5G RedCap: This is where RedCap 5G devices come in with reduced capabilities, that have low battery consumption, lower costs, and lower bandwidth requirements.
North America will overtake Europe in 2024 to become the second largest market after China.
5G will lead in terms of value while NB-IoT will lead in terms of volume in the market.
Quectel and Qualcomm will maintain their top positions in cellular IoT module vendor and chipset player market shares respectively.
Global cellular IoT module shipments will cross 780 million units in 2024 to reach $11.5 billion in revenues, according to the latest research from Counterpoint’s Global Cellular IoT Module and Chipset Forecast.
The COVID-19 outbreak and recent supply shortages in semiconductor material have adversely affected the
cellular module market. However, the pandemic has accelerated the pace of IoT adoption, with organizations prioritizing it as a path towards digitalization. NB-IoT will lead the