The eSim market is estimated to grow from USD 253.8 Million in 2018 to USD 978.3 Million by 2023, at a CAGR of 31.0% between 2018 and 2023.

The growth is attributed to the emphasis on remote SIM provisioning for M2M, favourable government regulations boosting M2M communication, and high adoption of IoT technology.

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ESIM market for the Smartphone application to grow at the highest rate between 2018 and 2023

During the projected period, the eSIM market for smartphone apps is expected to rise due to rising demand for high-bandwidth applications and rising persistent connectivity on Smartphones. To obtain a competitive advantage in the market, smartphone companies are attempting to incorporate eSIM into their offerings. In October 2017, Google LLC (US) released Pixel 2 and Pixel 2 XL variants with eSIM. Following Google, big companies like Apple Inc. (US) and Samsung (South Korea) are expected to integrate eSIM into their flagship handsets, and significant smartphone makers like Huawei Technologies Co., Ltd. (China), OPPO Electronics Corp. (China), and Xiaomi Inc. are likely to follow suit (China).

Consumer Electronics vertical leads the eSIM market between 2018 and 2023

ESIM makes roaming and switching simple. Furthermore, the deployment of eSIMs is projected to lower carrier replacement obstacles. This is anticipated to improve telecom provider competition, which will benefit customers. The deployment of eSIMs in the consumer electronics industry is primarily driven by the expanding usage of high-speed data transfer technologies such as 4G and 5G, increasing social engagement activities throughout the world, and continued technological breakthroughs.

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North America is anticipated to lead the eSIM market by 2023

North America is a leader in the adoption of technical improvements in a variety of industries, including automotive, energy and utilities, manufacturing, retail, Consumer Electronics, and transportation and logistics. These developments are mostly geared toward producing compact and low-power goods. As a result, North America is expected to dominate the eSIM market over the forecast period. North America is also an important region for the development and advancement of M2M technologies. Some of the largest global companies serving the M2M sector are based in this region. As a result, by 2023, North America is expected to lead the eSIM market.