Increasing Adoption of 5G Technology to Drive Cellular IoT Module Market

The cellular IoT module market will reach $20.83 billion by 2033, up from $16.88 billion in 2023, according to new analysis from Future Market Insights.

This growth represents a CAGR of 23.4% for the market during the forecast period.

FMI said that the increasing adoption of 5G technology is expected to drive further market expansion. The demand for cellular IoT modules is expected to increase due to the increased data speeds, reduced latency and wider coverage of 5G technology.

The growth of mobile medical services and government initiatives to support healthcare IoT are also expected to boost the expansion of the cellular IoT module market. The overall market share is influenced by the expansion of medical facilities and rising demand for medical services.

An important component of a cellular IoT security strategy is cloud-based security, as an insecure cloud infrastructure increases the risk of data theft and device piracy. For example, drones used for surveillance or delivery can process information such as image data and navigation instructions on their own.

Application of Cellular IoT Modules in Different Industries

Automotive Industry: The sales of cellular IoT modules in the automotive industry are expected to witness significant growth during the forecast period owing to the increase in demand for connected cars. The automotive industry is expected to witness significant changes as connected cars allow communication between vehicles as well as with the outside world.

Telecommunication Industry: Currently, the telecommunication industry has improved the outlook for the cellular IoT module market. The rapid digitalization and increasing automation levels in the industry are also contributing to the expansion of the market. Many large and medium-sized enterprises are implementing narrowband IoT (NB-IoT) and machine long-term evolution solutions.

Key Takeaways

• The cellular IoT modules market is likely to register a CAGR of 23.4% during the forecast period.
• Historically, the cellular IoT module market has grown at a CAGR of 17% during 2018-2022.
• By 2033, the cellular IoT module market is expected to be worth $20.83 billion.
• Based on components, the hardware segment may achieve a CAGR of 26.5% in the cellular IoT module market.
• The North America Cellular IoT Module Market will witness significant growth by 2033.
• China is likely to dominate the cellular IoT modules market during the forecast period.

Competitive Landscape

The inclusion of cellular IoT modules in the telematics solutions provider’s product line makes it easier for fleet managers and off-highway vehicle OEMs to collect and analyze data to identify important patterns and issues in field instrument usage.

Furthermore, many elements such as strong security, ubiquitous quality, and resilient networks are expected to energize the industry in the coming years.

Recent Developments

To meet the industry's growing demand for smart grid communications between charging stations and cars, Qualcomm developed a new power line communication device in May 2022.

To meet the communication needs of electric vehicle (EV) charging stations (also known as EV supply equipment), Qualcomm Technologies, Inc. has developed the QCA7006AQ, a next-generation power line communication (PLC) equipment (EVSE).

Sierra Wireless developed the HL7845 module in April 2021. The standard provides 450 MHz of wireless spectrum to meet the IoT connectivity requirements of European utility services.

In February 2021, Fibocom partnered with leading connectivity solutions provider RedTea and Deutsche Telekom, the world’s largest integrated telecommunications company, to ensure that it only provides best-in-class advertising nuSIM IoT components.