The IoT market has seen a massive slowdown in its growth rate. This slowdown is largely thanks to the recession as well as economic issues that are causing a wide range of supply chain disruptions as well as reducing cash supply in the current market.
China has long been a dominant force in the global market for IoT modules, but it has seen a significant loss of momentum as of late due to its own economic issues. In spite of the fact that this is the case, China continues to hold a vice grip upon the market at large.
With all of that having been said and now out of the way, it is important to note that 5G has an important role to play in the IoT industry as of right now. Despite only comprising 2.6% of total IoT shipments, 5G devices make up a stunning 24.2% of overall revenues. Indeed the IoT module industry in general is largely reliant on its top ten applications which account for around 80% of overall shipments this past year.
Also, some aspects of the IoT module industry are seeing relatively impressive growth rates. Smart meters in particular are a popular item with a growth rate of around 18.9% to boast of. Point of Sale devices were also seeing massive shipment growth, with an estimated growth rate of 12.83% with all things having been considered and taken into account.
All in all, China seems to have more than made up for the 8% decrease in IoT module shipments that it has suffered from this past year. This decrease was brought about by the pandemic, and it has created a number of issues for the country. North America and Europe were also hit by huge recessions, though, and that it made it harder for these regions to surpass China than might have been the case otherwise.
It will be interesting to see what the future holds for the IoT module industry. If current trends persist, China could become an even bigger global player in the tech industry than it currently is.
H/T: CounterPointResearch
Read next: Shopping Apps Saw 3% Increase in Downloads Last Quarter
China has long been a dominant force in the global market for IoT modules, but it has seen a significant loss of momentum as of late due to its own economic issues. In spite of the fact that this is the case, China continues to hold a vice grip upon the market at large.
With all of that having been said and now out of the way, it is important to note that 5G has an important role to play in the IoT industry as of right now. Despite only comprising 2.6% of total IoT shipments, 5G devices make up a stunning 24.2% of overall revenues. Indeed the IoT module industry in general is largely reliant on its top ten applications which account for around 80% of overall shipments this past year.
Also, some aspects of the IoT module industry are seeing relatively impressive growth rates. Smart meters in particular are a popular item with a growth rate of around 18.9% to boast of. Point of Sale devices were also seeing massive shipment growth, with an estimated growth rate of 12.83% with all things having been considered and taken into account.
All in all, China seems to have more than made up for the 8% decrease in IoT module shipments that it has suffered from this past year. This decrease was brought about by the pandemic, and it has created a number of issues for the country. North America and Europe were also hit by huge recessions, though, and that it made it harder for these regions to surpass China than might have been the case otherwise.
It will be interesting to see what the future holds for the IoT module industry. If current trends persist, China could become an even bigger global player in the tech industry than it currently is.
H/T: CounterPointResearch
Read next: Shopping Apps Saw 3% Increase in Downloads Last Quarter
