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Global cellular IoT module revenue grew 58 per cent YoY in Q4 2021. China, the leading region in the cellular IoT module market, accounted for more than 40 per cent of the revenue. However, India was the fastest growing (154 per cent YoY) cellular IoT module market, a new study revealed.

5G was the fastest growing (324 per cent YoY) technology followed by 4G Cat 1 (105 per cent YoY), Counterpoint's Global Cellular IoT Module and Chipset Tracker by Application revealed.

"Quectel, Telit and MeiG held the top three positions in the global cellular IoT module market, accounting for 40 per cent of the total revenue in Q4 2021. For 2021, global cellular IoT module shipments and revenue grew by 59% and 57% YoY respectively," Senior Research Analyst Soumen Mandal said in a statement.

Quectel's cellular IoT module revenue grew more than 100 per cent YoY in Q4 2021. Strong partnerships, superior service and a wide range of product offerings are supporting its growth. Quectel launched a new ODM brand, Ikotek, targeting the US market.Telit made a strong comeback after a relatively weaker performance in recent history.

In Q4 2021, Telit's focus on Latin America to help customers migrate legacy 2G and 3G modules to 4G Cat 1 modules helped it become the leading module supplier in the region to complement its strong position in North America.

MeiG is another Chinese player which is making continuous progress and made it to the top three in cellular IoT modules, both in shipments and revenue. It is focusing more on AIoT and smart module-based higher-end applications such as router/CPE, intelligent cockpit, video recordings, industrial PDAs, drones and AR/VR. MeiG entered lower-end applications in 2021.Thales, Rolling Wireless, Sunsea, Fibocom and Sierra Wireless are other key players. Out of the top 10 players, Rolling Wireless and LG are focussing on the automotive segment only.

Thales is performing well in Europe, North America and Japan targeting smart meter, healthcare and industrial applications. Sunsea improved its performance in the global IoT module market, but it wasn't enough to prevent its share from going down. Rolling Wireless's and Sierra Wireless's revenues increased 105 per cent and 87 per cent respectively.