Global shipments of cellular IoT modules are on track to grow at a CAGR of 23.2% through to 2023 to reach 1.1 billion units, Berg Insight predicts.
Total shipments surged 76% last year to a new record of 237 million, the company estimates.
The market is in for further strong growth over the next five years as devices compliant with the 3GPP standards for IoT over LTE – LTE-CatM1 and NB-IoT – reach the mass market.
According to Berg Insight, the top three cellular IoT module vendors collectively capture nearly half (46%) of the market in terms of revenues.
Annual module revenues for these three companies – Sierra Wireless, Gemalto and Telit – grew an estimated 6.9% last year to $1.17 billion, compared to a total market value of $2.5 billion.
But a number of new players have recently been attracted to the market, particularly in the emerging NB-IoT segment. These include Nordic Semiconductor, Chinese manufacturing giant Foxconn and WNC.