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 US$ 16.88 Billion in 2023 to US$ 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) | US$ 16.88 Billion |
| Cellular IoT Module Market Size (2033) | US$ 20.83 Billion |
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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.
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.
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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.
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%.
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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.
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.
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.
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.
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.
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.
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.
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 cellular IoT module market is estimated to record a CAGR of 23.4% during the forecast period.
The cellular IoT module market size is predicted to be valued at US$ 20.83 Billion by 2033.
The cellular IoT module market share is valued at US$ 16.88 Million in 2023.
By 2033, Asia Pacific is anticipated to hold the largest market share of cellular IoT modules.
The hardware dominates the cellular IoT module market by 2033.
1. Executive Summary | Cellular IoT Module Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ Million) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Component
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Component, 2017 to 2021
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component, 2022 to 2032
5.3.1. Hardware
5.3.2. Software
5.3.3. Services
5.4. Y-o-Y Growth Trend Analysis By Component, 2017 to 2021
5.5. Absolute $ Opportunity Analysis By Component, 2022 to 2032
6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Type, 2017 to 2021
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Type, 2022 to 2032
6.3.1. 4G
6.3.2. 5G
6.3.3. LTE–M
6.3.4. NB–LTE–M
6.3.5. NB–IoT
6.4. Y-o-Y Growth Trend Analysis By Type, 2017 to 2021
6.5. Absolute $ Opportunity Analysis By Type, 2022 to 2032
7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End-User
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By End-User, 2017 to 2021
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By End-User, 2022 to 2032
7.3.1. Retail
7.3.2. Energy
7.3.3. Healthcare
7.3.4. Manufacturing
7.3.5. Consumer Electronics
7.3.6. Automotive & Transportation
7.3.7. Others
7.4. Y-o-Y Growth Trend Analysis By End-User, 2017 to 2021
7.5. Absolute $ Opportunity Analysis By End-User, 2022 to 2032
8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2017 to 2021
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2022 to 2032
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. South Asia
8.3.5. East Asia
8.3.6. Oceania
8.3.7. Middle East and Africa(MEA)
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
9.2.1. By Country
9.2.1.1. USA
9.2.1.2. Canada
9.2.2. By Component
9.2.3. By Type
9.2.4. By End-User
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Component
9.3.3. By Type
9.3.4. By End-User
9.4. Key Takeaways
10. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Component
10.2.3. By Type
10.2.4. By End-User
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Component
10.3.3. By Type
10.3.4. By End-User
10.4. Key Takeaways
11. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. United Kingdom
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Europe
11.2.2. By Component
11.2.3. By Type
11.2.4. By End-User
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Component
11.3.3. By Type
11.3.4. By End-User
11.4. Key Takeaways
12. South Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
12.2.1. By Country
12.2.1.1. India
12.2.1.2. Malaysia
12.2.1.3. Singapore
12.2.1.4. Thailand
12.2.1.5. Rest of South Asia
12.2.2. By Component
12.2.3. By Type
12.2.4. By End-User
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Component
12.3.3. By Type
12.3.4. By End-User
12.4. Key Takeaways
13. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
13.2.1. By Country
13.2.1.1. China
13.2.1.2. Japan
13.2.1.3. South Korea
13.2.2. By Component
13.2.3. By Type
13.2.4. By End-User
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Component
13.3.3. By Type
13.3.4. By End-User
13.4. Key Takeaways
14. Oceania Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
14.2.1. By Country
14.2.1.1. Australia
14.2.1.2. New Zealand
14.2.2. By Component
14.2.3. By Type
14.2.4. By End-User
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Component
14.3.3. By Type
14.3.4. By End-User
14.4. Key Takeaways
15. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
15.2.1. By Country
15.2.1.1. GCC Countries
15.2.1.2. South Africa
15.2.1.3. Israel
15.2.1.4. Rest of Middle East and Africa(MEA)
15.2.2. By Component
15.2.3. By Type
15.2.4. By End-User
15.3. Market Attractiveness Analysis
15.3.1. By Country
15.3.2. By Component
15.3.3. By Type
15.3.4. By End-User
15.4. Key Takeaways
16. Key Countries Market Analysis
16.1. USA
16.1.1. Pricing Analysis
16.1.2. Market Share Analysis, 2021
16.1.2.1. By Component
16.1.2.2. By Type
16.1.2.3. By End-User
16.2. Canada
16.2.1. Pricing Analysis
16.2.2. Market Share Analysis, 2021
16.2.2.1. By Component
16.2.2.2. By Type
16.2.2.3. By End-User
16.3. Brazil
16.3.1. Pricing Analysis
16.3.2. Market Share Analysis, 2021
16.3.2.1. By Component
16.3.2.2. By Type
16.3.2.3. By End-User
16.4. Mexico
16.4.1. Pricing Analysis
16.4.2. Market Share Analysis, 2021
16.4.2.1. By Component
16.4.2.2. By Type
16.4.2.3. By End-User
16.5. Germany
16.5.1. Pricing Analysis
16.5.2. Market Share Analysis, 2021
16.5.2.1. By Component
16.5.2.2. By Type
16.5.2.3. By End-User
16.6. United Kingdom
16.6.1. Pricing Analysis
16.6.2. Market Share Analysis, 2021
16.6.2.1. By Component
16.6.2.2. By Type
16.6.2.3. By End-User
16.7. France
16.7.1. Pricing Analysis
16.7.2. Market Share Analysis, 2021
16.7.2.1. By Component
16.7.2.2. By Type
16.7.2.3. By End-User
16.8. Spain
16.8.1. Pricing Analysis
16.8.2. Market Share Analysis, 2021
16.8.2.1. By Component
16.8.2.2. By Type
16.8.2.3. By End-User
16.9. Italy
16.9.1. Pricing Analysis
16.9.2. Market Share Analysis, 2021
16.9.2.1. By Component
16.9.2.2. By Type
16.9.2.3. By End-User
16.10. India
16.10.1. Pricing Analysis
16.10.2. Market Share Analysis, 2021
16.10.2.1. By Component
16.10.2.2. By Type
16.10.2.3. By End-User
16.11. Malaysia
16.11.1. Pricing Analysis
16.11.2. Market Share Analysis, 2021
16.11.2.1. By Component
16.11.2.2. By Type
16.11.2.3. By End-User
16.12. Singapore
16.12.1. Pricing Analysis
16.12.2. Market Share Analysis, 2021
16.12.2.1. By Component
16.12.2.2. By Type
16.12.2.3. By End-User
16.13. Thailand
16.13.1. Pricing Analysis
16.13.2. Market Share Analysis, 2021
16.13.2.1. By Component
16.13.2.2. By Type
16.13.2.3. By End-User
16.14. China
16.14.1. Pricing Analysis
16.14.2. Market Share Analysis, 2021
16.14.2.1. By Component
16.14.2.2. By Type
16.14.2.3. By End-User
16.15. Japan
16.15.1. Pricing Analysis
16.15.2. Market Share Analysis, 2021
16.15.2.1. By Component
16.15.2.2. By Type
16.15.2.3. By End-User
16.16. South Korea
16.16.1. Pricing Analysis
16.16.2. Market Share Analysis, 2021
16.16.2.1. By Component
16.16.2.2. By Type
16.16.2.3. By End-User
16.17. Australia
16.17.1. Pricing Analysis
16.17.2. Market Share Analysis, 2021
16.17.2.1. By Component
16.17.2.2. By Type
16.17.2.3. By End-User
16.18. New Zealand
16.18.1. Pricing Analysis
16.18.2. Market Share Analysis, 2021
16.18.2.1. By Component
16.18.2.2. By Type
16.18.2.3. By End-User
16.19. GCC Countries
16.19.1. Pricing Analysis
16.19.2. Market Share Analysis, 2021
16.19.2.1. By Component
16.19.2.2. By Type
16.19.2.3. By End-User
16.20. South Africa
16.20.1. Pricing Analysis
16.20.2. Market Share Analysis, 2021
16.20.2.1. By Component
16.20.2.2. By Type
16.20.2.3. By End-User
16.21. Israel
16.21.1. Pricing Analysis
16.21.2. Market Share Analysis, 2021
16.21.2.1. By Component
16.21.2.2. By Type
16.21.2.3. By End-User
17. Market Structure Analysis
17.1. Competition Dashboard
17.2. Competition Benchmarking
17.3. Market Share Analysis of Top Players
17.3.1. By Regional
17.3.2. By Component
17.3.3. By Type
17.3.4. By End-User
18. Competition Analysis
18.1. Competition Deep Dive
18.1.1. CommSolid GmbH
18.1.1.1. Overview
18.1.1.2. Product Portfolio
18.1.1.3. Profitability by Market Segments
18.1.1.4. Sales Footprint
18.1.1.5. Strategy Overview
18.1.1.5.1. Marketing Strategy
18.1.2. Sequans Communications
18.1.2.1. Overview
18.1.2.2. Product Portfolio
18.1.2.3. Profitability by Market Segments
18.1.2.4. Sales Footprint
18.1.2.5. Strategy Overview
18.1.2.5.1. Marketing Strategy
18.1.3. ZTE Corporation
18.1.3.1. Overview
18.1.3.2. Product Portfolio
18.1.3.3. Profitability by Market Segments
18.1.3.4. Sales Footprint
18.1.3.5. Strategy Overview
18.1.3.5.1. Marketing Strategy
18.1.4. Telit Communications PLC
18.1.4.1. Overview
18.1.4.2. Product Portfolio
18.1.4.3. Profitability by Market Segments
18.1.4.4. Sales Footprint
18.1.4.5. Strategy Overview
18.1.4.5.1. Marketing Strategy
18.1.5. MediaTek Inc.
18.1.5.1. Overview
18.1.5.2. Product Portfolio
18.1.5.3. Profitability by Market Segments
18.1.5.4. Sales Footprint
18.1.5.5. Strategy Overview
18.1.5.5.1. Marketing Strategy
18.1.6. U-Blox Holding AG
18.1.6.1. Overview
18.1.6.2. Product Portfolio
18.1.6.3. Profitability by Market Segments
18.1.6.4. Sales Footprint
18.1.6.5. Strategy Overview
18.1.6.5.1. Marketing Strategy
18.1.7. Sierra Wireless
18.1.7.1. Overview
18.1.7.2. Product Portfolio
18.1.7.3. Profitability by Market Segments
18.1.7.4. Sales Footprint
18.1.7.5. Strategy Overview
18.1.7.5.1. Marketing Strategy
18.1.8. Gemalto N.V.
18.1.8.1. Overview
18.1.8.2. Product Portfolio
18.1.8.3. Profitability by Market Segments
18.1.8.4. Sales Footprint
18.1.8.5. Strategy Overview
18.1.8.5.1. Marketing Strategy
18.1.9. Texas Instruments Incorporated
18.1.9.1. Overview
18.1.9.2. Product Portfolio
18.1.9.3. Profitability by Market Segments
18.1.9.4. Sales Footprint
18.1.9.5. Strategy Overview
18.1.9.5.1. Marketing Strategy
18.1.10. Qualcomm Technologies Inc.
18.1.10.1. Overview
18.1.10.2. Product Portfolio
18.1.10.3. Profitability by Market Segments
18.1.10.4. Sales Footprint
18.1.10.5. Strategy Overview
18.1.10.5.1. Marketing Strategy
19. Assumptions & Acronyms Used
20. Research Methodology
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Cellular IoT Module Market
