The overall 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 emphasis on remote SIM provisioning for M2M, favourable government regulations boosting M2M communication and high adoption of IoT technology are driving the demand for eSIM solutions.
ESIM is useful for
applications in which settings are required to be remotely updated, has the
capability to bypass the form factor issues, and enables easy manufacturing and
deployment of several IoT devices and sensors. Presently, the global eSIM
market is in its nascent phase. With the steady adoption of the IoT technology
across various industries, the overall eSIM market is likely to gain traction
in the coming years.
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The M2M application
is estimated to lead the eSIM market in 2018. The increasing penetration of the
internet, coupled with the rising adoption of IoT across verticals such as
automotive, consumer electronics, energy & utilities, manufacturing,
retail, and transportation & logistics, is primarily driving eSIM adoption. In addition, favourable regulatory frameworks are
facilitating the growth of M2M across verticals. ESIM is now a mainstream
technology in the M2M application. It plays a pivotal role in this application
owing to its remote programmability and high security.
The rapidly growing
M2M market across verticals is expected to contribute to the dominance of M2M
application during the forecast period. However, the lack of standardization in
connectivity protocols is expected to hinder the eSIM market growth.
Based on vertical,
the telecommunications vertical is anticipated to witness the fastest growth
during the forecast period. The telecommunications vertical remains one of the
major forces shaping disruption, innovation, and growth across various
technology industries. ESIM is anticipated to be a game changer in
telecommunications applications. It aids in intelligent switching of operator
profiles without any hassle to the end user, with no geographical border
constraints. The adoption of eSIM by telecommunications stakeholders is likely
to position them as leading players in connectivity and IoT markets in the
coming years.
Europe is estimated
to hold the largest share of the eSIM market in 2018, followed by North America
and Asia Pacific. However, by 2023, North America is likely to hold the largest
market share globally. The increasing focus on the linking and digitization of
future products and services is boosting the growth of the semiconductor
industry. The semiconductor industry offers key technology solutions such as
security, energy efficiency, mobility, and smart grid, across verticals.
Furthermore, semiconductors are viewed as building blocks for enhanced
environmental monitoring, energy efficiency, and better security. It is one of
the most R&D-intensive industries in Europe. The demand for eSIM is likely
to gain momentum in the near future owing to the rapid adoption of advanced
technologies, changing consumer demographics, as well as shifting consumer
preferences.
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ESIM cards allow
remote provisioning of SIM profiles through enabling automatic interoperability
between connectivity platforms and multiple SIM operator profiles. However, the
operational flexibility achieved by an embedded SIM would be a futile effort if
security is compromised. The eSIM collects and stores the credentials of mobile
network operators (MNOs) in the inbuilt software of the device, which is prone
to various security hacks. In addition, it operates through multiple MNOs and
physical platforms, thereby exposing it to the risks of the virtual
environment.
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