5G IoT Module Market Size, Share, Opportunities, And Trends By Type (Standard, Special-Purpose, LPWA Standalone), By Component (Active, Passive, Others), By Application (Healthcare, Manufacturing, Energy, Others), And By Geography - Forecasts From 2023 To 2028

The global 5G IoT module market is expected to grow at a CAGR of 78.26% from US$198.039 million in 2021 to US$6,354.382 million in 2028.

GROWTH DRIVERS

• Integration of IoT in 5G Network

The integration of 5G technology with IoT hardware allows IoT devices to enhance their performance and reliability in the IoT era, offering global coverage. This integration enables IoT hardware to establish wireless networks with high bandwidth, low latency, and faster data transmission. As a result, there is a continued demand for 5G IoT and the corresponding 5G IoT modules, which is a significant driver for the growth of this segment.

For instance:

• In August 2023, Renesas Electronics Corporation and Sequans Communications S.A., a prominent player in 5G/4G cellular IoT chips and modules, announced that they had signed a memorandum of understanding. This move signifies Renesas' intent to acquire Sequans, expanding its portfolio and enabling the provision of a more comprehensive IoT solution.
• In August 2022, Sierra Wireless unveiled its next-generation EM92 Series 5G Module, which incorporates 3GPP Release 16 standard features while remaining cost-effective. These modules offer secure, high-speed, and low-latency connectivity on a global scale.

Acceleration in the Adoption of the Private 5G Network

The adoption of private networks is on the rise as businesses increasingly realize the advantages of this technology. 5G modules assist enterprises in reducing the time required to upgrade end devices and facilitate rapid deployments. The introduction of the 5G-Ready module represents a significant advancement in enabling enterprises to directly connect their devices to private 5G networks. This expansion enhances indoor and outdoor connectivity, enabling more customers to effectively manage and operate these networks.

• In March 2023, Fibocom unveiled the Private 5G Module FM160-PN to drive the adoption of private 5G in the North American market. This module complies with 3GPP Release 16 standards, supports NR CA, and operates in the Citizens Broadband Radio Service (CBRS) band. It is specifically designed for private network applications like manufacturing, logistics, 5G mining, utilities, and more. The launch of the Fibocom FM160-PN module enables enterprises to expedite the upgrading of end devices and facilitates swift deployments.
• In June 2023, a prominent IoT solutions provider partnered with Amdocs, a leading software and services provider. This collaboration aims to offer customers a comprehensive solution that simplifies the process of designing, deploying, managing, and servicing a private cellular network. It provides an integrated and cost-effective solution, empowering customers to establish a robust and contemporary private network. The solution incorporates Sierra's top-tier IoT routers and modules.

Growing Cellular IoT Deployments

The market growth is primarily driven by the increasing demand for Cellular Internet of Things (IoT), low latency, and improved network performance to support emerging technologies like the Internet of Things (IoT). The rapid expansion of cellular IoT has become a pivotal catalyst for the surge in IoT applications. It is distinguished by its superior indoor coverage, support for a vast number of low-data-rate devices, minimal latency requirements, affordability, energy efficiency, and an optimized network structure. Cellular IoT improves logistics and speeds up 5G installations with a single global 5G IoT module that offers global coverage.

According to the 5G Americas September 2023, the data reveals that as of August 2023, NB-IoT and LTE-M deployments for cellular IoT are substantial across various regions. Europe has the highest deployments in both categories 44 and 16 connections, indicating strong adoption followed by Asia recorded 19 and 7 cellular connections. These deployments signify the coexistence of LTE-M and NB-IoT alongside 5G networks, emphasizing their continued relevance in the IoT landscape.

EMERGING OPPORTUNITIES IN THE 5G IoT MODULE MARKET

Non-Terrestrial Networks (NTN)

Non-Terrestrial Networks (NTNs) are gaining traction as an attractive choice for connecting a wide range of IoT devices. The widespread adoption of NTN technology within the 3GPP standard has given rise to a market for NTNs, offering significant growth prospects for the IoT industry. The use of satellite-based solutions means that even the most remote areas on Earth can now enjoy improved connectivity options. Consequently, this advancement is anticipated to have a substantial and positive effect on global communication and accessibility.

In October 2023, Quectel teamed up with Amarisoft to drive innovation in NB-IoT through Non-Terrestrial Networks (NTN). Both companies share a common goal of enabling businesses to leverage NTN's potential. Their collaboration focuses on delivering test and measurement solutions that facilitate smooth technology deployment and improve user experiences, establishing their leadership in the rapidly growing NTN market.

GEOGRAPHICAL PRESENCE

In September 2023, Fibocom introduced a regional version of its FG360 5G module series designed specifically for the Middle East and Africa. This sub-6GHz 5G module is customized to meet the needs of the Middle East and Africa market, facilitating the swift and cost-effective deployment of 5G services for telecom operators and device manufacturers. The module enables end devices to experience faster wireless connections by combining high-speed 5G with Wi-Fi 6, addressing various configuration requirements.

In June 2023, Fibocom received certification from a major US carrier for its MediaTek-based 5G module FG360, allowing it to provide wireless services on the US nationwide 5G network. This module ensures stable and seamless broadband connectivity for data-intensive applications like Fixed Wireless Access (FWA), Industrial IoT (IIoT), intelligent robotics, and telemedicine in the North American market. Powered by the MediaTek T750 chipset, the module delivers a high-quality 5G network experience for FWA applications and facilitates wireless broadband connectivity in home, enterprise, and manufacturing settings.

MAJOR PLAYERS IN THE MARKET

Some of the leading players in the market include Quectel, sequans, sierra, and Fibcom among others. The product offerings of the major corporations include the following:

5G IoT Module Market Scope:

SEGMENTATION

The Global 5G IoT module market has been analyzed through the following segments:

• By Type
  • Standard
  • Special-Purpose
  • LPWA Standalone
• By Component
  • Active
  • Passive
  • Others
• By Application
  • Healthcare
  • Manufacturing
  • Energy
  • Others
• By Geography
  • Americas
    • United States
    • Others
  • EMEA
    • Germany
    • UK
    • Others
  • APAC
    • China
    • Japan
    • South Korea
    • Others