According to Cognitive Market Research, the global cellular IoT modules market was USD 4152.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 26.00% from 2024 to 2031.
North America held the major market share for more than 40% of the global revenue with a market size of USD 1661.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 24.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 1245.75 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 955.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 28.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 207.63 million in 2024 and will grow at a compound annual growth rate (CAGR) of 25.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 83.05 million in 2024 and will grow at a compound annual growth rate (CAGR) of 25.7% from 2024 to 2031.
The hardware held the highest cellular IoT modules market revenue share in 2024.
