NEW DELHI: Global cellular Internet of Things (IoT) connections increased significantly at 29 per cent year over year (yoy), reaching 2.7 billion last year. By 2030, they are anticipated to increase at a compound annual growth rate of 10.8 per cent and have an installed base of over 6 billion, a report said on Monday. As per Counterpoint Research, over two-thirds of the total cellular IoT connections were in China last year, followed by Europe and North America. The cellular IoT market has seen remarkable growth amid the difficulties faced by various industries, such as inflation, macroeconomic headwinds and supply chain constraints. This growth has been fueled by the digital transformation initiatives taken by various industry applications, such as smart metres, automobiles and asset tracking in particular.