5G IoT Module Market Size, Share, Opportunities, And Trends By Type (Standard, Special-Purpose, LPWA Standalone), By Component (Active, Passive, Others), By Application (Healthcare, Manufacturing, Energy, Others), And By Geography - Forecasts From 2024 To 2029

The 5G IoT module market is expected to grow at a CAGR of 35.56% during the projected period, accounting for a total market size of US$82.321 billion by 2029, up from US$17.985 billion in 2024.

The 5G IoT module market is witnessing rapid growth primarily due to increasing demand for faster connectivity. The increased speed, wide capacity for scaling up to WAN environments, improved reliability, and network availability are fuelling this market’s growth globally in the coming years. 5G-compatible speeds in IoT devices can stream data much more quickly than previous-generation modules.

Moreover, the reduced latency enables real-time applications and mission-critical control systems, like autonomous vehicles and industrial automation. 5G allows more simultaneous connections of devices, which is great with high-density applications like IoT due to its optimized communication. This is facilitated by defining virtual networks with customized QoS requirements using network slicing to securely and reliably communicate critical IoT applications. 5G supports smart cities, industrial IoT, healthcare, and autonomous vehicles, enabling connectivity and low latency in self-driving cars. This is expected to fuel the demand for 5G IoT modules during the forecasted period.

5G IOT MODULE MARKET DRIVERS:

• Increasing integration of IoT in 5G networks is expected to increase the global demand for 5G IoT modules.

This new technological integration of 5G tech with IoT devices is the backbone of the aspiration in the IoT era. It assists gadgets with improving their performance and reliability and provides them with global coverage. IoT hardware can integrate with these wireless networks to create high bandwidth, low latency, and fast data transfer devices. Hence, the demand for 5G IoT and its modules continues to grow vigorously, making it one of the major variables in the market expansion.

Moreover, key players are collaborating to develop and advance this technological innovation, contributing to a rise in demand for 5G IoT modules. For instance, in August 2023, Renesas Electronics Corporation collaborated with Sequans Communications S.A., a leading provider of 5G/4G chips and modules for IoT, to develop an integrated module based on Renesas series MCUs. This indicates Renesas's ambitions to buy Sequans to expand its product lineup and deliver a full IoT solution.

• Acceleration in the adoption of the private 5G network is anticipated to drive the 5G IoT module market growth.

Private networks are becoming increasingly popular as companies understand the benefits of adopting this technology. Module-based 5G eases upgrade times for end devices and speeds deployments for enterprises. The 5G-Ready module’s arrival is a big step forward towards allowing enterprises to connect devices directly to private 5G networks. Its reach is expanding to facilitate the connection between indoor and outdoor operations, making it possible for an increasing number of customers to easily manage and operate such networks.

 For instance, in March 2023, Fibocom launched the FM160-PN Private 5G Module to fuel the development of private 5G in the North American Market. The module is compliant with 3GPP Release 16 standards, supports NR CA and works in the Citizens Broadband Radio Service (CBRS) band. It is built for private networks such as manufacturing, 5G mining, logistics, utilities, etc. The launch of the Fibocom FM160-PN module simplifies enterprise-end devices, accelerating deployment.

• Growing cellular IoT deployments are predicted to promote the 5G IoT module market growth.

The Non­ Terrestrial Networks (NTNs) are increasingly becoming a viable alternative for connecting enormous-scale IoT devices. The emergence of a market for NTNs as a result of the widespread adoption of the 3GPP standard represents an important and large opportunity for the IoT industry to grow. Satellite-based solutions now provide the benefits of connectivity even in the most remote parts of Earth. As a result, this advancement is predicted to have a large and beneficial impact on global communication and access.

For instance, in January 2023, Quectel Wireless Solutions partnered with non-terrestrial network operator Skylo to launch the world's first-ever non-terrestrial IoT module. The 5G-ready BG95x / BG77x series of LPWA modules combined with the powerful satellite system-on-chip ensured that flexible and low-power connections are available across all devices globally, providing an excellent customer experience. Since Quectel NTN-ready modules use the latest Rel-17 NTN firmware, no hardware modification is necessary to upgrade any device, sensor, or machine simply by adding satellite connectivity.

5G IoT Module Market Geographical Outlook:

• The North American region is expected to hold a substantial 5G IoT module market share.

The North American region is estimated to dominate the 5G IoT modules market as it has developed a very strong infrastructure, with telecommunication companies having deployed 5G networks in significant numbers throughout the region. Smart cities, manufacturing, healthcare, and logistics are some of the diverse industries that drive the demand for 5G IoT modules in the region due to its well-established infrastructure. In addition, the region's strong technological ecosystem and various industry verticals enable the quick adoption of IoT modules.

For instance, in June 2023, Fibocom announced that its MediaTek-based 5G module FG360 was certified by a top US carrier to enter the US nationwide 5G network lineup and officially deliver wireless services. The module supports uninterrupted high-speed broadband connectivity that can stream data-intensive applications, including Fixed Wireless Access (FWA), Industrial IoT (IIoT), autonomous robotics, and telemedicine within the North American market. The module is based on the MediaTek T750 chipset and was designed to provide an outstanding 5G network experience for FWA applications that require high-speed broadband wireless connectivity in homes, enterprises, and manufacturing.

5G IoT Module Market Key Developments:

• January 2024- Cavli Wireless announced the launch of its CQM220 5G RedCap Cellular IoT Module at CES 2024. It complies with the latest 3GPP release 17 standards and delivers downlink speeds of up to 226Mbps. Optional eSIM and GNSS offer global connectivity and tracking to support high-throughput applications such as Asset Tracking and Industry 4.0.
• April 2022- Sierra Wireless launched next-generation 5G mobile broadband embedded modules, Radio Frequency Optimized EM92 Series. These are purpose-built for high-availability, business-critical applications, networking, and industrial use cases. They are adopted by DISH Wireless, connecting to its new SMART 5G fastest network via Band N70.

5G IoT Module Market Company Products:

• RM502Q-AE Quectel 5G Module- The RM502Q-AE is a product in the 5G Sub-6GHz M.2 Module line, which conforms to 3GPP Release 15 and is designed for commercial, industrial IoT and eMBB Applications. These cards' measurements are 52.0mm x 30.0mm x 2.3mm. It works in standalone (SA) and non-standalone (NSA) modes and delivers a top downlink of 2.5 Gbps and uplink of 900 Mbps.
• EM9291 5G NR Sub-6 GHz Module- The EM9291 module work compatiblly with Sierra Wireless products. The 5G NR Sub-6 GHz embedded module offers fast data speeds, including download speeds of up to 4.9 Gbps and upload speeds of up to 660 Mbps. It supports gigabit speeds for applications that require them, making it a strong contender for global 5G capabilities.

Market Segmentation:

The 5G IoT Module Market is segmented and analyzed as below:

• By Type
  • Standard
  • Special-Purpose
  • LPWA Standalone
• By Component
  • Active
  • Passive
  • Others
• By Application
  • Healthcare
  • Manufacturing
  • Energy
  • Others
• By Geography
  • Americas
    • United States
    • Others
  • Europe, Middle East, and Africa
    • United Kingdom
    • Germany
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Others

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Market Segmentation

2. RESEARCH METHODOLOGY

2.1. Research Data

2.2. Assumptions

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Bandwidth Availability

4.4. Number of Users

5. GOVERNMENT REGULATIONS/POLICIES

6. 5G IOT MODULE MARKET BY TYPE

6.1. Introduction

6.2. Standard

6.3. Special-Purpose

6.4. LPWA Standalone

7. 5G IOT MODULE MARKET BY COMPONENT

7.1. Introduction

7.2. Active

7.3. Passive

7.4. Others

8. 5G IOT MODULE MARKET BY APPLICATION

8.1. Introduction

8.2. Healthcare

8.3. Manufacturing

8.4. Energy

8.5. Others

9. 5G IOT MODULE MARKET BY GEOGRAPHY

9.1. Introduction

9.2. Americas

9.2.1. By Type

9.2.2. By Component

9.2.3. By Application

9.2.4. By Country

9.2.4.1. United States

9.2.4.2. Others

9.3. Europe, Middle East and Africa

9.3.1. By Type

9.3.2. By Component

9.3.3. By Application

9.3.4. By Country

9.3.4.1. United Kingdom

9.3.4.2. Germany

9.3.4.3. Others

9.4. Asia Pacific

9.4.1. By Type

9.4.2. By Component

9.4.3. By Application

9.4.4. By Country

9.4.4.1. China

9.4.4.2. Japan

9.4.4.3. South Korea

9.4.4.4. Others

10. RECENT DEVELOPMENT AND INVESTMENTS

11. COMPETITIVE ENVIRONMENT AND ANALYSIS

11.1. Major Players and Strategy Analysis

11.2. Vendor Competitiveness Matrix

12. COMPANY PROFILES

12.1. Telefonaktiebolaget LM Ericsson

12.2. Quectel Wireless Solutions

12.3. Sequans Communications

12.4. Sierra Wireless

12.5. Fibocom Wireless

12.6. Cavli Wireless

Telefonaktiebolaget LM Ericsson

Quectel Wireless Solutions

Sequans Communications

Sierra Wireless

Fibocom Wireless

Cavli Wireless