Fort Collins, Colorado, Nov. 09, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Cellular IoT Module Market size was valued at USD 5.8 Billion in 2022 and is expected to reach USD 20.2 Billion by 2032 at a CAGR of 13.4%.
Cellular IoT modules play a pivotal role in ensuring seamless connectivity and data transmission within this network, thereby driving the demand. The Cellular Internet of Things (IoT) module market has witnessed robust growth, driven by a confluence of factors that have accelerated the adoption of IoT devices across industries.
The Industry 4.0 revolution emphasizes the integration of digital technologies to create smart manufacturing processes. Cellular IoT modules facilitate machine-to-machine communication, enabling real-time monitoring of production lines, predictive maintenance, and overall process optimization. Industries are increasingly adopting IoT devices to enable remote monitoring and management of assets. Cellular IoT modules provide the necessary infrastructure for continuous data transmission from remote locations, empowering businesses to make informed decisions and optimize operational efficiency.
The agricultural sector benefits from cellular IoT modules for precision farming, enabling monitoring of soil conditions, weather patterns, and crop health. The data-driven approach leads to increased productivity, reduced resource wastage, and higher yields. Cellular IoT modules find applications in the healthcare sector for remote patient monitoring and asset tracking within hospitals. The ability to transmit vital patient data securely contributes to improved patient care and efficient resource allocation.
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Segmentation Overview:
The global cellular IoT module market has been segmented into component, cellular, end-use, and region. 4G LTE modules are widely used due to their high-speed data transfer, low latency, and improved reliability. They are utilized in applications such as fleet management, industrial automation, and smart meters, where real-time data is crucial. North America has a prominent position in the cellular IoT module market due to its advanced technological infrastructure and a robust ecosystem of IoT adapters. The United States and Canada have witnessed the widespread deployment of IoT solutions across healthcare, agriculture, and manufacturing industries. The presence of tech giants, startups, and research institutions in the region drives innovation and promotes the adoption of cellular IoT modules.
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Cellular IoT Module Market Report Highlights:
- The global cellular IoT module market growth is anticipated at a CAGR of 13.4% by 2032.
- The proliferation of IoT devices across sectors such as agriculture, healthcare, manufacturing, and transportation has fostered an expanding ecosystem of interconnected devices.
- Based on cellular technology, the market is subdivided into 3G, 4G, 5G, LTE-M, NB-IoT, and others.
- The end-use segment includes agriculture, healthcare, manufacturing, retail, energy, automotive & transportation, infrastructure, and others.
- Some prominent players in the cellular IoT module market report include Sierra Wireless, Huawei Technologies Co, Ltd., Vodafone Group plc, Sequans Communications S.A., ZTE Corporation, Gemalto NV, Telit Communications PLC, ublox, Ericsson AB, Qualcomm Technologies, Inc., ARM Limited 3, Mediatek Inc., and Texas Instruments Incorporated among others.
Industry Trends and Insights:
In August 2022, Semtech Corporation acquired Sierra Wireless Inc. for a total enterprise valuation of 1.2 billion. This acquisition was aimed at significant expansion of Semtech’s addressable market and creating a diverse portfolio of connectivity solutions for the IoT market.
In November 2022, Alliance Corporation announced a merger with GetWireless. Alliance Corporation distributes wireless telecommunications technology in North America, whereas GetWireless is an independent value-added provider of IoT cellular solutions.
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Cellular IoT Module Market Segmentation:
By Component: Hardware, software, services
By Cellular Technology: 3G, 4G, 5G, LTE-M, NB-IoT, others
By End-use: Agriculture, healthcare, retail, energy, automotive & transportation, infrastructure, others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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