Cellular IoT Module Market

Cellular IoT Module Market Outlook (2023 to 2033)

The cellular IoT Module market is projected to have a CAGR of 23.4% by 2033. According to FMI, the market is expected to expand from USD 16.88 Billion in 2023 to USD 20.83 Billion by 2033.

The cellular IoT module market is expected to be driven by the demand for devices that are large, high-density, low-power, and affordable. During the forecast period, demand for cellular IoT modules is increasing due to their ability to control with native infrastructure and networking technologies, such as Wi-Fi and Bluetooth.

Additionally, developments in the huge adoption of LTE and technological advancements inside the IoT system support the adoption of cellular IoT modules. The demand for vehicle telematics is expected to increase quickly as a result of the implementation of IoT and telematics solutions to monitor instrumentation and on-road assets, due to the limited supply of technicians.

Attributes	Details
Cellular IoT Module Market CAGR (2023 to 2033)	23.4%
Cellular IoT Module Market Size (2023)	USD 16.88 Billion
Cellular IoT Module Market Size (2033)	USD 20.83 Billion

Increasing Number of Healthcare Services Supported by Cellular IoT Module Market

The adoption trends for cellular IoT modules in healthcare facilities are driven by the growing demand for interconnected healthcare systems, as well as the need to reduce hospital admissions, medical errors, and rising healthcare costs.

Government programs to support IoT in healthcare and the rising popularity of mHealth services are also anticipated to fuel the market's expansion. The rising number of healthcare facilities and the rising demand for healthcare services are affecting the overall cellular IoT module market share.

Cellular IoT Module Market Finding Its Way to Advance Automotive Sector

Due to the rising demand for connected vehicles, the cellular IoT module market in the automotive sector is anticipated to expand significantly throughout the forecast period. Given that they allow vehicles to communicate with one another and with external entities, connected cars are predicted to bring about significant changes in the automotive industry.

This is likely to increase security, ease road congestion, and make transportation more effective. Firstly, in response to the rising demand for connected cars, there is a significant need for cellular IoT modules in automotive applications.

Secondly, the need for cellular IoT modules in automotive applications is anticipated to increase, along with the demand for advanced driver assistance systems (ADAS). Lastly, it is anticipated that the rising need for telematics and infotainment systems would further propel the cellular IoT module market expansion.

Real-time Tracking Necessitates the Need for Cellular IoT Module in Logistics

The adoption of cellular IoT modules in the logistics industry is anticipated to rise in response to the growing necessity for real-time tracking of shipments. Furthermore, the market is anticipated to increase as a result of the rising trends in automation and remote monitoring.

The logistics industry's growing applications of modules are predicted to present a wide range of opportunities for cellular IoT module market participants. In addition, efforts made by various governments to encourage applications in the logistics industry are anticipated to assist market expansion.

Cellular IoT Module Market Positively Growing from (2018 to 2022) to (2023 to 2033)

5G networks are the trending revolution in the market. It gives cellular IoT module market players a larger scope during the forecast period. Moreover, sales revenue in the cellular IoT module market industry expanded at a 17% CAGR from 2018 to 2022. According to FMI, by 2033, the market CAGR is likely to rise by 23.4%.

• Increasing cellular technology used in connected devices increased the need for low-power and low-cost solutions, and the advent of 5G networks is likely to propel the worldwide cellular IoT module market share to significant growth over the forecast period.
• Additionally, the growing demand for cellular IoT solutions in industrial, residential, and smart city projects results in larger market shares. Particularly, 5G networks are anticipated to offer greater performance, enabling better connectivity and improved device communication.
• Low latency is another benefit of 5G networks, which makes it possible to use real-time data for applications like automated factories, industrial IoT, and autonomous vehicles. The need for cellular IoT modules is increasing as 5G networks become more accessible.

Cellular IoT Module: Pivotal Concept for Medium & Large Scale Organizations

Currently, the telecom sector enhances the cellular IoT module market outlook. The rise of the market is also supported by speedy digitization and rising automation across sectors. Many medium-sized and large-scale organizations are implementing solutions for the Narrowband Internet of Things (NB-IoT) and Long-Term Evolution for Machines (LTE-M).

Moreover, these technologies can be incorporated with the present mobile networks to provide enhanced end-to-end security, device-level access and authentication, and encrypted data transport.

Cellular IoT Module Market has a Potential Threat from Hackers and Cyber Attacks

The components and tools required for the cellular IoT module are contained in a connected ecosystem. They assist in streamlining applications for numerous crucial businesses, however, they are susceptible to hackers.

It has become simpler for hackers to launch cyberattacks utilizing cellular and IoT vulnerabilities as a result of the growth of IoT devices on cellular networks. Most cellular IoT devices depend on cloud networks to function properly.

Additionally, cellular IoT security strategy must include cloud-based security since unsecured cloud infrastructure increases the risk of data theft and device piracy. For instance, a drone used for delivery or surveillance can process information like navigational directions and imaging data on its own. However, it might send any recorded videos or logs to a cloud server. There may be a threat to the network or other devices.

Segmentation Analysis

Hardware Components make a Strong Base in the Cellular IoT Module Market

During the projected period, a CAGR of 26.5% is anticipated for the hardware segment.

The largest portion of the global cellular IoT market is owned by the hardware sector. Hardware components like chipsets and cellular IoT modules serve as the framework for the complete cellular IoT ecosystem.

Additionally, the use of cellular IoT modules in wearables, connected healthcare devices, smart city infrastructure, and building automation projects is expected to increase, which fuels the expansion further.

Energy Sector Powers up the Cellular IoT Module Market Share

During the forecast period, the energy industry is anticipated to increase and had the highest CAGR of 28.1%. It is projected that cellular technologies would become more popular in applications needing large deployments and dense endpoint connections.

Therefore, the sectors of manufacturing, utilities, and energy stand to benefit the most. The technology is being used in smarter city applications, which is expanding the opportunities in the market.

What is the Cellular Technology Outlook in the Market?

• The NB-IoT segment is anticipated to contribute revenue to the cellular IoT market at a CAGR of 35.3% over the projected period.
• During the projected period, the LTE-M segment is also anticipated to experience a CAGR of 31.0%.
• 3G is expected to lose market share, even though standards and technologies for machine-to-machine and Internet of Things connections are fast growing and providing cutting-edge and effective cellular services.

Regional Analysis

China Contributes Majorly to the Asia Pacific Cellular IoT Module Market Revenue

Despite the lockdowns, China remained the largest IoT market in the world, accounting for more than half of the demand. Sales of cellular IoT modules in the nation slightly increased from earlier months this year, propelled by lockdown-triggered applications like smart locks, security cameras, and routers.

The Chinese companies have gotten bigger, making it very difficult for international brands to grow in silos. This is a vital phase for the IoT module market. Again, despite growing from a lower base, India's IoT module market experienced the fastest growth (+264% YoY), driven by smart meters, telematics, POS, and automotive applications.

By providing for its enormous customer base of current and potential customers, as well as its extensive cellular network, China Mobile maintained its fourth place in the global cellular IoT module market.

The operator and Xinyi Semiconductor collaborated to concentrate on lower-end applications. Both have benefited from being able to target 2G to 4G IoT applications in transition.

Moreover, the world's largest operator is able to scale its end-to-end 5G IoT solutions quickly over the coming quarters due to China Mobile's expanding 5G footprint and partnerships with companies across the value chain.

Smart Projects by Manufacturers are the Key to North America Market Development

Due to the strong pursuit of IoT implementation projects by solution vendors and component manufacturers, North America now holds the greatest share of the worldwide cellular IoT module market.

The ability of industries to quickly adopt smart and connected devices, as well as the frequently changing nature of the technology landscape, are key growth drivers for the area.

Tech-savvy Consumers Envy 5G Solutions in the Europe Cellular IoT Module Market

Over the course of the projected period, Europe's market for cellular IoT modules is anticipated to rise impressively. This is mostly due to the region's growing demand for practical and affordable IoT solutions.

The region's expanding use of 5G technology is anticipated to fuel additional market expansion. High data rates, better latency, and higher coverage provided by 5G technology are projected to increase demand for cellular IoT modules.

Additionally, the presence of a sizable population of tech-savvy consumers and the growing trend of digitization in a number of the region's countries are anticipated to fuel market growth. The demand for cellular IoT modules in Europe is anticipated to grow at a faster rate due to the rising demand for connected products.

Competitive Landscape

Key Players Count on Telematics and Smart Grid to Have a Competitive Advantage

Telematics solution providers now include cellular IoT modules in their product lines, making it simpler for fleet managers and OEMs of off-highway vehicles to collect and analyze data to spot important trends and problems in the field's instrumentation usage.

Additionally, it is anticipated that a number of factors, including strong security, ubiquitous quality, and resilient networks, energize the industry over the ensuing many years.

Due to their extensive investments in the telecommunications industry and pertinent smart grid connectivity, major players in the cellular IoT module market have a sizable position.

• The acquisition of Thing stream, a provider of IoT Communication-as-a-Service, is expected to close in April 2020, according to u blox, a top supplier of positional awareness and wireless communications technology.
  • Thingstream provides a complete end-to-end IoT connectivity solution based on the MQTT protocol, a well-known industry standard.
• Sierra Wireless created the HL7845 Module in April 2021. In order to satisfy the IoT connectivity needs of European utility services, the standard offers a 450 MHz wireless spectrum.
• In order to only supply best-in-class advertising nuSIM IoT components, Fibocom collaborated with Red Tea, an innovative connectivity solutions supplier, and Deutsche Telekom, the largest integrated telecoms business in the world, in February 2021.
• In May 2022, Qualcomm unveiled a new power line communication device to meet the growing demand from businesses for smart-grid communications between charging stations and vehicles.
  • The QCA7006AQ, a next-generation power line communication (PLC) device from Qualcomm Technologies, Inc., is intended to meet the communication demands of electric vehicle (EV) charging stations, also known as electric vehicle supply equipment (EVSE).
• A collaboration agreement on the 2.3 GHz spectrum was signed in July 2022 by ZTE Corporation, a major international supplier of telecommunications, enterprise, and consumer technology solutions for the mobile internet, and Banglalink, a significant private operator in Bangladesh.
  • In accordance with the contract, Banglalink uses ZTE's cutting-edge goods and technology innovations to improve its customer experiences. Banglalink continuously increases network coverage and speed with the 2.3 GHz frequency.

Key players

• Sierra Wireless
• Huawei Technologies Co., Ltd.
• Vodafone Group plc
• Sequans Communications S.A.
• ZTE Corporation
• Gemalto NV
• Telit Communications PLC
• u-blox
• Ericsson AB
• Qualcomm Technologies, Inc.
• ARM Limited
• Mediatek Inc.
• Texas Instruments Incorporated
• Others.

Key segments

By Component:

• Hardware
• Software

By Cellular Technology:

• 3G
• 4G
• 5G
• LTE-M
• NB-Iot
• Others

By End Use Industry:

• Agriculture
• Healthcare
• Retail
• Energy
• Automotive & Transportation
• Infrastructure
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia and the Pacific
• Middle East & Africa

Frequently Asked Questions

What is the Growth Outlook of the Cellular IoT Module Market?

The cellular IoT module market is estimated to record a CAGR of 23.4% during the forecast period.

What is the Projected Value of the Cellular IoT Module Market By 2033?

The cellular IoT module market size is predicted to be valued at USD 20.83 Billion by 2033.

What is the Present Size of the Cellular IoT Module Market?

The cellular IoT module market share is valued at USD 16.88 Million in 2023.

Which is the Leading Region in the Cellular IoT Module Market?

By 2033, Asia Pacific is anticipated to hold the largest market share of cellular IoT modules.

Which is the Leading Segment in the Cellular IoT Module Market, Based on Components?

The hardware dominates the cellular IoT module market by 2033.