The cellular IoT modules market is set to reach US$20.83 billion by 2033, up from the US$16.88 billion it is worth in 2023, according to new analysis from Future Market Insights.
The growth represents a CAGR of 23.4% in the market during the forecast period.
FMI says it is projected that the rising adoption of 5G technology will drive further market expansion. Demand for cellular IoT modules is expected to rise because of the 5G technology's increased data speeds, lower latency, and more coverage.
The growth of mHealth services and government initiatives to support IoT in healthcare are also expected to contribute to the cellular IoT module market expansion. The overall market share is being impacted by the expansion of healthcare facilities and the rising demand for healthcare services.
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.
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 digitisation 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.
· 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.
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 analyse 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 energise the sector over the coming several years.
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).
Sierra Wireless developed the HL7845 Module 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 collaborated with Red Tea, a leading provider of connectivity 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.