eSIM Market Outlook
The Business Research Company recently released a comprehensive report on the Global eSIM Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The esim market size has grown rapidly in recent years. It will grow from $9.69 billion in 2023 to $11 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to increasing adoption of iot devices, rising mobile connectivity needs, globalization and cross-border connectivity, security and authentication requirements, demand for compact and integrated solutions.
The esim market size is expected to see rapid growth in the next few years. It will grow to $17.91 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to continued growth in iot connectivity, expansion of 5g networks, emergence of new use cases, increasing mobile device proliferation, rising demand for remote sim provisioning. Major trends in the forecast period include iot proliferation, embedded sims in smart home devices, cross-industry collaboration, integration with blockchain technology, security and authentication focus.
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Market Drivers and Trends:
The increasing penetration of smartphones is significantly contributing to the growth of the eSIM market going forward. A smartphone refers to a mobile phone with highly advanced functions. eSIMs are built into consumer devices such as smartphones, allowing the user to re-program sim contents such as the international mobile subscriber identifier (IMSI) and network carrier profiles via software, eliminating the requirement for SIM card replacement. For instance, in July 2023, according to Demand Sage, a US-based Google Sheets-based revenue operations platform, in 2023, the global count of smartphone users stood at 6.8 billion, marking an increase from around 6.6 billion users in 2022. Additionally, according to the Pew Research Center, a nonpartisan American think tank, the percentage of Americans who own a smartphone climbed from 81% in February 2019 to 85% in February 2021, which was just 35% a decade ago (in 2011). Therefore, the increasing penetration of smartphones will drive the eSIM market.
Major companies operating in the eSIM market are focused on developing digital 5G tourist eSIM with unique features such as a digital and convenient activation process to meet the growing demand from international travelers. A digital and convenient activation process refers to a method of initiating and enabling services or functionalities using electronic means, typically through online platforms or applications. For instance, in September 2023, Singtel, a Singapore-based telecommunications company launched 5G Tourist eSIM to meet the growing demand from international travelers. It was aimed to provide enhanced convenience and value, allowing tourists to manage their connectivity needs online before arriving in Singapore. With a focus on the Grand Prix event, the digital 5G Tourist eSIM offers hassle-free activation, saving time spent on traditional SIM card purchases. Singtel seeks to enhance the travel experience, providing seamless connectivity and additional digital experiences with 5G technology.
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Major Key Players of the Market:
Infineon Technologies AG; NXP Semiconductors N.V; Samsung Group; STMicroelectronics; CEC Huada Electronic Design Co Ltd; Toshiba Corporation; On Semiconductor Corporation; Eastcompeace Technology Co Ltd; Valid S.A.; Microchip Technology Incorporated; Analog Devices Inc; Sony Group Corporation; EM Microelectronic; Watchdata Technologies Ptd Ltd; CardLogix Corporation; Gemalto (now Thales Digital Identity and Security); IDEMIA; Giesecke+Devrient; Sierra Wireless; Deutsche Telekom AG; Telit; Arm Holdings; Vodafone Group; Telefónica; Cubic Telecom; Truphone; Workz Group; KORE Wireless; Kigen; Cisco Systems
eSIM Market 2024 Key Insights:
• The esim market will grow to $17.91 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%.
• Smartphone Penetration Fuels Exponential Growth In The Esim Market
• Digital 5G Tourist Esim For Effortless Connectivity
• North America was the largest region in the eSIM market in 2023
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