IMARC Group has release a research report, titled “eSIM Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” which estimates that the global eSIM market size has reached US$ 8.5 Billion in 2022. Further, 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 an eSIM ?
eSIM or embedded SIM represents a hardware chipset that is incorporated into a device permanently. It is a small chip that is used to activate a mobile plan, authenticate user identity, store data and multiple operator profiles on a device simultaneously, etc. eSIM is widely embedded in tablets, smartphones, laptops, connected vehicles, machine-to-machine (M2M) operations, etc. It also offers numerous advantages, including supporting mobile carriers, eliminating the need for specific slots, requiring less space, easier to activate, etc. Consequently, eSIM finds extensive applications across several sectors, such as manufacturing, consumer electronics, energy and utility, etc.
eSIM Market Future Demand:
The expanding automotive sector across countries is among the key factors stimulating the eSIM market. Moreover, the widespread adoption of this hardware chipset in infotainment systems, such as assisted driving, vehicle telematics, navigation, etc., is acting as another significant growth-inducing factor. Besides this, it is also utilized for wireless communication, which is positively influencing the global market. Furthermore, the launch of favorable initiatives by government bodies to encourage M2M operations is propelling the market growth. Apart from this, the introduction of other analytic solutions, including speed, security, fuel level alerts, maintenance temperature, battery notifications, etc., in eSIMs for an enhanced customer experience is augmenting the global market. Additionally, the escalating demand for eSIMs in consumer electronics, such as smartphones and smart wearables, for higher reliability, safety, connectivity, etc., is further catalyzing the market growth. In line with this, the rising penetration of the Internet of Things (IoT)-enabled devices is anticipated to fuel the eSIM market over the forecasted period.
