Global cellular IoT module shipments marked a 14% YoY growth in 2022 to register a record-high annual volume, despite macroeconomic headwinds, according to Counterpoint’s latest report.

Some of the key drivers for the double-digit percentage growth in demand for IoT modules include the resumption of smart meter implementation, ongoing retail POS upgrades, intelligent asset tracking, and the continued growth in connected cars due to progress in electrification and autonomous capabilities.

In the IoT technology landscape, NB-IoT remained the most popular LPWA IoT connectivity technology followed by the fast-growing 4G CAT 1 and 4G CAT 4 modules. Together, these contributed to 60% of the total IoT module market. However, 5G saw slower adoption in IoT than in smartphones last year due to the higher module costs.

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