eSIM Market Is Estimated To Witness High Growth Owing To Growing Adoption of Internet of Things (IoT) Devices
- Ronak Shah
- World News
- January 21, 2025

The eSIM Market is estimated to be valued at US$ 42158.6 Bn in 2024 and is expected to exhibit a CAGR of 16.5% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights’ The eSIM market is driven by growing adoption of IoT devices and increasing demand for dual-SIM and multi-SIM smartphones.
IoT ecosystem involves connection of various physical devices embedded with sensors, software and network connectivity which allows these objects to exchange data with the manufacturer, operator and/or other connected devices. eSIM enables remote SIM provisioning which helps in seamless integration of devices in IoT ecosystem. This is further supported by growing M2M/IoT communication and rising implementation of IoT in industries such as automotive, healthcare, manufacturing and consumer goods among others.
Key Market Trends: Growing demand for dual-SIM and multi-SIM smartphones is a major trend in the market. eSIM allows users to have multiple mobile plans simultaneously on a single device without having to carry extra physical SIM cards. This provides flexibility and convenience to the users. Additionally, incorporation of eSIM in tablets, wearables and other consumer electronics devices is also augmenting the market growth. For instance, Apple Watch has embedded eSIM since Series 3 and latest iPadPros also feature eSIM connectivity. Increased application of eSIM technology independent of physical SIM cards is expected to define the future roadmap of the market over the forecast period.
eSIM Market Opportunities: The adoption of eSIM is expected to grow significantly for M2M/IoT devices over the forecast period. eSIM allows remote provisioning and flexibility of cellular connectivity for IoT devices without needing a physical SIM card. It also reduces costs associated with physical SIM cards and logistics of distributing them. The growing IoT market and need for flexible connectivity solutions for devices will drive the demand for eSIM in M2M/IoT devices.
Consumer devices such as smartphones, tablets, and wearables are another major opportunity area for the eSIM market. Major smartphone manufacturers are starting to launch devices with eSIM support to provide flexibility of cellular plan selection. eSIM allows users to easily change carriers without having to swap the physical SIM card. It provides benefits such as dual-SIM functionality and travel abroad hassle-free. The rising adoption of smart consumer devices will boost the incorporation of eSIM.
Key Market Takeaways: eSIM Market size in 2024: USD 42158.6 Bn; CAGR: 16.5%, Forecast Period: 2024- 2031
By Application Type segment is expected to hold the largest market share, owing to the growing use of eSIM for M2M/IoT devices and consumer devices. The Embedded-SIM card segment is anticipated to witness significant growth over the forecast period.
The consumer devices vertical is expected to dominate the market through the forecast period, due to increasing use of eSIM in smartphones and wearables. The M2M/IoT vertical will also observe high growth in demand for flexible connectivity facilitated by eSIM.
By Region
North America is expected to hold the maximum market share in the global eSIM market during 2024-2031. This is attributed to early adoption of advanced technologies and presence of key players in the region. Asia Pacific will witness the highest growth rate over the forecast period with growing industrialization and rising adoption of IoT solutions.
Competitor Insights: Some of the major companies operating in the global eSIM market include KORE Wireless., Arm Limited, Giesecke+Devrient Mobile Security GmbH, STMicroelectronics, Gemalto NV, among others. Strategic collaborations and innovations are some of the key strategies adopted by market players.
Recent Developments: In June 2023, AT&T officially launched support for eSIM on most of its prepaid and postpaid plans in the United States. This allowed both new and existing AT&T customers to activate an eSIM directly from their device settings without needing a physical SIM card. More information in full report.