New Delhi, March 29 : Global cellular IoT (Internet of Things) module shipments grew 14 per cent (year-on-year) in 2022 to register a record high annual volume, despite macroeconomic headwinds, a new report said on Wednesday. According to Counterpoint Research, Quectel and Qualcomm dominated the cellular IoT module and chipset markets, respectively. China continued to lead the global cellular IoT module market in terms of demand, followed by North America and Western Europe, while India was the fastest-growing market, followed by Latin America and North America. Eastern Europe was the only region that registered a decline due to the prolonged Ukraine-Russia war, according to the report. "In 2022, Quectel was the top cellular IoT module player in China, the world's largest market for these components. Meanwhile, China Mobile and Fibocom captured second and third place, respectively, enjoying their tremendous scale in the domestic market," said Senior Research Analyst Soumen Mandal. Moreover, the report said that the resumption of smart meter implementation, ongoing retail POS upgrades, intelligent asset tracking and the continued growth in connected cars due to progress in electrification and autonomous capabilities were some of the key drivers for the double-digit percentage growth in demand for IoT modules. On the IoT market outlook for 2023, Associate Director Mohit Agrawal said: "Global cellular IoT module shipments (including NAD modules) are expected to register robust growth of 19 per cent (year-on-year) in 2023. The growth of IoT module shipments in the high-value industrial segment will be key for the IoT projects that have struggled to move beyond the pilot stage and for companies that are focusing more on ROI in a tough macroeconomic environment." The report also mentioned that 5G adoption to get a boost in 2024 if ASP declines to sub-$100 and 5G RedCap-based solutions become available. /IANS