Cellular IoT Modules Market Report 2024 (Global Edition)

Global Cellular IoT Modules Market Report 2024 Market Size Split by Component (Hardware, Software), by Technology (2G, 3G, 4G, LTE-M, NB-LTE-M, NB-IoT, 5G), by End Use Industry (Agriculture, Healthcar...

Cellular IoT Modules Market Report Description

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Cellular IoT Modules Market Insights Video

Competitive Landscape of the Cellular IoT Modules Market

The competitive landscape of the cellular IoT modules market is characterized by intense rivalry among key players focused on innovation, product differentiation, and cost optimization. Companies are increasingly investing in R&D to enhance module capabilities, support new connectivity standards like 5G, and expand their global presence. Strategic partnerships and acquisitions are common as firms seek to strengthen their market positions.

January 2024: At CES 2024, Cavli Wireless unveiled its latest innovation, the CQM220 5G RedCap Cellular IoT Module. The module revolutionized Industry 4.0, Smart Cities, and Asset Tracking with high data throughput and integrated GNSS for global operations. (Source: https://www.cavliwireless.com/news-and-updates/cavli-wireless-announces-the-cqm220-5g-redcap-cellular-iot-module-at-ces-2024.html) January 2024: Nordic Semiconductor showcased its complete portfolio of wireless IoT innovations at CES 2024 on booth 52323, including an update to its nRF91 Series. Products spanned cellular IoT, DECT NR+, Wi-Fi, Matter, and Bluetooth LE. (Source: https://www.nordicsemi.com/Nordic-news/2024/01/Nordic-Semiconductor-at-CES-2024)

Top Companies Market Share in Cellular IoT Modules Industry: (In no particular order of Rank)

• 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
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Cellular IoT Modules Market

Which Region Dominates the Cellular IoT Modules Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 40% of the global revenue due to the region's advanced technological infrastructure, early adoption of 5G, and strong demand across industries such as healthcare, automotive, and smart cities. The region's robust investment in IoT research and development, coupled with favorable government initiatives, has further solidified its leadership in the global cellular IoT market.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific is the fastest-growing region in the cellular IoT modules market, driven by rapid industrialization, expanding smart city projects, and increased adoption of IoT technologies across various sectors. The region's strong mobile network infrastructure, coupled with rising investments in 5G deployment and IoT applications, further accelerates market growth, positioning Asia Pacific as a key player in the global IoT landscape.

The current report Scope analyzes Cellular IoT Modules Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Cellular IoT Modules Market

According to Cognitive Market Research, the global Cellular IoT Modules market size was estimated at USD 4152.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 1661.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 24.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Cellular IoT Modules market with a market size of USD 1310.53 million in 2024 and is projected to grow at a CAGR of 24.0% during the forecast period. Due to advanced technological infrastructure, the US holds a major share in the cellular IoT modules market.
• The Canada Cellular IoT Modules market had a market share of USD 199.32 million in 2024 and is projected to grow at a CAGR of 25.0% during the forecast period. Canada's growing cellular IoT modules market is driven by expanding 5G networks and smart technology adoption.
• The Mexico Cellular IoT Modules market is projected to witness growth at a CAGR of 24.7% during the forecast period, with a market size of USD 151.15 million in 2024.

Europe Cellular IoT Modules Market

According to Cognitive Market Research, the global Cellular IoT Modules market size was estimated at USD 4152.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 1245.75 million in 2024 and will grow at a compound annual growth rate (CAGR) of 24.5% from 2024 to 2031.

• The United Kingdom Cellular IoT Modules market had a market share of USD 209.29 million in 2024 and is projected to grow at a CAGR of 25.3% during the forecast period. The UK leads in the cellular IoT modules market due to strong 5G deployment and innovation.
• The France Cellular IoT Modules market is projected to witness growth at a CAGR of 23.7% during the forecast period, with a market size of USD 114.61 million in 2024.
• According to Cognitive Market Research, the German Cellular IoT Modules market size was valued at USD 246.66 million in 2024 and is projected to grow at a CAGR of 24.7% during the forecast period. Germany's growth in the cellular IoT modules market is driven by strong industrial IoT and 5G expansion.
• The Italy Cellular IoT Modules market is projected to witness growth at a CAGR of 23.9% during the forecast period, with a market size of USD 107.13 million in 2024.
• The Russian Cellular IoT Modules market is projected to witness growth at a CAGR of 23.5% during the forecast period, with a market size of USD 193.09 million in 2024.
• The Spain Cellular IoT Modules market is projected to witness growth at a CAGR of 23.6% during the forecast period with a market size of USD 102.15 million in 2024
• The Luxembourg Cellular IoT Modules market is projected to witness growth at a CAGR of 24.6% during the forecast period, with a market size of USD 38.62 million in 2024.
• The Portugal Cellular IoT Modules market is projected to witness growth at a CAGR of 24.3% during the forecast period, with a market size of USD 26.16 million in 2024.
• The Greece Cellular IoT Modules market is projected to witness growth at a CAGR of 24.8% during the forecast period, with a market size of USD 14.95 million in 2024.
• Rest of Europe's Cellular IoT Modules market is projected to witness growth at a CAGR of 23.2% during the forecast period, with a market size of USD 193.09 million in 2024.

Asia Pacific Cellular IoT Modules Market

According to Cognitive Market Research, the global Cellular IoT Modules market size was estimated at USD 4152.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 955.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 28.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Cellular IoT Modules market size was valued at USD 429.78 million in 2024 and is projected to grow at a CAGR of 27.5% during the forecast period. China holds the largest share in the cellular IoT modules market due to rapid technology adoption.
• The Japan Cellular IoT Modules market is projected to witness growth at a CAGR of 26.5% during the forecast period, with a market size of USD 131.80 million in 2024.
• The India Cellular IoT Modules market had a market share of USD 114.61 million in 2024 and is projected to grow at a CAGR of 29.8% during the forecast period. India's growth in the cellular IoT modules market is driven by expanding 5G networks and industrial IoT adoption.
• The South Korean Cellular IoT Modules market is projected to witness growth at a CAGR of 27.1% during the forecast period, with a market size of USD 95.51 million in 2024.
• The Australian Cellular IoT Modules market is projected to witness growth at a CAGR of 27.7% during the forecast period, with a market size of USD 49.66 million in 2024.
• The Southeast Asia Cellular IoT Modules market is projected to witness growth at a CAGR of 29.0% during the forecast period, with a market size of USD 65.90 million in 2024.
• The Rest of Asia Pacific Cellular IoT Modules market is projected to witness growth at a CAGR of 27.8% during the forecast period, with a market size of USD 67.81 million in 2024.

South America Cellular IoT Modules Market

According to Cognitive Market Research, the global Cellular IoT Modules market size was estimated at USD 4152.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 207.63 million in 2024 and will grow at a compound annual growth rate (CAGR) of 25.4% from 2024 to 2031. .

• According to Cognitive Market Research, the Brazil Cellular IoT Modules market size was valued at USD 88.86 million in 2024 and is projected to grow at a CAGR of 26.0% during the forecast period. Brazil holds a significant share in the cellular IoT modules market due to extensive infrastructure development.
• Argentina's Cellular IoT Modules market had a market share of USD 34.88 million in 2024 and is projected to grow at a CAGR of 26.3% during the forecast period. Argentina's growing demand for cellular IoT modules is driven by increasing smart technology and connectivity needs.
• Colombia Cellular IoT Modules market is projected to witness growth at a CAGR of 25.2% during the forecast period, with a market size of USD 18.48 million in 2024.
• Peru Cellular IoT Modules market is projected to witness growth at a CAGR of 25.6% during the forecast period, with a market size of USD 17.03 million in 2024.
• Chile's Cellular IoT Modules market is projected to witness growth at a CAGR of 25.7% during the projection period, with a market size of USD 14.95 million in 2024.
• The Rest of Latin America's Cellular IoT Modules market is projected to witness growth at a CAGR of 24.5% during the forecast period, with a market size of USD 33.43 million in 2024.

Middle East and Africa Cellular IoT Modules Market

According to Cognitive Market Research, the global Cellular IoT Modules market size was estimated at USD 4152.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 83.05 million in 2024 and will develop at a compound annual growth rate (CAGR) of 25.7% from 2024 to 2031..

• The GCC Countries' Cellular IoT Modules market is projected to witness growth at a CAGR of 26.5% during the forecast period, with a market size of USD 35.55 million in 2024. GCC countries are dominant in the cellular IoT modules market due to advanced infrastructure and 5G deployment.
• The Egypt Cellular IoT Modules market is projected to witness growth at a CAGR of 26.0% during the forecast period, with a market size of USD 8.72 million in 2024.
• The South Africa Cellular IoT Modules market is projected to witness growth at a CAGR of 26.7% during the forecast period, with a market size of USD 13.12 million in 2024. Advancements in smart city initiatives drive South Africa's growing preference for cellular IoT modules.
• The Turkey Cellular IoT Modules market is projected to witness growth at a CAGR of 25.2% during the forecast period, with a market size of USD 7.14 million in 2024.
• The Nigeria Cellular IoT Modules market is projected to witness growth at a CAGR of 24.8% during the forecast period, with a market size of USD 8.72 million in 2024.
• The Rest of the MEA Cellular IoT Modules market is projected to witness growth at a CAGR of 24.7% during the forecast period, with a market size of USD 9.80 million in 2024.

Cellular IoT Modules Market Analysis

Cellular IoT Modules Market Component Segment Analysis

According to Cognitive Market Research, the hardware segment holds a major share in the cellular IoT modules market, driven by the increasing demand for robust and reliable IoT devices. As industries across sectors adopt IoT solutions, the need for advanced hardware components like sensors, connectivity modules, and processing units has surged. This strong demand ensures hardware remains a dominant force in the market's growth.

The software segment is the fastest-growing area in the cellular IoT modules market, driven by the increasing need for advanced IoT management, analytics, and security solutions. As IoT deployments expand, the demand for software to manage, monitor, and optimize connected devices grows rapidly. This segment's growth is further fueled by innovations in cloud-based platforms and AI-driven analytics, enhancing IoT operations.

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Cellular IoT Modules Market Technology Segment Analysis

According to Cognitive Market Research, 4G technology holds a major share in the cellular IoT modules market due to its widespread adoption and established infrastructure. Its reliable performance and broad coverage support various IoT applications, including smart cities and industrial automation. Despite the growing interest in 5G, 4G remains integral, offering cost-effective connectivity and proven reliability for many IoT deployments.

NB-IoT (Narrowband IoT) is the fastest-growing segment in the cellular IoT modules market, owing to its low power consumption, wide coverage, and cost-effectiveness. Its suitability for applications such as smart meters, asset tracking, and smart city infrastructure drives its rapid adoption. The segment's growth is fueled by increasing demand for efficient, scalable IoT solutions across various industries.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Cellular IoT Modules End Use Industry Segment Analysis

Cellular IoT Modules Market End Use Industry Segment Analysis

According to Cognitive Market Research, the energy sector holds a major share in the cellular IoT modules market, driven by the need for advanced monitoring and management solutions. IoT modules enable real-time data collection and analysis for energy grids, smart meters, and renewable energy systems, enhancing efficiency and reliability. The growing emphasis on energy optimization and smart infrastructure fuels this sector's significant market presence.

In the cellular IoT modules market, the automotive and transportation segment is the fastest growing. This growth is fueled by increasing demand for connected vehicles, advanced driver assistance systems (ADAS), and real-time fleet management solutions. Enhanced connectivity through cellular IoT modules enables improved vehicle tracking, safety features, and operational efficiency, driving significant advancements in the automotive sector.

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

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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ResearchGate Profile: https://www.researchgate.net/profile/Kalyani-Raje

An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.

Author's Conclusion