SIM technology has been rapidly gaining momentum in recent years , with research indicating that the global eSIM market size is projected to reach US $ 3.4bn by 2027 , growing at a CAGR of 19.3 % from 2020 to 2027 . This growth is fueled by the increasing adoption of connected devices , advancements in IoT technology and the rollout of high-speed 5G networks .

As 5G networks continue to expand worldwide , eSIM technology will play a pivotal role in enabling seamless connectivity to these high-speed networks . According to forecasts from GSMA Intelligence , 5G connections are expected to reach 3.6 billion by 2025 , accounting for 40 % of all mobile connections . eSIM-enabled devices will capitalise on the enhanced speed and low latency of 5G , unlocking new possibilities for applications such as augmented reality , autonomous vehicles , and remote healthcare .

The Internet of Things ( IoT ) market is also experiencing exponential growth . Fortune Business Insights predicts that there will be more than 41 billion connected IoT devices by 2027 .

122 May 2024