eSIM Market Forecast to 2027
The tech-savvy millennial and mid-aged population across the world demand advanced technologies such as smartphones and smart wearables. Owing to this, several companies constantly engage themselves in developing robust technologies to ease their lifestyle. The US, China, Japan, Germany, India and the UK are among the leading technologically developed countries and house a significant number of consumer electronics manufacturers and automobile manufacturers.
Smartphone manufacturers contribute a significant revenue share in the embedded SIM (eSIM) market. eSIM forecast
Reportlinker.com announces the release of the report “eSIM Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Application ; Vertical”.
The eSIM market was valued at US$ 392.7 million in 2019 and is projected to reach US$ 2,282.3 million by 2027; it is expected to grow at a CAGR of 27.4% from 2020 to 2027.
Based on application, the eSIM market is categorized into connected cars, laptops and tablets
M2M, smartphones, wearables, and others. In 2019, the M2M segment dominated the eSIM market; however, the smartphone segment is anticipated to grow at the fastest growth rate.
The demand for eSIMs is constantly rising among smartphone manufacturers, automobile manufacturers, laptop manufacturers, and energy & utility sector players. The OEMs across the globe are robustly focusing on the development and integration of eSIM in various applications.
The growing demand of miniaturization and IoT technology across various industries is also boosting the demand of eSIM globally.eSIM forecast
Geographically, the eSIM market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America held the largest share of the global eSIM market, followed by Asia Pacific and Europe, in 2019. The rise in penetration of smartphones and connected cars and autonomous vehicles in North America is paving the way of eSIM adoption. The presence of a large number of telecom companies coupled with higher volumes of smart consumer electronics and automotive manufacturers are boosting the growth of the eSIM market in North America. The penetration of smart technologies among the North American masses is considerably high and pertaining to this, the awareness related to the benefits of eSIM is more among the US and Canadian populations.
Representing the developed world, the United States will maintain a 33.3% growth momentum. Within Europe, which continues to remain an important element in the world economy, Germany will add over US$40.4 Million to the region’s size and clout in the next 5 to 6 years. Over US$59.5 Million worth of projected demand in the region will come from the Rest of Europe markets. In Japan, Connected Cars will reach a market size of US$36 Million by the close of the analysis period. As the world’s second-largest economy and the new game changer in global markets, China exhibits the potential to grow at 28.7% over the next couple of years and add approximately US$215.5 Million in terms of addressable opportunity for the picking by aspiring businesses and their astute leaders. Presented in visually rich graphics are these and many more need-to-know quantitative data important in ensuring quality of strategy decisions, be it entry into new markets or allocation of resources within a portfolio. Several macroeconomic factors and internal market forces will shape the growth and development of demand patterns in emerging countries in Asia-Pacific. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.eSIM forecast
Deutsche Telekom AG, Gemalto NV, Giesecke + Devrient Mobile Security GmbH, IDEMIA, Infineon Technologies AG, NXP Semiconductors N.V., Sierra Wireless, STMicroelectronics, Telefónica S.A, and Vodafone PLC are among the major players present in the global eSIM market.
Impact of COVID-19 Pandemic on eSIM Market eSIM forecast
The COVID-19 outbreak has affected economies and industries in various countries as it has resulted in lockdowns, travel bans, and business shutdowns. The overall market breakdown due to COVID-19 is also affecting the growth of the eSIM market due to factory shutdowns, disrupted supply chain, and downturned global economy.
The overall size of the global eSIM market has been derived in accordance to primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the eSIMs.
