India records the fastest growing global IoT module market in Q2

With more than 264 percent growth in the second quarter of 2022, India was the fastest growing Internet of Things (IoT) module market. The growth in IoT modules in India was driven by smart meters, telematics, point of sale and automotive applications.

The growth was also driven by the ongoing digital transformation involving potential applications around critical infrastructure and logistics catered by some key fast-growing low-tier cellular technologies such as Cat-1 and NB-IoT.

Global cellular IoT module shipments grew 20 percent (year-over-year) in Q2 2022. China continued to be the world’s largest IoT market, contributing to more than half of the demand despite the lockdowns.

“Further, module players modified their product offerings, striking partnerships across the value chain, from newer connectivity solution providers to acquiring some key competitors, as the IoT industry enters a very exciting growth phase,” the report stated.

The 5G IoT module shipments remain steady with prices still high and many projects still in pilot stages. With six out of the top 10 IoT module vendors being from China and with the rising geopolitical competition and data privacy concerns, international players are looking for an opportunity to consolidate and carve out a division in this segment.