IoT Module Market Size, Share, Trends, Industry Analysis Report: By Component (Hardware, Software, and Services), Deployment Type, Security Features, Industry Use, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) –

The Internet of Things (IoT) module market size is expected to reach USD 169.04 billion by 2034, according to a new study by Polaris Market Research. The report “IoT Module Market Share, Size, Trends, Industry Analysis Report: By Component (Hardware, Software, and Services), Deployment Type, Security Features, Industry Use, 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.

An IoT module is a critical component that enables devices to connect and communicate within the Internet of Things ecosystem. One of the top trends shaping the IoT module market development is the growing adoption of low power wide area networks (LPWAN) technologies. These networks are designed to facilitate efficient long-range communication between IoT devices while minimizing power consumption, making them ideal for applications in smart cities, agriculture, and industrial automation. The rising popularity of LPWAN is driving the development of IoT modules with enhanced energy efficiency and connectivity features, ensuring that devices can operate reliably over extended periods without frequent maintenance or battery replacement.

The increasing integration of artificial intelligence (AI) capabilities in IoT modules is expected to emerge as a key Internet of Things module market trend. AI-enabled modules are becoming essential for real-time analytics and decision-making as businesses seek to extract actionable insights from vast amounts of data generated by IoT devices. The combination of AI and IoT improves the ability to process data at the edge, reducing latency and improving operational efficiency across various applications. This integration is driving the demand for advanced IoT modules capable of supporting machine learning algorithms and edge computing capabilities, thereby accelerating the IoT module market expansion.

IoT Module Market Report Highlights

In terms of component, the hardware segment led the IoT module market share in 2024, driven by increasing demand for advanced and efficient IoT devices across various industries such as healthcare for remote monitoring and smart agriculture for precision farming solutions..

Based on deployment type, the cloud-based segment is anticipated to experience the fastest growth during the forecast period, attributed to its scalability, flexibility, and cost-effectiveness.

North America accounted for the largest share of the global IoT module market revenue in 2024, supported by its advanced technological infrastructure, widespread IoT adoption, and substantial investments in research and development.

The Asia Pacific market is expected to witness the fastest growth during the forecast period, fueled by rapid urbanization, industrial digitization, and strong government initiatives promoting IoT adoption.

A few global key market players are 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 Internet of Things module market report on the basis of component, deployment type, security features, industry use, and region:

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

Hardware

Software

Services

By Deployment Type Outlook (Revenue, USD Billion, 2020–2034)

On-Premises

Cloud-Based

Hybrid

By Security Features Outlook (Revenue, USD Billion, 2020–2034)

Secure Elements (SE) Modules

Trusted Platform Modules (TPM)

Encryption-Enabled Modules

Others

By Industry Use Outlook (Revenue, USD Billion, 2020–2034)

Smart Home

Industrial Automation

Healthcare

Financial Services

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