Cellular IoT Module Shipments Market Size, Share, Trends, Industry Analysis Report: By Technology (3G, 4G/LTE, and 5G), Application, Frequency Band, End User, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Mark

The global cellular IoT module shipments market size is expected to reach USD 85.47 billion by 2034, according to a new study by Polaris Market Research. The report “Cellular IoT Module Shipments Market Share, Size, Trends, Industry Analysis Report: By Technology (3G, 4G/LTE, and 5G), Application, Frequency Band, End User, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Cellular IoT modules are hardware components that enable IoT devices to connect and communicate over cellular networks efficiently. One of the top trends shaping the cellular IoT module shipments market demand is the growing adoption of low-power wide-area (LPWA) networks, which optimize power consumption and extend battery life for IoT devices. LPWA technologies, including NB-IoT and LTE-M, are becoming increasingly popular for applications that require extensive coverage and minimal power usage, such as smart metering and asset tracking. This shift towards energy-efficient and cost-effective connectivity solutions is driving higher adoption rates of cellular IoT modules, supporting market expansion.

Another significant trend boosting the cellular IoT module shipments market development is the increasing integration of embedded SIM (eSIM) technology in IoT devices. Unlike traditional SIM cards, eSIMs are remotely programmable and enable seamless network switching, improving flexibility and scalability for IoT deployments. This is particularly beneficial for applications that involve cross-border connectivity or require remote management, such as logistics and fleet management. The adoption of eSIMs simplifies device management and also reduces operational complexities, further accelerating the demand for cellular IoT modules globally.

Cellular IoT Module Shipments Market Report Highlights

In terms of technology, the 4G/LTE segment led the market in 2024, owing to its broad adoption, dependable coverage, and optimal balance between cost and performance.

Based on application, the telematics & automotive segment is anticipated to experience the fastest growth in the cellular IoT module shipments market during the forecast period, fueled by the increasing adoption of connected vehicles and advancements in telematics technologies.

Asia Pacific accounted for the largest share of the global market in 2024, driven by its strong manufacturing ecosystem, extensive smart city projects, and substantial investments in IoT infrastructure.

The North America cellular IoT module shipments market is expected to witness the fastest growth during the forecast period, supported by the growing adoption of IoT in sectors like healthcare, logistics, and retail.

A few global key market players include China Mobile Limited; Fibocom Wireless Inc.; LG Innotek; Lierda Science & Technology Group Co., Ltd.; Neoway Technology Co. LTD.; Quectel Wireless Solutions Co., Ltd; Semtech Corporation; Sunsea AIoT Technology Co., Ltd.; Telit Cinterion; and u-blox AG.

Polaris Market Research has segmented the cellular IoT module shipments market report on the basis of technology, application, frequency band, end user, and region:

By Technology Outlook (Revenue, USD Billion, 2020–2034)

3G

4G/LTE

5G

By Application Outlook (Revenue, USD Billion, 2020–2034)

Smart Meters & Utilities

Telematics & Automotive

Healthcare

Retail

Smart Cities

Others

By Frequency Band Outlook (Revenue, USD Billion, 2020–2034)

Licensed Spectrum

Unlicensed Spectrum

By End User Outlook (Revenue, USD Billion, 2020–2034)

Transportation & Logistics

Energy & Utilities

Healthcare

Manufacturing

Others

By Regional Outlook (Revenue, USD Billion, 2020–2034)

North America

• US
• Canada

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Vietnam
• Australia
• Rest of Asia Pacific

• Argentina
• Brazil
• Mexico
• Rest of Latin America

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of Middle East & Africa