Cellular IoT Module Market Set for Impressive 23.4% CAGR, Expected to Reach $20.83 Billion by 2033

The market for cellular IoT modules is expected to be valued US$ 16.88 billion in 2023 and US$ 20.83 billion by 2033, according to Future Market Insight. Over the course of the projected period, a CAGR of 23.4% is expected in the market.

It is anticipated that the growing market expansion of 5G technology is driven by its acceptance. The higher data rates, reduced latency, and greater coverage of 5G technology are anticipated to drive up demand for cellular IoT modules.

The cellular IoT module market is anticipated to increase as a result of the development of mHealth services and government programmes to encourage IoT in healthcare. The growth of healthcare facilities and the increasing demand for healthcare services are having an effect on the total market share.

A crucial component of cellular IoT security policy is cloud-based security, as insecure cloud infrastructure increases the risk of data theft and device piracy. For instance, a drone used for surveillance or delivery can process information like imaging data and navigational instructions on its own.

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Applications of Cellular IoT Modules in Different Industries

Automotive Industry: The sales of cellular IoT modules in the automotive industry are expected to grow significantly during the forecast period due to the increased demand for connected automobiles. Since connected automobiles allow communication between vehicles and with the outside world, the automotive industry is projected to undergo substantial change as a result.

Telecom Industry: Currently, the telecom industry improves the cellular IoT modules market outlook. The market’s expansion is also aided by the industry’s rapid digitization and growing level of automation. Solutions for the Narrowband Internet of Things (NB-IoT) and Long-Term Evolution for Machines are being implemented by numerous medium-sized and large-scale businesses.

Key Takeaways

The cellular IoT module market is likely to register at a CAGR of 23.4% during the forecast period.
Historically, the cellular IoT module market registered at a CAGR of 17% between 2018 and -2022.
The value of the cellular IoT module market is expected to be US$ 20.83 Bn by 2033.
Based on components, the hardware segment is likely to register at a 26.5% CAGR in the cellular IoT module market.
North America shows significant growth in the cellular IoT module market by 2033.
During the forecast period, the cellular IoT module market in China is likely to dominate.

Competitive Landscape

The inclusion of cellular IoT modules in the product lines of telematics solution providers has made it easier for fleet managers and off-highway vehicle OEMs to gather and analyze data to identify significant patterns and issues in the field’s instrumentation usage.

Furthermore, it is projected that a number of elements, such as robust security, ubiquitous quality, and resilient networks, would energize the sector over the coming several years.

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Recent Developments:

In order to fulfill the rising need from the industry for smart-grid communications between charging stations and automobiles, Qualcomm developed a new power line communication device in May 2022.
In order to address the communication needs of electric vehicle (EV) charging stations, also known as electric vehicle supply equipment, Qualcomm Technologies, Inc. has developed the QCA7006AQ, a next-generation power line communication (PLC) device (EVSE).
The HL7845 Module was developed by Sierra Wireless in April 2021. The standard provides a 450 MHz wireless spectrum to meet the IoT connectivity requirements of European utility services.
In February 2021, Fibocom partnered with Red Tea, a leading provider of connection solutions, and Deutsche Telekom, the largest integrated telecoms company in the world, to ensure that it only provided best-in-class advertising nuSIM IoT components.

Key segments

By Component: