How Big is the eSIM Market ? :
IMARC Group’s latest research report, titled “eSIM Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the eSIM market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market. the global eSIM market size reached US$ 8.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.8 Billion by 2028, exhibiting a growth rate (CAGR) of 20.12% during 2023-2028.
What is eSIM ? :
An eSIM is a digital SIM card that is built directly into a device, such as, tablet, smartphone, or other wearable. It is removable and can be switched between devices, an eSIM is integrated into the device’s hardware and cannot be physically removed or replaced. The eSIM technology enables users to connect to cellular networks and access mobile services without the need for a physical SIM card. It stores subscriber information and network credentials securely on the device’s chip.
Users can activate and switch between mobile network operators remotely without the need to physically insert a SIM card or obtain a new one. It simplifies the process of switching mobile network operators, as users can switch providers and activate new service plans through software interfaces. It also eliminates the need for physical SIM card slots, allowing for sleeker device designs and potentially freeing up space for other components.
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Who are the key Players Operating in the Industry ? :
What are the Growth Prospects and Trends in the eSIM Industry ? :
The proliferation of connected devices such as smartphones, tablets, wearables, and IoT devices is driving the global market. Moreover, e-SIMs simplify the process of device onboarding and activation, eliminating the need for physical SIM cards and manual configuration. This streamlines the user experience, reduces the complexity of device setup, and accelerates the time to market for new devices, thus catalyzes the market. Besides, the growing demand for flexibility and remote provisioning is fuelling the market as E-SIMs provide users with greater flexibility and the ability to switch between mobile network operators remotely.
Also, the increasing international travel and roaming needs are further supporting the market as users can easily switch to local service providers while abroad, avoiding high roaming charges and enabling better access to local networks. Besides, E-SIMs contribute to sustainability efforts by reducing the consumption of physical materials, such as plastic SIM cards, and minimizing e-waste. This is creating a positive market outlook.
eSIM Market Development and Technology:
Continual advancements in mobile network technology, such as 5G, encourage the adoption of eSIMs as this technology aligns with the requirements of faster, more reliable, and higher-bandwidth networks, enabling seamless connectivity and leveraging the capabilities of next-generation networks. Furthermore, the support and standardization efforts from industry stakeholders, including device manufacturers, mobile network operators, and regulatory bodies, further propel the growth of the market. Along with this, the rapid growth of the IoT market, encompassing various sectors such as smart homes, industrial automation, healthcare, and transportation, fuels the market.
Moreover, the growing popularity of wearable devices, such as smartwatches and fitness trackers, is impelling the market as E-SIMs enable seamless connectivity for wearables, allowing them to operate independently without the need for a paired smartphone, enhancing the user experience and expanding the market for wearable technology.
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