India: Fastest growing market in IoT module

Shipments of global cellular IoT module grew at 20% y-o-y in 2022, according to Counterpoint Research. Although the growth of IOT was at the lower base, in the second quarter of 2022, India’s Internet of Things (IoT) module market became the fastest growing market, and recorded over 264% growth. This growth had been driven by smart meters, telematics, point of sale (POS) and automotive applications.

“The IoT module market is going through a critical phase where the Chinese brands have become bigger, making it very difficult for international brands to grow in silos,” stated senior research analyst Soumen Mandal.

The growth in IoT has been recorded due to the ongoing digital transformation. This includes potential applications around critical infrastructure and logistics generated by some key fast-growing low-tier cellular technologies like- Cat-1 and NB-IoT. As IoT industry is entering in the growing phase, the players of this market have modified their product offerings for the expansions of partnerships across the value chain, from newer connectivity solution providers to acquire some key competitors. On the other hand, China holds the position of world’s largest IoT market, and meets more than half of the demand.