Cellular IoT Module Revenues Surge with Double-Digit Growth in 2024 – Berg Report
Cellular IoT Module Revenues Surge with Double-Digit Growth in 2024 – Berg Report
A new study from IoT market research firm Berg Insight shows that the Internet of Things continues to grow rapidly, expanding into new sectors. By the end of 2024, around 4.3 billion devices were connected via wide area networks using cellular or LPWA technologies.
According to the Cellular and LPWA IoT Device Ecosystems report, annual shipments of cellular IoT modules reached 514 million units in 2024 — a 22% increase from 2023. This growth drove global sales up by 13% to US$6 billion.
The report highlights leading technologies in wide area IoT networking, such as the 3GPP cellular ecosystem and LPWA standards like LoRa and Sigfox. It also tracks newer LPWA protocols including IEEE 802.15.4-based systems, Wirepas Mesh, DECT-2020 NR (NR+), and Mioty.
Berg Insight found that the cellular IoT market is highly diverse. The 3GPP ecosystem remains dominant in wide area networking, with 3.8 billion global cellular IoT subscribers by the end of 2024 — 30% of all mobile subscribers worldwide.
Annual shipments of cellular IoT modules are expected to grow at a compound annual growth rate (CAGR) of 11%, reaching 866 million units by 2029.
The top five module suppliers by revenue in 2024 were Quectel, Fibocom, Telit Cinterion, Rolling Wireless, and MeiG. Major cellular IoT chipset vendors include Qualcomm, ASR Microelectronics, and Unisoc, with other key players such as Eigencomm, MediaTek, Sony, and Xinyi Information Technology.
Among the key technologies, LTE Cat-1, LTE Cat-1 bis, NB-IoT, and LTE-M are rapidly replacing 2G and 3G in low- and mid-tier IoT applications. LTE Cat-4 and LTE-A still dominate the high-speed segment, though 5G is expected to eventually take over as coverage improves and module prices drop.
At present, 5G IoT modules are mainly used in fixed wireless access (FWA) CPEs, routers, and connected vehicles. Berg Insight predicts that 5G RedCap modules will eventually expand 5G IoT adoption, although short-term growth remains constrained by pricing and standalone 5G network requirements.
LoRa technology also continues to gain traction as a global IoT platform. As of early 2025, cumulative LoRa end-node shipments reached 410 million units. Most of this demand came from private network deployments — the dominant model for LoRa connectivity.
Key use cases include smart meters for gas and water, where LoRa’s low-power profile supports long battery life. It is also widely deployed in smart cities, industrial plants, and commercial buildings for sensor networks and tracking applications. In the coming years, the smart home sector is expected to drive further growth — particularly through Amazon’s Sidewalk network in the United States.
Berg Insight estimates that 60 million LoRa devices shipped in 2024. This figure is projected to grow at a CAGR of 16.5%, reaching 129 million units annually by 2029.
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