Press release
IoT Module Market to Reach USD 169.04 Billion by 2034 | CAGR: 23.3%
The global IoT module market is anticipated to grow significantly, according to the newly published research report by Polaris Market Research. The market was valued at USD 20.83 billion in 2024 and is projected to grow to USD 169.04 billion by 2034. This growth signifies a robust CAGR of 23.3% over the forecast period 2025 to 2034.
What is IoT Module?
An IoT module is the fundamental enabler of the internet connection that configures the I in IoT. IoT modules are small computing components that are incorporated into devices that sanction wireless interaction between a device and a network. IoT modules are just one of the several components that are positioned on a printed circuit board (PCB) that fuel the computing and communication operations of a connected device.
One side of the IoT module is connected to an antenna, which can be incorporated into the device or be cited externally, relying on the network technology earmarked and the device attributes. This sanctions the dispatch of data to or from the network.
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Market Drivers
The speedy advancement of IoT devices speeds up the requirement for progressive and productive modules to reinforce varied applications. There is a surging demand for modules that provide smooth connectivity, lesser power intake, and enhanced processing potential as industries such as healthcare, manufacturing, and transportation growingly acquire IoT solutions.
Governments globally are growingly concentrating on smart infrastructure projects, digital transformation, and Industry 4.0, which depend massively on IoT technology. As of September 2024, India's Smart Cities Mission finished over 90% of its 8000 projects worth USD 19.2 billion. This displays how public funding in smart infrastructure instantly assists in the augmentation of IoT ecosystems.
IoT Module Market Report Highlights
• In terms of component, the hardware segment led the IoT module market share in 2024, driven by increasing demand for advanced and efficient IoT devices across various industries such as healthcare for remote monitoring and smart agriculture for precision farming solutions..
• Based on deployment type, the cloud-based segment is anticipated to experience the fastest growth during the forecast period, attributed to its scalability, flexibility, and cost-effectiveness.
• North America accounted for the largest share of the global IoT module market revenue in 2024, supported by its advanced technological infrastructure, widespread IoT adoption, and substantial investments in research and development.
• The Asia Pacific market is expected to witness the fastest growth during the forecast period, fueled by rapid urbanization, industrial digitization, and strong government initiatives promoting IoT adoption.
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Competitive Landscape
Prominent players in the market are constantly watching out for opportunities to invest, launch, or merge with other key companies to bolster their positions. Some of the key players in the IoT module market are mentioned below:
• China Mobile Limited
• Fibocom Wireless Inc.
• LG Innotek
• Lierda Science & Technology Group Co., Ltd.
• Neoway Technology Co. LTD.
• Quectel Wireless Solutions Co., Ltd
• Semtech Corporation
• Sunsea AIoT Technology Co., Ltd.
• Telit Cinterion
• u-blox AG
Table of Contents IoT Module Market
Global IoT Module Market, by Component
5.1. Key Findings
5.2. Introduction
5.2.1. Global IoT Module Market, by Component, 2020-2034 (USD billion)
5.3. Hardware
5.3.1. Global IoT Module Market, by Hardware, by Region, 2020-2034 (USD billion)
5.4. Software
5.4.1. Global IoT Module Market, by Software, by Region, 2020-2034 (USD billion)
5.5. Services
5.5.1. Global IoT Module Market, by Drug Discovery Services, by Region, 2020-2034 (USD billion)
Global IoT Module Market, by Deployment Type
6.1. Key Findings
6.2. Introduction
6.2.1. Global IoT Module Market, by Deployment Type, 2020-2034 (USD billion)
6.3. On-premises
6.3.1. Global IoT Module Market, by On-premises, by Region, 2020-2034 (USD billion)
6.4. Cloud-based
6.4.1. Global IoT Module Market, by Cloud-based, by Region, 2020-2034 (USD billion)
6.5. Healthcare
6.5.1. Global IoT Module Market, by Healthcare, by Region, 2020-2034 (USD billion)
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Segmental Analysis
The IoT module market segmentation is based on component, deployment type, security features, industry use, and region.
Based on components, the hardware segment dominated the market owing to surging demand for progressive and productive IoT devices covering several industries. Hardware components such as sensors, processors, and connectivity modules are essential to sanctioning IoT systems to gather, process, and dispatch data productively.
Based on deployment type, the cloud-based segment witnessed the fastest market growth owing to its scalability, flexibility, and economy. They sanction smooth data repository, management, and analytics, which are important for real-time governing in IoT applications.
IoT Module Market, Component Outlook (Revenue - USD Billion, 2020-2034)
• Hardware
• Software
• Services
IoT Module Market, Deployment Type Outlook (Revenue - USD Billion, 2020-2034)
• On-Premises
• Cloud-Based
• Hybrid
IoT Module Market, Security Features Outlook (Revenue - USD Billion, 2020-2034)
• Secure Elements (SE) Modules
• Trusted Platform Modules (TPM)
• Encryption-Enabled Modules
• Others
IoT Module Market, Industry Use Outlook (Revenue - USD Billion, 2020-2034)
• Smart Home
• Industrial Automation
• Healthcare
• Financial Services
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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