According to the new market research report "eSIM Market by Application (Connected Cars, Laptops, M2M, Smartphones, Tablets, Wearables), Vertical (Automotive, Consumer Electronics, Energy & Utilities, Manufacturing, Retail, Transportation & Logistics), and Geography - Global Forecast to 2023", 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, favorable 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

The growing demand for high-bandwidth applications and rising persistent connectivity on smartphones are likely to spur the growth of the eSIM market for the smartphone application during the forecast period. Smartphone vendors are endeavored to bring eSIM into their smartphone offerings to gain a competitive edge in the market. For example, Google LLC (US) launched Pixel 2 and XL models with eSIM in October 2017. After Google, major giants such as Apple Inc. (US) and Samsung (South Korea) are expected to integrate eSIM into their flagship smartphones, and this trend is likely to be followed by key smartphone manufacturers such as Huawei Technologies Co., Ltd. (China), OPPO Electronics Corp. (China), and Xiaomi Inc. (China).

Consumer Electronics vertical leads the eSIM market between 2018 and 2023

ESIM offers ease of roaming or switching. In addition, it is expected that the adoption of eSIMs will reduce carrier replacement barriers. This is likely to increase the competition among telecom operators, thereby benefitting consumers. The rising adoption of high-speed data transfer technologies such as 4G and 5G, increasing social engagement activities across the world, and ongoing technological advancements are primarily driving the adoption of eSIMs in the consumer electronics vertical.

North America is anticipated to lead the eSIM market by 2023

North America is a forerunner in the adoption of technological advancements across a myriad of verticals, such as automotive; energy and utilities; manufacturing; retail; Consumer Electronics; and transportation and logistics. These advancements are primarily aimed to deliver compact and low-power consumption products. Owing to this, North America is anticipated to lead the eSIM market during the forecast period. In addition, North America is a key region in the development and evolution of M2M technology. This region is home to some of the major multinational companies catering to the M2M market. Owing to this, North America is likely to dominate the eSIM market by 2023.

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Major players operating in the eSIM market include Deutsche Telekom AG (Germany), Gemalto NV (Netherlands), Giesecke & Devrient GmbH (Germany), Infineon Technologies AG (Germany), NTT DOCOMO, INC. (Japan), NXP Semiconductors N.V. (Netherlands), Sierra Wireless, Inc. (Canada), Singapore Consumer Electronics Limited (Singapore), STMicroelectronics (Switzerland), and Telefónica, S.A. (Spain).

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