The Internet of Things (IoT) is experiencing significant growth, driven by increasing demand for connected devices and advancements in IoT applications. This growth is reflected across various sectors, including smart infrastructure, automotive, and consumer electronics.
IoT technology is increasingly being adopted by businesses across market verticals, say retail, healthcare and pharmaceuticals, supply chain and manufacturing, hospitality, transportation and tourism, personal and commercial spaces, smart homes and smart offices. The need for smart sensing technologies is bound to rise even further in upcoming years. The IoT sensors market was valued at approximately US$ 14.87 billion in 2022 and is projected to reach around US$ 209.46 billion by 2033, indicating a remarkable compound annual growth rate (CAGR) of 27.3% from 2023 to 2033. The growth in IoT sensor market is largely attributed to the rising demand for smart sensing, smart system-connected devices and predictive analytics.
Consequently, IoT modules are also needed to meet the growing IoT demand afterall, an IoT sensor device is nothing without an IoT module.
Let’s understand what an IoT module is, how it works and how the IoT module market is on the rise in detail:
What is an IoT Module?
An IoT module is the crucial component of the an IoT device and sensor, providing the computing, data sensing and wireless communication capabilities. As consumers and businesses start to expect IoT presence everywhere, connecting every piece of equipment to the internet, IoT manufacturing firms will try to meet the rising demand. In North Americas alone, the IoT connection is expected to reach 5.4 Billion in 2025.
IoT modules are just one of the many components that are placed on a printed circuit board (PCB) while designing an IoT device. The module, on one side is attached to an antenna which can be included in the device while designing or used externally, depending on the network technologies being used and the device form factor.
For example, smartphones have an antenna built-in internally, like most small IoT devices.
IoT modules are available in different sizes and distinct configurations, supporting a length of wireless communication technologies such as Wi-Fi, BLE, Bluetooth, UWB, RFID, NFC, Cellular connectivity, from 2G to 5G, including LTE, NB-IoT and satellite based connectivity options such as LoRa, Zigbee, etc. We also have communication modules, processing modules and sensor modules and other application specific IoT modules.
An IoT module integrates components like chipsets, RF front ends, memory, and IoT sensors into compact package, simplifying the design process. these modules also reduce the IoT device development time, accelerating the time-to-market for IoT solutions.
Cellular IoT Module Market Trends
In the cellular IoT module market, there was a 7% year-over-year growth reported in Q1 2024, primarily driven by increased demand in China. This recovery in demand is crucial as it helps balance existing inventory levels and supports the overall market expansion.
Celluar IoT modules are responsible for designing IoT devices that work on cellular networks for phone calls and the internet services. These devices can also share data to another IoT devices using the cellar network.
Connected Devices and Future Projections
The number of connected IoT devices-is expected to grow by 13%, reaching approximately 18.8 billion globally by the end of 2024. This growth is indicative of the broader trend towards digital transformation across various industries, which is further supported by the increasing integration of IoT technologies.
Applications of IoT Modules
The Internet of Things (IoT) is a part of over 16.6 billion devices globally, being used in health and wellness sector, fashion and accessories, beauty and cosmetics, home appliances, entertainment, food retail, supply chain and manufacturing, warehousing, transportation and logistics, etc. IoT modules are an integral part of all these IoT devices. These IoT modules and devices find diverse applications, from data capturing and sharing to sensing, computing and processing of information for end users.
Popular IoT Applications
IoT devices are used for various applications, predominantly in retail, supplychain, healthcare and fitness and fashion.
To conclude, the IoT module market is on an upward trajectory, fuelled by advancements in IoT technology and a growing ecosystem of applications that require IoT connectivity. From retail, supply chain, healthcare and manufacturing businesses to smart offices, smart homes, smart appliances, smart fitness devices and clothing, IoT has become an intrinsic part of human life with billions of devices connected to the internet.
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