Global IoT Module Market Report 2026

Global IoT Module Market Report 2026

Executive Summary

The global IoT module market continues to expand, driven by cellular connectivity demand across industries. Key findings include:

• Global cellular IoT module shipments grew 10% YoY in 2024, signaling a rebound (Counterpoint Research, 2024).
• China accounted for 63% of the global cellular IoT module market in 2024, up from 55% (IoT Business News, 2024).
• LTE Cat-1 bis emerged as the fastest-growing technology, with shipments doubling YoY in 2024 (Counterpoint Research, 2024).
• The top five module vendors held a combined 73% revenue share in 2025 (Berg Insight, 2025).
• The global NB-IoT market was valued at USD 4.16 billion in 2023, with a projected CAGR of 28.1% through 2030 (Grand View Research, 2023).
• The global LoRa and LoRaWAN IoT market reached USD 8.0 billion in 2024, forecast to grow to USD 32.7 billion by 2029 (MarketsandMarkets, 2024).

Methodology & Sources

This report draws exclusively from verified data sources, each cited inline with year attribution. Sources include:

• Counterpoint Research – cellular IoT module shipments and technology trends (2024)
• Berg Insight – cellular IoT module revenues and competitive landscape (2024, 2025)
• Grand View Research – NB-IoT market sizing and forecast (2023)
• IoT Business News – China market share data (2024)
• MarketsandMarkets – LoRa/LoRaWAN market sizing (2024)
• FCC – cybersecurity labeling program (2024)
• Lierda News – vendor growth data (2025)

Where multiple estimates exist for the same metric, divergences are presented as ranges without averaging. All figures marked as 'needs verification' are excluded.

Market Overview

The global cellular IoT module market generated revenue of approximately USD 6.0 billion in 2024 (Berg Insight, 2024), while another estimate pegs the 2023 base at USD 6.11 billion (Grand View Research, 2023). This reflects methodological differences in scope and coverage. Shipments grew 10% year-over-year in 2024 (Counterpoint Research, 2024), indicating demand recovery led by China and India.

In addition, the global NB-IoT market was valued at USD 4.16 billion in 2023 and is projected to grow at a CAGR of 28.1% through 2030 (Grand View Research, 2023). The LoRa and LoRaWAN IoT market reached USD 8.0 billion in 2024, with expectations to rise to USD 32.7 billion by 2029, representing a compound annual growth rate of approximately 32.5% (MarketsandMarkets, 2024).

Trade & Supply Landscape

China continues to dominate the global cellular IoT module supply chain, with its market share expanding from 55% in 2023 to 63% in 2024 (IoT Business News, 2024). This growth is driven by strong domestic demand and an established ecosystem of module manufacturers.

Global module manufacturers operate across China, Europe, and North America, with significant OEM/ODM and EMS hubs concentrated in Shenzhen, Shanghai, and Taiwan.

Technology & Standards Trends

In 2024, LTE Cat-1 bis became the fastest-growing cellular IoT technology, with shipments increasing 100% year-over-year, largely replacing legacy 2G/3G and NB-IoT in applications such as smart meters, POS, and IPC (Counterpoint Research, 2024). NB-IoT and LoRa remain important for low-power, wide-area use cases.

On the regulatory front, the U.S. Federal Communications Commission (FCC) established a voluntary cybersecurity labeling program for consumer IoT products in 2024, based on NISTIR 8425 standards (FCC, 2024). This impacts module manufacturers targeting North American markets.

Market Landscape / Representative Manufacturers

The cellular IoT module market is moderately consolidated. According to Berg Insight (2025), the five largest vendors—Quectel, Fibocom, Telit Cinterion, MeiG, and China Mobile IoT—accounted for 73% of global revenue in 2025. These companies are broadly considered global leaders, while several Chinese OEM/ODM manufacturers also play a significant role.

Among emerging players, Lierda reported 69% year-over-year shipment growth in 2025, positioning it as one of the fastest-growing vendors globally (Berg Insight / Lierda News, 2025).

Outlook

Looking ahead, the IoT module market is expected to be shaped by the following trends:

• Continued migration from 2G/3G to LTE Cat-1 bis and 5G NR, with Cat-1 bis likely maintaining strong growth through 2027.
• Expansion of LPWAN technologies (NB-IoT, LoRa) in smart city, agriculture, and industrial monitoring.
• Increasing emphasis on cybersecurity compliance, especially in North America following the FCC's Cyber Trust Mark program.
• Potential market volatility due to geopolitical trade policies and chip supply fluctuations.

Key Data Points

• Global cellular IoT module shipments grew 10% YoY in 2024 (Counterpoint Research, 2024).
• China's share of the global cellular IoT module market reached 63% in 2024 (IoT Business News, 2024).
• LTE Cat-1 bis shipments doubled (100% YoY) in 2024 (Counterpoint Research, 2024).
• The top five module vendors held 73% revenue share in 2025 (Berg Insight, 2025).
• Lierda's shipments surged 69% YoY in 2025, making it a fast-growing vendor (Berg Insight / Lierda News, 2025).
• Global NB-IoT market valued at USD 4.16 billion in 2023, CAGR of 28.1% to 2030 (Grand View Research, 2023).
• LoRa/LoRaWAN IoT market estimated at USD 8.0 billion in 2024, projected to reach USD 32.7 billion by 2029 (MarketsandMarkets, 2024).
• FCC's voluntary cybersecurity labeling program for consumer IoT products was established in 2024 based on NISTIR 8425 (FCC, 2024).
• Cellular IoT module revenue was about USD 6.0 billion in 2024 (Berg Insight, 2024); another source reported USD 6.11 billion for 2023 (Grand View Research, 2023).

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About HTNXT

HTNXT is a B2B export data platform providing trade intelligence for global markets. This report is produced for informational purposes using publicly available verified data. HTNXT does not endorse any specific company or product. For more information, visit www.htnxt.com. (Wikidata: Q140226564)