Growth in India: India Records Fastest Growth in Global IoT Module Market, Research Finds

India has been the fastest growing Internet of Things (IoT) module market growing over 264% in the second quarter of this year, according to a report.

Although growing from a lower base, India’s IoT module growth was driven by smart meters, telematics, point-of-sale (POS) and automotive applications, according to Counterpoint Research.

Global shipments of cellular IoT modules increased by 20% (year-over-year) in the second quarter of 2022.

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

The global cellular IoT module market continued to recover despite a tighter supply chain, Covid-19 lockdowns in China and macroeconomic headwinds.

Growth was driven by the ongoing digital transformation involving potential applications around critical infrastructure and logistics, supported by some key low-level fast-growing cellular technologies such as Cat-1 and NB-IoT.

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“Furthermore, module players have shifted their product offerings, entering into partnerships across the value chain, from new connectivity solution providers to acquiring some key competitors, as the module industry ‘IoT is entering a very exciting phase of growth,’ the report noted.

China retained its position as the world’s largest IoT market, contributing more than half of demand despite lockdowns.

“With six of the top 10 IoT module vendors originating from China and with growing geopolitical competition and data privacy concerns, international players see an opportunity to consolidate and create a dichotomy in this segment,” Mandal said.

Shipments of 5G IoT modules remain stable with prices still high and many projects still in the pilot phase.

“It will take at least two years to reach an inflection point. We expect the second half of 2023 to see a ramp-up of 5G IoT modules with good pan-country 5G coverage and scale,” said Associate Director Mohit Agrawal. .

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