eSIM
market is estimated to grow from USD 253.8 Million in 2018 to USD 978.3
Million by 2023, at a CAGR of 31.0% between 2018 and 2023. The growth is
attributed to the emphasis on remote SIM provisioning for M2M, favorable
government regulations boosting M2M communication, and high adoption of IoT
technology.
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“ESIM market for the smartphone
application to grow at the highest rate between 2018 and 2023”
The growing demand for high-bandwidth
applications and rising persistent connectivity on smartphones are likely to
spur the growth of the eSIM market for the smartphone application during the
forecast period. Smartphone vendors are endeavored to bring eSIM into their smartphone
offerings to gain a competitive edge in the market. For example, Google LLC
(US) launched Pixel 2 and XL models with eSIM in October 2017. After Google,
major giants such as Apple Inc. (US) and Samsung (South Korea) are expected to
integrate eSIM into their flagship smartphones, and this trend is likely to be
followed by key smartphone manufacturers such as Huawei Technologies Co., Ltd.
(China), OPPO Electronics Corp. (China), and Xiaomi Inc. (China).
“Consumer Electronics vertical
leads the eSIM market between 2018 and 2023”
ESIM offers ease of roaming or switching. In
addition, it is expected that the adoption of eSIMs will reduce carrier
replacement barriers. This is likely to increase the competition among telecom
operators, thereby benefitting consumers. The rising adoption of high-speed
data transfer technologies such as 4G and 5G, increasing social engagement
activities across the world, and ongoing technological advancements are
primarily driving the adoption of eSIMs in the consumer electronics vertical.
“North America is anticipated to
lead the eSIM market by 2023”
North America is a forerunner in the adoption
of technological advancements across a myriad of verticals, such as automotive;
energy and utilities; manufacturing; retail; Consumer Electronics; and
transportation and logistics. These advancements are primarily aimed to deliver
compact and low-power consumption products. Owing to this, North America is
anticipated to lead the eSIM market during the forecast period. In addition, North
America is a key region in the development and evolution of M2M technology.
This region is home to some of the major multinational companies catering to
the M2M market. Owing to this, North America is likely to dominate the eSIM
market by 2023.
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Major players operating in the eSIM market
include Deutsche Telekom AG (Germany), Gemalto NV (Netherlands), Giesecke &
Devrient GmbH (Germany), Infineon Technologies AG (Germany), NTT DOCOMO, INC.
(Japan), NXP Semiconductors N.V. (Netherlands), Sierra Wireless, Inc. (Canada),
Singapore Consumer Electronics Limited (Singapore), STMicroelectronics
(Switzerland), and Telefónica, S.A. (Spain).
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