eSIM Market Projected to Grow at 10.2% CAGR, Crossing US$ 20.6 Billion by 2032, Reports Research.

The eSIM market is witnessing remarkable growth across various sectors, owing to the benefits of eSIMs in IoT applications. Their secure and scalable network connectivity makes them ideal for asset tracking, remote monitoring, and smart home devices.

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New York, April 25, 2023 (GLOBE NEWSWIRE) -- forecasts that the eSIM market will exceed USD 20.6 billion by 2032, up from USD 8 billion in 2022, with a projected compound annual growth rate (CAGR) of 10.2% from 2023 to 2032.

A type of SIM technology that is embedded into devices and programmable remotely, obviating the need to physically replace the card, is the worldwide eSIM (embedded Subscriber Identity Module) market. With eSIM technology, switching carriers for end users without having to replace their physical SIM card is now simpler and less expensive than ever before. This advanced connectivity between various devices is perfect for Internet of Things apps, connected cars, and other cutting-edge technologies like autonomous vehicles or connected homes. It also increases security, flexibility, and affordability.


eSIM market

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Key Takeaway:

  • By solution, the connectivity service segment is dominant in the market because of eSIM-enabled devices, including voice and data plans, IoT connectivity solutions, and other services.
  • On the basis of vertical analysis, the segment dominant is consumer electronics because at present in a number of electronic devices eSIMs are used.
  • By application, the segment of the connected car is dominant because it helps in real-time traffic updates, remote diagnostics, and over-the-air software updates.
  • In 2022, North America dominated the market with the highest revenue share of 42.2%.
  • APAC is growing at a higher pace owing to the increased population and higher penetration of smartphones, also the growing adoption of IoT devices.

Factors affecting the growth of the eSIM industry?

There are several factors that can have an impact on the growth of the eSIM market. Some of these factors include:

  • Increased Adoption of IoT Devices: With the proliferation of the Internet of Things (IoT), which includes smart meters, wearables, and connected cars requiring secure network connectivity solutions eSIMs provide, their demand has skyrocketed.
  • Flexibility and Convenience: Electronic SIMs offer greater versatility and convenience over physical SIMs by allowing users to remotely download and activate a network profile without physically changing out a physical SIM card. This makes switching carriers or plans simpler when traveling abroad.
  • Cost Savings: eSIMs can help device manufacturers and mobile network operators (MNOs) save costs since they do away with physical SIM cards and their associated logistics. Furthermore, eSIMs reduce the need for customer support services and simplify activation processes.
  • Increased Security: eSIMs offer superior security compared to traditional SIM cards, as they employ advanced encryption algorithms that protect against hacking and fraudulence. This added layer of protection is especially crucial for applications in industries such as finance or healthcare.
  • Support of Major Technology Companies: Leading technology firms such as Apple, Samsung, and Google are now including eSIM support in their devices, helping to accelerate the adoption of this technology.

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Top Trends in eSIM Market

Trends are driving the expansion and development of the global eSIM market, particularly their increased use in consumer electronics such as cellphones and wearables, providing customers more access to this technology through major smartphone makers that integrate it into their products. eSIMs have also proven themselves useful in Internet of Things (IoT) applications due to their secure and scalable network connectivity - perfect for asset tracking, remote monitoring, and smart home gadgets. The electronic SIM market is experiencing unprecedented expansion across a wide array of sectors; automotive eSIM adoption is expected to expand significantly over the coming years, while its use for business purposes such as supply chain management and asset tracking continues to expand exponentially.

Market Growth

The adoption of Internet of Things devices, smart device sales growth, and the increased demand for secure cellular connectivity all play an integral role in driving the growth of the eSIM market. Market growth is also being spurred by the widespread transition from traditional SIM cards to electronic SIMs (eSIMs), which provide mobile network operators and device makers greater flexibility, ease, and cost-cutting benefits. Geographically, Asia Pacific is projected to experience the greatest expansion in eSIM market growth over the forecast period as nations such as China, Japan, and South Korea embrace this technology more regularly. North America and Europe also expect substantial gains thanks to rising IoT device demand as well as interest in smartphones with integrated eSIM chips; hence this should drive significant expansion for this market segment.

Regional Analysis

Based on geographic segmentation, the global eSIM market can be examined. These regions include North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa (MEA). Given its prevalence of connected devices and access to top eSIM providers, North America currently holds the highest market share for eSIMs at 42.2%. North America's three major markets for eSIMs are the USA, Canada, and Mexico whereas Europe features three key marketplaces for these eSIMs: the UK Germany France Asia-Pacific is an attractive market for eSIMs due to the rise in the Internet of Things device adoption and rising demand in emerging economies such as India and China. China holds the highest eSIM penetration rate among this region's countries followed by Japan and India.

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Scope of the Report

Report AttributeDetails
Market Value (2022)USD 8 billion
Market Size (2032)USD 20.6 billion
CAGR (from 2023 to 2032)10.2%
North America Revenue Share42.2%
Historic Period2016 to 2022
Base Year2022
Forecast Year2023 to 2032

Market Drivers

The global eSIM market is being propelled forward by several factors, including an increasing need for connected devices. As more businesses embrace IoT technologies such as IoT sensors and devices, there's an increasing requirement to connect equipment securely and conveniently - something eSIM technology makes possible. Furthermore, major smartphone companies like Apple and Samsung are beginning to incorporate eSIMs into their devices, furthering consumer adoption of this form of SIM technology in this space.

Market Restraints

Despite the fact that the worldwide eSIM market is expanding significantly, there are a number of challenges that might impede its development. The absence of standardized solutions for different devices and networks is a significant barrier. Because there is no global standard for eSIMs, compatibility problems could occur and limit their usage. Additionally, some people might be hesitant to invest in eSIM technology due to the high cost connected with it. eSIM technology requires a larger initial expenditure than conventional SIM cards, which may deter some businesses and consumers from implementing it.

Market Opportunities

There are numerous opportunities for growth and expansion in the global eSIM industry. The growing use of eSIM technology in emerging markets is a key factor driving this industry. The need for convenient and secure methods of connecting devices to networks has increased considerably as more nations connect to the internet. Additionally, the expansion of the Internet of Things (IoT) creates another significant opportunity in the eSIM market because eSIMs provide a safe, scalable way to link a lot of devices to networks safely. With the adoption of eSIMs in connected cars expected to increase significantly over the next few years, the automotive sector presents a sizable chance for the eSIM market.

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Report Segmentation of the eSIM Market

Solution Insight

The worldwide eSIM market is divided into hardware and connectivity services based on solutions. With a market share of 89.48% within this segment, connectivity services are the industry leader.  For eSIM-enabled devices, mobile network providers provide a variety of connectivity services, such as voice and data plans, IoT connectivity solutions, and other services. These services usually include real-time analytics and insights into network usage, as well as remote administration and activation of eSIM profiles. Hardware is things like SIM cards, eSIM chips, and eSIM devices.

Vertical Insight

Vertical analysis of the market divides it into six sectors: manufacturing, retail, energy & utilities, consumer goods, automotive and other verticals. Consumer electronics dominates this space with devices like smartphones, tablets, and smartwatches included. Automotive experts anticipate substantial growth in eSIM sales due to rising demand for connected cars; these cards provide internet access as well as services like remote diagnostics and over-the-air software updates via eSIMs.

Application Insight

Consumer electronics devices like connected vehicles, laptops, M2M, smartphones and tablets, wearables, and other gadgets all utilize Electronic SIM (eSIM) technology. eSIMs have become increasingly commonplace in consumer goods items like smartwatches because they do away with physical SIM cards and make switching providers or adding extra lines easier. Furthermore, eSIMs can be configured to link to local, roaming, and international networks - making them perfect for international travelers.

Recent Development of the eSIM Market

  • In 2021: Launch of New eSIM-Based Services: Telecom operators and service providers have begun introducing eSIM-enabled travel SIM cards, as well as virtual mobile networks utilizing these cards.
  • In 2020: Emergence of eSIM as a key technology for remote work: With the COVID-19 pandemic forcing many people to work from home, eSIM technology has emerged as an essential enabler of remote work, providing people with access to their work devices and networks without needing physical SIM cards.

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Market Segmentation

Based on Solution

  • Hardware
  • Connectivity Services

Based on Vertical

  • Automotive
  • Consumer Electronics
  • Energy & Utilities
  • Manufacturing
  • Retail
  • Transportation & Logistics
  • Other Verticals

Based on Application

  • Connected Cars
  • Laptops
  • M2M
  • Smartphones
  • Tablets
  • Wearables
  • Other Applications

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Competitive Landscape

There is a number of emerging key players who are always trying to find out new ways to acquire more customers. Such companies also engage in research and development to find out new techniques.

Some of the major players include:

  • Gemalto N V
  • Giesecke+Devrient GmbH
  • STMicroelectronics N V
  • Infineon Technologies AG
  • Valid S A
  • Kigen Ltd
  • Deutsche Telekom AG
  • KORE Wireless
  • NXP Semiconductors N V
  • Sierra Wireless
  • Thales Group
  • Workz Group
  • Other Key Players

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  • Sim smart card market size was valued at USD 10.19 billion in 2019 and is projected to reach USD 15.57 billion by 2027, growing at a CAGR of 6.2%
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