eSIM Market Growth & Trends
The global eSIM market is expected to reach USD 15,464.0 million by 2030 at a CAGR of 7.9% from 2023 to 2030, according to a study conducted by Grand View Research, Inc. Technological developments in consumer electronic devices such as smartphones, laptops, tablets, wearables fueling the eSIM market growth. Furthermore, due to the small size of the chipset, eSIMs are likely to be widely used in smartphones. For example, in 2018, Apple, Inc. released an iPhone featuring dual SIM capabilities, including a Nano-SIM and an eSIM. Furthermore, Apple, Inc. has included eSIM in their tablet and watch series.
SIM cards with eSIMs are considerably smaller than those with physical SIMs. Chipsets are therefore smaller when integrated into devices. Device manufacturers benefit from eSIM technology since they can save space by eliminating the physical SIM card tray and SIM card slot. Thus, factors such as compact design specification and multiple carrier support of the eSIM are propelling the market growth.
The 5G technology is intended to deliver faster internet speeds and more network capacity. 5G is expected to provide download speeds of 1 gigabit per second while lowering latency to less than a millisecond. This is expected to have a beneficial impact on the eSIM market, expanding its acceptance across a range of cellular-enabled devices. As a result, network service providers and OEMs are overhauling their infrastructure in order to efficiently manage the connectivity and speed provided by 5G. eSIM technology, which can be easily integrated into smaller devices like fitness bands, wearables, and smartwatches, is the future of 5G.
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Industry 4.0 is a technological breakthrough that has introduced smart machinery with automatic communication and control. Industry 4.0 refers to a networked environment in which actionable data and information are transferred between Machine to Machine (M2M) and Machine to Other (M2O) devices via the Internet of Things (IoT). Wi-Fi, sensors, RFID (radio frequency administrations), and autonomous computing software are all used in M2M systems to analyze data and send it over a network for further processing. M2M systems frequently rely on public and cellular networks for internet access. These factors enabled the integration of electronic manufacturers with eSIM (embedded SIM cards) into M2M systems, thereby contributing to market expansion. By enabling M2M communication, eSIM technology has enabled advancements in the connected ecosystem.
eSIM Market Report Highlights
- Due to connectivity subscriptions from M2M devices, the connectivity services segment held the greatest market share in 2022
- The hardware segment is expected to attain a substantial CAGR throughout the forecasted period due to smartphone manufacturers’ use of eSIM technology
- Due to technological improvements and IoT connectivity among devices, the consumer electronics segment is expected to expand at a considerable CAGR of more than 9.2% throughout the forecast period
Regional Insights
North America dominated the market and accounted for the largest revenue share of 39.1% in 2022. and is expected to grow at the fastest CAGR of 8.7% over the forecast period. The growth is due to the network providers’ high presence and the region’s fastest technological advancements. The growth is due to the network providers’ high presence and the region’s fastest technological advancements.
Europe is expected to grow significantly during the forecast period. European companies are the early adopters of the latest technologies. At the same time, the regions are headquarters to several prominent market players, such as Giesecke+Devrient Mobile Security GmbH, NXP Semiconductors N.V., STMicroelectronics, and others. These areas also witness the rising adoption of smart connected devices and cars. Due to all these factors, these two regions are expected to maintain their lead during the forecast period.
eSIM Market Segmentation
Grand View Research has segmented the global eSIM market based on solution, application, and region:
eSIM Solution Outlook (Revenue in USD Million, 2017 – 2030)
- Hardware
- Connectivity services
eSIMc Application Outlook (Revenue in USD Million, 2017 – 2030)
- Consumer Electronics
- M2M
eSIM Regional Outlook (Revenue in USD Million, 2017 – 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
List of Key Players in eSIM Market
- Arm Limited
- Deutsche Telekom AG
- Giesecke+Devrient GmbH
- Thales
- Infineon Technologies AG
- KORE Wireless
- NXP Semiconductors
- Sierra Wireless
- STMicroelectronics
- Workz
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