LONDON, June 16, 2025
Annual shipments of cellular IoT modules hit a staggering 514 million units in 2024, signaling a booming Internet of Things market. This represents a significant 22% increase from the previous year, fueling a 13% rise in annual sales, reaching an impressive $6 billion.
The IoT arena is experiencing robust growth, with cellular modules leading the charge.
- Cellular IoT module shipments surged by 22% in 2024.
- Overall sales in this sector reached $6 billion.
- The 3GPP family of cellular technologies supports the largest ecosystem.
- LoRa is gaining momentum as a key IoT connectivity platform.
So, what’s driving this surge? The Internet of Things, or IoT, market is seeing massive expansion, and cellular modules are at the forefront. A recent study highlighted the rapid growth of the IoT sector, emphasizing the key role of cellular technologies. Cellular IoT module shipments reached 514 million units in 2024, indicating a dynamic market that’s reshaping how we connect and interact with the world.
Diving into the Details
The study, focusing on wide area IoT networking, highlighted the dominance of the 3GPP ecosystem of cellular technologies alongside Low Power Wide Area (LPWA) technologies like LoRa. Emerging LPWA technologies, including IEEE 802.15.4-based protocols, also play a role.
Cellular IoT’s Diverse Landscape
The cellular IoT market is fragmented but thriving. The 3GPP family of cellular technologies supports the largest ecosystem in wide area IoT networking. Berg Insight found that approximately 3.8 billion global cellular IoT subscribers existed by the end of 2024, making up 30% of all mobile subscribers.
Yearly shipments of cellular IoT modules amounted to 514 million units in 2024, a 22% year-over-year increase. Projections estimate that these shipments will continue their ascent, with an 11% compound annual growth rate (CAGR), reaching 866 million units by 2029. The leading cellular module suppliers—Quectel, Fibocom, Telit Cinterion, Rolling Wireless, and MeiG—accounted for 71% of revenues.
The Technology Behind the Boom
IoT-optimized 4G LTE technologies, such as LTE Cat-1/LTE Cat-1 bis, NBIoT, and LTE-M, are currently dominating the cellular IoT scene, especially in the low- to mid-market segments, where they are replacing older 2G and 3G technologies. High-speed IoT devices still utilize LTE Cat-4 and higher Cat LTE-A technologies, but the future points toward 5G as network coverage expands and prices become more competitive.
What is the role of 5G in the Internet of Things? Currently, 5G IoT devices are mainly concentrated in FWA CPEs, IoT routers, and high-end automotive applications. Analysts believe that 5G RedCap modules will broaden 5G IoT use cases in the future, although initial adoption may be slow due to the price difference compared to 4G LTE Cat-4/6 modules and the requirements of 5G standalone (SA) network coverage.
LoRa’s Growing Presence
LoRa is emerging as a global connectivity platform for IoT devices. At the beginning of 2025, cumulative shipments of LoRa end nodes reached 410 million. The major demand in this sector is from devices deployed in private networks. Smart meters for gas and water make up a significant portion of applications, matching LoRa’s low-power consumption capabilities.
Berg Insight estimates that LoRa devices saw 60 million units shipped in 2024. Projections estimate that shipments will rise at a CAGR of 16.5% through 2029, reaching 129 million units.
