Nice — here’s a focused, source-backed market reference for the Cellular IoT market with company references + recent reported values (company/segment revenues where available), followed by the sections you requested (Recent developments, Drivers, Restraints, etc.). I pulled market estimates and vendor financials from industry trackers and company filings — citations are included for the most important figures.

This versatile research report is presenting crucial details on market relevant information, harping on ample minute details encompassing a multi-dimensional market that collectively maneuver growth in the global Cellular IoT market.

This holistic report presented by the report is also determined to cater to all the market specific information and a take on business analysis and key growth steering best industry practices that optimize million-dollar opportunities amidst staggering competition in Cellular IoT market.

Read complete report at: https://www.thebrainyinsights.com/report/cellular-iot-market-13654

Snapshot — headline numbers

• Cellular IoT / cellular-IoT module market (2024–2025): module revenues were around US$6.0–6.4 billion in 2024–2025 (various module-focused trackers), with forecasts to grow rapidly (mid-to-high-teens CAGR depending on the report). 

• Broader cellular IoT market size (services/platforms included) — several market reports show a multi-billion market (examples: IMARC, Mordor, MarketsandMarkets range estimates with differing scopes).

Company references — headline values (latest publicly reported fiscal numbers; currency & year shown)

Note: many companies report company-level revenue rather than a discrete “cellular-IoT-only” line. Use these as anchors and I can model segment shares if you want.

• Quectel Wireless Solutions — CNY 18,594.06 million (≈ CNY 18.59B) sales in 2024 (Quectel full-year results). 

• Fibocom Wireless — ≈ 8.19B (annual revenue 2024) (company financials / stock data aggregators). (reported in local reporting currency on investor pages). 

• u-blox — CHF 262.9 million revenue (full year 2024) (annual report). Note: u-blox reported difficult markets and has been reshaping its business (recent M&A interest reported). 

• Sierra Wireless — company revenue around ~USD 0.6–0.8 billion (TTM/annual, recent years) (public filings / investor pages; note Sierra historically is a notable module/vendor and OEM). 

• Semtech / Quectel/Module chipset suppliers & others — semiconductor and module-chip vendors (Semtech, Qualcomm, Quectel customers) shape module economics; Semtech reported net sales ~$869M (FY 2024) as an example of a chipset supplier with IoT exposure. 

(Other major participants in the cellular IoT chain: Thales (Gemalto lineage), Telit (if public/private splits), Murata, Sony-Semiconductor modules, Quectel/Fibocom as top Chinese module vendors, and chipset suppliers like Qualcomm, Sequans, MediaTek depending on segment.) 

Recent developments

• Strong module shipment recovery & growth: module shipments reached the hundreds of millions (514M modules in 2024 per Berg Insight), driving module revenues (~US$6.0B in 2024). This reflects renewed demand across tracking, telematics, smart metering and new 5G-RedCap device trials. 

• 5G RedCap & 5G for IoT (NR-Light) moving toward commercial devices — carriers and OEMs are preparing RedCap-enabled devices (wearables, some IoT endpoints) which will broaden cellular IoT use-cases and power/feature tradeoffs. 

• Q1–2025 momentum: quarter-over-quarter growth in 2025 module shipments reported by IoT trackers (e.g., IoT Analytics Q1 2025 note), continuing the 2024 rebound. 

Drivers

• Substantial growth in connected devices (billions of connected endpoints; cellular share growing for mobility and reliability). 

• New 5G variants targeted at IoT (RedCap / NR-Light) and lower-power LTE (LTE-M / NB-IoT) are expanding addressable use cases.

• Telematics, asset tracking, smart metering and industrial IoT growth — vertical demand (transportation, utilities, smart cities) continues to be a large volume driver. 

Restraints

• Price pressure on modules (commodity cycles) and fragmentation among many low-cost module vendors — squeezes unit margins. 

• Geopolitical / supply-chain constraints (export controls, chipset shortages at past cycles) can slow vendor ability to supply specific markets or tech.

• Long sales cycles for enterprise private-network deals and integration complexity for higher-value, managed connectivity services. 

Regional segmentation (high level)

• Asia-Pacific (China in particular): very large manufacturing base and module vendor concentration (Quectel, Fibocom and other Chinese vendors), strong volume growth. 

• North America: strong enterprise & telematics demand, early adopters for 5G RedCap and FWA; notable carriers rolling out NR-Light trials (AT&T, T-Mobile). 

• Europe: solid mix of smart-metering, industrial IoT and automotive telematics; European vendors and integrators active.

• Rest of World (LatAm, MEA): mixed maturity — cellular IoT often chosen where wide-area coverage beats alternatives. 

Emerging trends

• Shift from 2G/3G sunsetting to NB-IoT / LTE-M / RedCap adoption — network decommissioning accelerates migration.

• Module consolidation and vertical integration — large module vendors scaling to meet OEMs and telco certification needs; private equity interest in companies (example: recent M&A/PE moves around u-blox).

• Software & connectivity platforms rising in importance — eSIM/iSIM, SIM-management, device management and data-insights platforms bundled with connectivity. 

Top use-cases

1. Fleet telematics & asset tracking — high volume and recurring connectivity revenue. 

2. Smart metering / utilities — NB-IoT and LTE-M use for meters and sensors. 

3. Wearables & personal devices (RedCap / NR-Light use cases) — growing with low-power 5G variants. 

4. Industrial automation & private networks (private 4G/5G, MEC). 

Major challenges

• Monetising connectivity beyond low-cost data — many cellular IoT deals are low-ARPU and require scale or higher-value services.

• Certification & fragmentation of standards across carriers and regions — increases time-to-market for global devices. 

Attractive opportunities

• RedCap & next-gen 5G IoT device wave (wearables, AR/VR endpoints, enhanced sensors) — creates new product categories and higher value per device. 

• Managed-connectivity & platform bundles (connectivity + device management + analytics) — increases ARPU and stickiness. 

• Retrofit & migration services as carriers shut 2G/3G — a near-term demand spike for replacement modules and services. 

Key factors of market expansion

• Operator readiness for NB-IoT / LTE-M / RedCap and spectrum availability. 

• Module supply chain scale & pricing (large, low-cost vendors enabling billions of devices). 

• Ecosystem — software, eSIM, certification & vertical partners that enable higher-value services and faster deployments. 

Quick next steps I can do for you (pick one)

A) Produce a company-by-company table (CSV/XLSX) with: vendor → latest reported revenue (currency & year) → public source link → short note on their cellular-IoT role.
B) Model estimated cellular-IoT revenue per vendor (e.g., split Quectel/Fibocom module revenue vs group revenue) using public filings + market-share assumptions.
C) Create a one-page PPT summarizing market size, top vendors (with values) and 3 slides of go-to-market recommendations for a vendor or investor.

Say A, B, or C and I’ll generate it immediately (with downloadable files and all source citations).