eSIM Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2027
The global eSIM market size is estimated to reach USD 24.96 billion by 2027, expanding at a CAGR of 15.8%, according to a study conducted by Grand View Research, Inc. Growing adoption of IoT devices among end-use applications is acting as a stimulus for the market growth. Moreover, eSIM offers remote provisioning for the critical IoT applications, which requires remote monitoring, where safety and maintenance are required. This factor is anticipated to drive the demand over the forecast period. Furthermore, the size of the eSIMs is much smaller than that of physical SIM cards. Thus, less space is consumed by the chipset when integrated into the device. The device manufacturers are benefitted from the eSIMs technology, as manufacturers can save the SIM slot space where the physical SIM card and its tray occupy a specific area of the device. Thus, factors such as compact design specification and multiple carrier support of the eSIM are propelling the market growth. Technological advancements in consumer application devices such as smartphones, tablets, and wearables are further bolstering the growth of the market for eSIM. Moreover, high penetration of eSIMs is expected to be in smartphones owing to the compact size of the chipset. As reduced SIM space in the smartphone allows device manufacturers to offer slimmer smartphones. For instance, in 2018, Apple, Inc. launched its iPhone with dual SIM functionality with a Nano-SIM and another e-SIM. Moreover, Apple, Inc. also has integrated