Expansion of internet connectivity and continuous growth in demand for smartphones and other connectivity devices to magnify growth in the global IoT Communication Module Market
Covid-19 Impact & Market Status
The report offers an exhaustive overview of the business dynamics and new investment strategies that are being adopted by business leaders across countries and regions to overcome the acute challenges and financial instabilities that have emerged in the post pandemic times.
The report highlights some of the best industry strategies and practices that are adopted by the players across local and global markets. Ever since the Covid-19 broke out in 2019, it has spread aggressively, resulting in rapid declaration by the WHO affirming Covid-19 as a global pandemic and an emergency.
The size of the global market for IoT Communication Module is expected to reach USD 297.1 billion by 2030, expanding at a compound annual growth rate (CAGR) of 70.04%.
The impact of the pandemic is widespread and the aftermath is well pronounced, gravely affecting the global IoT communication module market. The sudden pandemic and its implications have posed significant challenges such as travel bans, quarantines, and lockdowns.
These developments are hampering operations resulting in supply chain breaches, stock market inefficiencies, and vendor chaos. These are constantly interfering with the normal functioning of industries.
Ever since the outbreak of the global crisis, impact on upstream, downstream, and midstream industries have been appalling. The report delivers a quick ready-to-deploy approach to counter such crisis and steer the global cloud professional serices market towards steady growth and systematic progression.
Amidst the pandemic, aligning with new dynamics, global IoT communication module market has been witnessing new dynamics which are further necessitating new business models and approaches to recoup growth and revenue streams.
In this report, inquisitive business players would be provided with sufficient guidelines regarding business transformation, integral to sustain stiffening competition in the pandemic and beyond pandemic era global IoT communication module market.
5G IoT Communication Module to Sustain the Highest Revenues
Amongst all other segments 5G IoT module is providing maximum benefit to the market as it is the latest technology which is widely being adopted globally.
Healthcare industry to Generate More Revenue
Healthcare industry is the most lucrative industry as it has maximum contribution on this market as compared to other segments.
North America to Sweep the Largest Revenue Streams Followed by APAC
North America is expected to be a prominent market, owing to the growing role of IoT among the significant revenue-generating end-user industries of the region, driven by the deployment of connected cars, smart energy projects, home automation, and focus on smart manufacturing. Additionally, rapid digitalization across industry verticals and technological advancements have further fueled the growth of IoT in this region.
Significant government funding across globe for research and development of internet of things and opportunities for innovative cross domain application to offer new opportunities in the global IoT communication module market
The Internet of Things (IoT) is a network of interconnected gadgets that can be accessed via the internet. Intelligent transportation services, smart grids, and smart cities are just a few of the applications that use IoT communication technologies. The Internet of Things is expected to play a critical role in improving the quality of experience in upcoming technologies. The IoT communication technologies market is dominated by computing devices such as laptops, smartphones, tablets, and wireless devices.
The global IoT communication technologies market is expected to experience significant growth in the next few years. The Internet of Things (IoT) is a term that refers to the interconnection of things, people, and cloud services over the internet using a variety of communication protocols. In terms of enterprises, the Internet of Things (IoT) helps to increase consumer satisfaction by connecting smart devices.
"IoT Communication Module Market" 2021-2028 Report provides key statistics on the market status of the IoT Communication Module Industry and is a valuable source of guidance and direction for companies and individuals interested in the IoT Communication Module Market.
Increasing need for automation in various industry verticals is driving the IoT Communication Technologies Market. Growing demand for low maintenance, powered wireless sensing equipment and developments in big data are the pushing factors for IoT and its associated technologies market. Growing scope for the cloud computing is also an important growth factor for the IoT communication technologies market.
Further, IoT is playing a significant role in process automation and enhancing the operational efficiency of retail stores. It provides energy optimization, surveillance and security, supply chain optimization, inventory optimization, and workforce management. IoT is also gaining capabilities in cold chain monitoring for temperature-sensitive grocery and pharmaceutical goods.
IoT is also helping retailers to offer a better customer experience, hence helping in gaining profit margins. For instance, US-based retailer Walgreens has been experimenting with IoT-enabled displays on refrigerator doors that utilize face detection technology to show ads based on approximate age and gender. Many retailers in Europe are also installing small, customizable, IoT-connected dashboards or buttons to gather customer feedback and then use those insights to enhance customer experiences.
The IoT communication technologies market is being driven by the growing need for automation across various business verticals. The market for IoT and related technologies is being propelled by rising demand for low maintenance, powered wireless sensing devices, and advances in big data. Cloud computing's expanding breadth is also a key growth element for the IoT communication technologies market size.
Forward-looking players in the global IoT communication module market are furthering investments towards developing advanced IoT communication module. It plays a vital role by providing monitoring solutions and increasing performance with the help of real-time data about the storage and distribution network in various applications.
Cost is the major challenge in the IoT technology. Though IoT has many advantages and has garnered enough interest among the business providers, small and mid size players are reluctant to adopt the technology due to its requirement of high investment. Lack of interoperability and standardization of components is hindering the growth of the market too.
The major players of the global IoT communication module market are Quectel, Sunsea Group, Sierra Wireless, Telit, Gemalto, Fibocom, U-Blox, Neoway Technology, Gosuncn, Huawei, and LG Innotek.
The IoT communication module market is a rapidly progressing industry and is characterized to have industrial frontliners as well as aspiring new players aiming to penetrate into the aggressive competitive landscape across global and local markets. Additionally, various new and aspiring players are improving their product lines and upgrading technological capabilities to improve revenue streams amidst Covid-19 impact.
Latest Innovations in the Global IoT Communication Module Market: a Snapshot
- In January 2016, NXP semiconductor introduced the power efficient Bluetooth Low Energy (BLE) System-on-a-Chip (SoC) solution. This new chip is 40 percent more energy efficient than its closest competitor and can deliver an unprecedented 2X times longer battery life for wearable and fitness tracking devices.
- In February 2016, CEVA, Inc. introduced Dragonfly reference platform to accelerate the design of low-data-rate machine-to-machine (M2M) and IoT communication applications, including standalone wearables, smart grid, surveillance systems, asset tracking, remote monitoring systems, connected cars and smart utilities. The platform supports existing and emerging LTE MTC releases, LPWAN standards (e.g. LoRa, SiGFox, Ingenu), in addition to Wi-Fi, GPS or any other IoT-related communications standard set to be deployed for M2M communication.
- In December 2015, NXP semiconductor launched LPC43S67-A70CM Cloud Connectivity Kit designed to significantly reduce time-to-market for deploying IoT products. The kit help designers bridge the gap between un-connected embedded products to cloud-connected products without the need for deep expertise in security, Wi-Fi stacks, device commissioning, and cloud service APIs.
IoT Communication Module Market Scope
|Revenue forecast in 2030
|USD 297.1 billion
|CAGR of 70.04% during 2020-2030
|By Components, By Enterprise Size, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|China Mobile,AT&T Inc.,Verizon Communications Inc.,T-Mobile,Vodafone,Ericsson,Huawei,Deutsche Telekom,Nokia,SK Telecom
Key Segments of the Global IoT Communication Module Market
Type Overview, (USD Billion)
- 5G IoT Modules
- GNSS Modules
- Wi-Fi Chipsets
Application Overview, (USD Billion)
- Home Automation
Regional Overview, (USD Billion)
- Rest of Europe
- South Korea
- Rest of APAC
- South America
- Middle East