India The Fastest Growing IoT Module Market Growing At Over 264% YoY: Report

New research says that India is the fastest growing IoT module market globally. It has grown more than 246 per cent in Q2 2022.

Despite the tighter supply chain and COVID-19 lockdowns in China and economic headwinds, growth has been observed globally. The growth in India’s IoT module market was driven by smart meter, telematics, POS and automotive applications.

Meanwhile, global cellular IoT module shipments grew by 20 per cent YoY in Q2, where China retained its top position as the world’s largest IoT market, contributing to more than half of the demand despite the lockdowns. The country’s cellular IoT module market recovered slightly from previous months this year, driven by lockdown-triggered applications like smart locks, surveillance systems and routers.

The North American and western European markets grew steadily and held their second and third positions respectively in the global cellular IoT module market.

The Counterpoint research found that growth was driven by the ongoing digital transformation involving potential applications around critical infrastructure and logistics catered by some key fast-growing low-tier cellular technologies such as Cat-1 and NB-IoT.

Commenting on the market dynamics, Senior Research Analyst Soumen Mandal said, “The IoT module market is going through a critical phase where the Chinese brands have become bigger, making it very difficult for international brands to grow in silos. As a result, we have seen the first wave of market consolidation with Telit acquiring Thales’ cellular IoT module business as well as acquiring IoT solutions design house Mobilogix.