According to the latest report from Counterpoint Research, the global market for cellular IoT modules experienced a slight decline in shipments in the third quarter of 2023. However, during this decline, the market share of 5G-enabled cellular IoT modules exceeded 5% for the first time, indicating a growing interest in 5G technology. Limited availability of compelling applications and relatively high costs of 5G devices have hindered widespread adoption of this technology, but early adopters in industries such as routers/customer premises equipment (CPE), personal computers (PC), and the automotive sector are embracing it.
The report identifies smart meters, automotive applications, point-of-sale systems (POS), routers/customer premises equipment, and telematics as the primary driving forces in the market. Together, these segments account for over 60% of the total shipments of cellular IoT modules. However, only the segments of smart meters and routers/customer premises equipment recorded an increase in shipments, while the rest declined, contributing to the overall decline in the market.
In terms of regional trends, India stands out as the only region with positive shipment growth. On the other hand, regions outside of China and India experienced larger declines. Market leaders, such as Quectel and Telit Cinterion, also reported reduced shipments due to weakened demand.
Looking ahead to 2023, the report predicts a 5% decline in shipments for the entire year, reflecting the weakened demand in the global market for cellular IoT modules. Despite the prospects of wider adoption of 5G technology, challenges related to the lack of compelling applications and higher device prices still need to be addressed.
In conclusion, despite the overall decline in shipments, the market share of 5G-enabled IoT modules is growing. As the industry discovers more compelling applications and device prices become more affordable, we can expect a significant increase in demand for 5G IoT modules in the coming years.
FAQ:
1. What is IoT? – Internet of Things (IoT) is a concept that connects the physical world of objects to the internet, enabling them to exchange data and communicate.
2. What is 5G? – 5G is the fifth generation of mobile technology, offering higher bandwidth and lower latency compared to previous generations.
Source: Counterpoint Research
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