Telehealth is fastest growing segment fueling the growth of eSIM Market

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The global eSIM Market is estimated to be valued at US$ 14717.07 Mn or Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
An eSIM is an integrated circuit chip embedded in mobile devices that securely stores multiple integrated SIM profiles and allows remote switching between mobile network operators and mobile virtual network operators. eSIMs help users easily switch carriers without having to insert a new SIM card. They provide convenience and flexibility to users.

Market key trends:
The rapid adoption of IoT devices is a major trend fueling the growth of the eSIM market size. IoT connectivity has witnessed significant growth over the past few years. Many enterprises are investing extensively in connecting various assets and equipment to gain operational visibility. eSIMs facilitate easy deployment and management of connected IoT devices at scale. They eliminate the need for physical SIM cards and allow remote SIM provisioning. This helps reduce costs for IoT providers and improves operational efficiency since devices can be deployed anywhere globally through remote SIM profile update. The proliferation of IoT is expected to drive substantial demand for eSIMs during the forecast period.

Segment Analysis
The eSIM market is segmented into product type and application. Based on product type, the IC segment dominates the market as it is directly embedded onto a device's motherboard during manufacturing. eSIM ICs are smaller in size compared to physical SIM cards and allow seamless connectivity by eliminating the need for swapping SIM cards.

Based on application, the connected cars segment holds the largest share as eSIM allows autonomous vehicles to connect to networks for navigation, software updates, infotainment and emergency assistance. eSIM helps achieve permanent connectivity in vehicles by facilitating remote SIM provisioning and eliminating the need for physically installing SIM cards.

Key Takeaways
The global eSIM market is expected to witness high growth, exhibiting CAGR of 16.% over the forecast period, due to increasing connectivity needs of IoT devices.

Regionally, North America dominates the eSIM market currently due to high penetration of connected devices and smartphones. However, Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing adoption of eSIM in China, India and other developing Asian countries for M2M and automotive applications.

Key players operating in the eSIM market are Infineon Technologies AG, STMicroelectronics, Deutsche Telekom AG, Giesecke+Devrient Mobile Security GmbH, Thales Group, KORE Wireless, Arm Limited, Truphone Limited, Workz Group, Sierra Wireless, NXP Semiconductors, AT&T. Infineon Technologies AG holds the largest share currently owing to its strong presence in the automotive eSIM space.

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