Overview:
The global cellular IoT connections market continued its year-over-year growth in 2023, with total connections surpassing 3.3 billion, driven primarily by China. While the market is set to expand further, the majority of connections are expected to consolidate among leading MNOs worldwide, a trend likely to persist for the next few years. Meanwhile, certain regions are increasingly adopting LPWA technologies as legacy networks are gradually phased out. Broadband technologies such as 4G and 5G are set to play a pivotal role in advancing digital transformation goals globally.
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