Core Insights - The global cellular IoT module shipments are projected to grow by 10% year-on-year in Q3 2025, driven by demand in smart meters, asset tracking, routers/CPE, and automotive sectors [1] - The transition from traditional RF/PLC systems to cellular networks is accelerating, laying the groundwork for the next phase of capability-driven IoT deployment [1] Market Trends - Emerging markets and price-sensitive segments are the primary drivers of growth, with India experiencing a 40% year-on-year increase, supported by smart meters, POS terminals, and remote information processing technologies [1] - The Middle East and Africa achieved the second-fastest growth rate from a smaller base, benefiting from national utility modernization and demand for routers/CPE applications [1] - Latin American markets are expanding due to remote information processing and smart meter demand [1] - Mature markets show moderate growth, with China growing by 7%, Europe by 11%, and North America by only 4% due to cautious enterprise spending [1] Supplier Insights - Quectel maintains a leading position globally, benefiting from strong market shares in both China and overseas [4] - China Mobile ranks second, driven by domestic demand from operator initiatives [4] - SIMCom and Longsung rank third, propelled by shipments of POS and smart meters [4] - Lierda saw a 73% year-on-year growth, leveraging Cat-1 bis technology and increased adoption in South Korea and Southeast Asia [4] Technology Trends - Cat-1 bis has become the mainstream standard for large-scale IoT, accounting for nearly half of shipments in Q3 2025 [5] - RedCap is entering the commercial phase but will require pricing close to Cat-4/Cat-6 levels and broader 5G standalone coverage for substantial scaling [5] - Demand for AI-capable IoT modules is rising significantly across monitoring, automotive, industrial, and retail sectors, reflected in the product offerings of Quectel, Fibocom, and MeiG [5] - The value of IoT is shifting from "connecting hardware" to "edge intelligence and full lifecycle services" [5]