The global eSIM market size is expected to reach $4 billion in 2023 and $17.5 billion by 2030, according to a study from market research firm Juniper.
The rise of IoT-connected devices in consumer electronics and M2M applications is driving market expansion. The number of eSIM profiles downloaded onto consumer devices has increased.
An eSIM is an industry-standard digital SIM that fundamentally allows users to activate a cellular plan from their carrier without having to use a physical SIM. Users can install eight or more eSIMs on an iPhone and use two phone numbers at the same time.
eSIM on iPhone is not offered in China mainland. In Hong Kong and Macao, some iPhone models feature eSIM.
According to experts, mobile device users are ready to wave goodbye to plastic SIM cards and embrace next-generation technology in smartphones to unlock a wide range of benefits.
Read more: The surprise in the new iPhone 14 series is not in the upgrades
eSIM in the automotive industry
In the automotive industry, eSIM has enormous potential and is expected to generate lucrative growth opportunities.
The evolution of eSIM in the automotive industry has provided tremendous flexibility for equipping trucks and cars with cellular connectivity and enabling new features and capabilities. It is expected that in the future, all automobiles will be equipped with cellular technology, resulting in a better driving experience enabled by unique linked services. The automotive industry has taken a significant step toward enabling the next generation of connected vehicles by supporting the GSMA Embedded SIM Specification. This is intended to improve the security of several linked services.