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Global cellular IoT module shipments saw a 2 per cent decline (year-on-year) in Q3 2023, a new report has said.

For the first time, the 5G market’s share in the global cellular IoT module market crossed 5 per cent, indicating traction for 5G adoption.

“However, 5G applications are currently limited due to the lack of killer use cases and higher prices. We are only witnessing early adoption in the router/CPE, PC and automotive markets,” according to the report by Counterpoint Research.

The top five applications – smart meter, automotive, POS, router/CPE and telematics – accounted for over 60 per cent of total cellular IoT module shipments.

“Notably, only the smart meter and router/CPE segments observed positive growth in shipments, with other applications experiencing a decline,” said Associate Director Mohit Agrawal.

India stands out as the only region to register positive growth in the global cellular IoT module market.

“Conversely, the market outside of China and India saw a steeper decline compared to China. Contrary to industry expectations, the market is not gaining momentum,” Agrawal added.

The full-year shipments for 2023 are expected to decline by 5 per cent, against the backdrop of muted demand.

Quectel, the market leader, and Telit Cinterion, one of the leading international vendors, experienced a decline in shipments, said the report.