Global cellular IoT module shipments saw a two per cent decline in 2023, according to a new report by Counterpoint Research. This drop was attributed to supply chain disruptions and reduced demand in key market verticals. However, India and China showed growth in smart meter, POS, and asset tracking markets.
Associate Director Mohit Agrawal noted that around 12 per cent of modules in 2023 had AI capabilities, popular in automotive, router/CPE, and PC markets. Leading vendor Quectel experienced a decline in market share due to weakened demand outside China, but has partnered with Syrma SGS Technology in India for module production.
Research Analyst Anish Khajuria predicts a return to growth in the IoT module market in the second half of 2024, with increasing demand in smart meter, POS, and automotive segments. Growth is forecasted for 2025, coinciding with the adoption of 5G and RedCap technologies in various applications.
