2G IoT Modules Market was valued at USD 1.25 Billion in 2022 and is projected to reach USD 1.85 Billion by 2030, growing at a CAGR of 6.5% from 2024 to 2030.
The global 2G IoT Modules market has seen significant growth from 2018 to 2022, driven by the expanding need for reliable, cost-effective communication in various industries. From agriculture to healthcare, logistics, and industrial automation, the adoption of Internet of Things (IoT) devices surged as businesses sought efficient ways to monitor operations, improve productivity, and reduce operational costs. This period witnessed numerous advancements in 2G technology, making it the preferred choice for low-power, wide-area network solutions due to its affordability and simplicity. However, as we transition into 2023 and beyond, a notable shift in demand is expected as new technologies, such as 4G, 5G, and LPWAN, become more prevalent.
During the 2018-2022 period, 2G IoT modules were primarily used for machine-to-machine (M2M) communication and low-bandwidth applications. This trend was driven by the low operational costs of 2G modules, which allowed businesses in emerging economies to deploy IoT solutions at scale. Moreover, the widespread availability of 2G networks across developing regions fueled the demand for these modules. By 2022, the market had grown exponentially, but the focus began to shift toward more advanced connectivity options, particularly in applications that require faster speeds and higher data throughput.
As we move into the 2023-2033 forecast period, the demand for 2G IoT modules is expected to decline as newer communication technologies dominate the market. The transition to 4G, 5G, and even LPWAN technologies will provide superior speed, reliability, and energy efficiency. However, 2G modules will continue to be in demand for specific applications that do not require high data transfer rates, such as asset tracking, smart metering, and basic sensor applications. Furthermore, their cost-effectiveness will maintain their appeal for businesses looking to implement simple, low-power IoT solutions.
The IoT modules market is becoming more fragmented, with manufacturers focusing on providing hybrid solutions that can support both 2G and newer connectivity options. While the dominance of 2G may have waned, it remains a crucial technology in rural and remote areas where newer networks are still under development. These areas will continue to be key markets for 2G IoT module deployments throughout the 2023-2033 period.
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Sierra Wireless
Telit
Thales
U-blox
Sequans Communications SA
Cavli Wireless
Sony
Quectel Wireless Solutions
SIMCom Wireless Solutions
Fibocom Wirelessinc
LongSung Technology
Neoway Technology
MeiG Smart Technology
GosuncnWelink Technology
Huawei
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global 2G IoT Modules Market
Wearable Device
Automotive
PDA
Asset Tracking
POS
Telematics
Others
Based on Types the Market is categorized into Below types that held the largest 2G IoT Modules market share In 2023.
LGA Package
LCC Package
LGA+LCC Package
Others
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global 2G IoT Modules Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global 2G IoT Modules Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global 2G IoT Modules Market, By Type
6. Global 2G IoT Modules Market, By Application
7. Global 2G IoT Modules Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global 2G IoT Modules Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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