India's Cellular IoT Module Market Soars 40% In Q3 2025, Outpacing Global Growth

New Delhi: As the global cellular internet of things (IoT) module market remains on a growth trajectory, India grew 40 per cent (year-on-year) in the July-September period this year, according to a new report.

The India market sustained its multi-quarter momentum, driven by smart metering, point of sale (POS) and telematics, said Counterpoint Research.

Senior analyst Tina Lu said that during the quarter (Q3 2025), growth was concentrated in emerging and price-sensitive markets.

India grew 40 per cent, sustaining its momentum while cellular IoT module shipments globally increased 10 per cent YoY in Q3 2025, according to the report.

The market remained on a growth trajectory, driven by sustained momentum in smart metering, asset tracking, routers/CPE, and automotive.

According to the report, the ongoing shift from legacy RF/PLC systems to cellular is accelerating, laying the foundation for the next phase of capability-driven IoT deployments.

At the same time, Q3 underscored a tighter profitability environment. Cash-flow strength is emerging as a key differentiator.

Research Director Mohit Agrawal said that demand for AI-capable IoT modules is rising across surveillance, automotive, industrial, and retail segments.

The value in IoT is shifting from “connectivity hardware” toward “edge intelligence and lifecycle services, he mentioned.

Mature markets showed modest but stable performance. China grew 7 per cent, Europe grew 11 per cent and North America rose just 4 per cent, reflecting cautious enterprise spending, according to Lu.

Industry momentum is shifting toward higher-value, AI-enabled IoT, as vendors invest in edge intelligence, secure software, and 5G-ready portfolios amid tightening margins and falling average selling prices (ASPs), said the report.

Cat-1 bis solidified its position as the world’s volume anchor, accounting for almost half of all shipments, while RedCap moved into early commercialisation with operators beginning certifications and pilots.

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