eSIM, the worthy heir to the SIM, continues to play a larger part in our ever-digital transition, offering connectivity to your smartphone or wearable. eSIMs are gaining popularity because they allow users to manage all connected devices from a remote place, including cars, mobile phones, wearables, medical equipment, and others.
Smart device manufacturers are increasingly turning to eSIMs, which offer ‘Machine to Machine’ capabilities as well as remote provisioning. The demand for centralized managed network-connected devices is continuously increasing as smart connected devices continue to evolve in every industrial vertical. These are SIM cards that have been implanted. At the time of manufacture, the eSIM is soldered into the device’s motherboard.
Major Influencers for eSIM Market
The growing number of M2M connections on a global scale is a prominent driver that is likely to have a substantial impact on the market’s revenue growth in the coming years, as these SIMs play a critical role in wireless communication in a linked ecosystem and take up less space in M2M devices. The rise in the number of Internet of Things (IoT) linked devices across a variety of end-use industries, such as consumer electronics, automotive, and energy & utilities are predicted to drive the worldwide eSIM market’s future revenue growth. eSIMs are becoming more popular because they are dependable, secure, and cost-effective.
The increasing popularity of eSIM is a result of its superior convenience and inherent security. eSIMs enable network operators to offer complete digital journeys with their consumers. This implies being able to sign up new customers without needing to visit a branch, as well as selling family bundles that manage many eSIM-enabled devices in a single home under a single contract. The benefits of eSIM for consumers are obvious. The ability to receive mobile connectivity services immediately rather than having to wait for and physically change the SIM from the new carrier is a significant advantage. In the current COVID-19 atmosphere, when an option to limit face-to-face interaction in stores is vital, this offers some clear alternative advantages.
Regional Dynamics of eSIM Market
North America has a considerable market share owing to the increasing adoption of eSIMs by smartphone and smart device makers across several business verticals. In European countries, industries such as automotive, energy and utilities, and others are using eSIMs to keep up with fast-changing business requirements for supplying connected products to consumers.
The Asia Pacific region is predicted to grow at a high CAGR throughout the forecast period due to increased manufacture of smartphones, consumer electronics, laptops, and other devices in developing nations such as India, China, and others in the region, resulting in the use of eSIMs.
Recent Dynamics in eSIM Market
While health care providers have done an excellent job treating COVID-19 cases, it is also critical to identify and monitor symptoms to prevent the virus from spreading and exposing additional vulnerable persons to the virus. eSIM has benefited from rising market demand and active backing from several industry stakeholders in recent years. During the COVID-19 pandemic, its true merits have been highlighted even further, notably as part of mobile operators’ digitalization initiatives.
Deep-dive Insights on eSIM Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/esim-market/request-for-sample