview
The eSIM market industry is projected to grow from USD 0.85 Billion in 2022 to USD 5.77 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 31.40% during the forecast period (2022 – 2030).
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Competitive Analysis
The major players of the market are,
Market Dynamics
The increasing incidence of cervical spondylosis among corporate employees and the rising incidence of cervical injuries in automobile accidents are the primary factors propelling market expansion. Minimal power consumption, remote operation, real-time data monitoring, and identification of service timing are all advantages offered by M2M systems. Several industries, including manufacturing, security, telemedicine, robotics, automotive, industrial, and utilities, have implemented M2M systems because of their advantages. Enhanced network connectivity is required, and eSIM plays a crucial role in facilitating wireless communication between mobile networks within a networked system.
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The desire of consumers to own connected homes serves as a driving force behind the demand for smart electronics, encompassing wearables, printers, smart eyewear, smartphones, tablets, and laptops. Connected homes are dependent on the integration of eSIM cards into consumer electronics, which enables superior network connectivity. Throughout the product’s lifecycle, ESIM’s uncomplicated subscription management enhances the user experience by facilitating product differentiation, remote access, monitoring, streamlined logistics, and superior network connectivity. Consequently, eSIM is presently being implemented in a multitude of contexts, ultimately broadening the market.
As IoT adoption increases, the introduction of 5G technology creates colossal opportunities. The emergence of new sectors and the diversity of alternatives available to network service providers are both outcomes of the Internet of Things. As a consequence, the mobile industry’s ecosystem is being transformed by IoT. As a market for intelligent and automated appliances has transcended that of consumer electronics such as laptops, tablets, and smartphones, eSIMs have developed. Numerous industry sectors, including home appliances, healthcare, agriculture, utility monitoring systems, autonomous drones, connected vehicles, and industrial apparatus, utilize smartphones and wearables.
ESIM Market Segmentation
Based on End-User, the eSIM market segmentation includes Automotive, Energy & Utilities, Manufacturing, Retail, Consumer Electronics, Transportation & Logistics.
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Regional Analysis
Presently holding the greatest market share, the eSIMs market in North America is projected to grow at a CAGR of 11.5% during the period of analysis. The ascent can be attributed to the swift technological advancements in the region and the pervasive existence of network providers.
The Asia Pacific ESIM market was valued at $0.27 billion in 2021 and is anticipated to grow at a substantial CAGR over the period of analysis. Prominent smartphone manufacturers such as Samsung Electronics and Huawei have implemented eSIM handsets, thereby solidifying eSIM’s position as the benchmark SIM technology for forthcoming connected devices and garnering traction in the smartphone industry. Furthermore, in countries such as China and India, a number of original equipment manufacturers (OEMs) are assembling collaborative development teams from throughout the ecosystem to create eSIM solutions and construct tactical development routes.
Likewise, over the forecast period, the European eSIM market is anticipated to expand at a CAGR of 10.1%. These regions have implemented state-of-the-art technologies early on. There is an increasing prevalence of smart connected devices and connected vehicles in these regions. On account of these attributes, it is anticipated that these two regions will maintain their dominance throughout the forecast period.
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