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Insights Tag:IoT Application

u-blox Marks 25 Years With Record-breaking Revenue, Strong Growth Across All Segments

  • u-blox’s total revenue grew 44% YoY in 2022 to reach $654 million.
  • The company shipped more than 100 million chipsets and modules in 2022.
  • u-blox’s revenue is expected to grow more than 15% YoY in 2023.

Last year saw u-blox’s 25th anniversary, and the company marked the occasion in style, registering a record-breaking revenue of $654 million in 2022, an increase of 44.3% from 2021. Despitesupply chainchallenges, u-blox managed to fulfill customer demands with a diversified supplier base. The company experienced strong growth across all segments and regions.

Highlights for 2022

  • u-blox’s operating profit increased 258% YoY in 2022 to reach $138 million, demonstrating improved operational efficiency.
  • The mass adoption of high precession technology inindustrial automation, deliveryrobots, autonomous construction and agricultural equipment helped its industrial segment to grow 52% YoY and capture 63% of the company’s total revenue.
  • Theautomotivesegment also grew 54% YoY due to the increased demand for navigation and infotainment applications, driven by the shift towardselectric vehicles. The segment contributed 28% to the total revenue.
  • The consumer segment grew 34% YoY and captured 9% of the total revenue.
  • Among regions, the revenue from APAC increased 59% YoY propelled by high demand for various applications such as infotainment, navigation, telematics and healthcare, particularly in Japan, Australia and New Zealand. In EMEA, the revenue grew by 43% driven by the strong performance of infotainment, navigation, industrial automation andasset-tracking应用程序。Similarly, the revenue in the Americas grew 48% YoY fueled by the robust growth of infotainment, navigation, telematics and healthcare applications.
  • In 2022, modules and GNSS chips contributed 79% and 20% of the total revenue respectively. The company shipped more than 100 million modules and chips combined in 2022.

u-blox 2022 financial performance

GNSS modules

u-blox is maintaining its leadership position in theGNSSmodule market due to its superior quality and high precision. In 2022, u-blox’s GNSS module shipments grew by 28% YoY, contributing more than half of the total module revenue. These modules are widely used in automotive and industrial applications. To further enhance its positioning solutions, it has formed partnerships with GMV to provide end-to-end safe positioning solutions for autonomous vehicles. Additionally, u-blox has secured multiple design wins, including with NXP semiconductor, NVIDIA and Li-Auto, for its ZED-F9K GNSS module for automotive applications.

Wi-Fi/BT modules

In 2022, u-blox’s Wi-Fi/BT module segment experienced a 17% YoY growth, generating a revenue of nearly $57 million. The widespread adoption ofWi-Fi 6in healthcare and industrial applications has played a significant role in the segment’s growth. Besides, u-blox’s partnership with AWS has created two innovative modules that are pre-provisioned for secure communication with AWS via Wi-Fi and cellular IoT, simplifying access to cloud services for customers. This collaboration with AWS is expected to drive the adoption of u-blox’s high-quality modules targeted at the industrial segment, increasing the company’s market share and revenue growth potential.

Cellular IoT modules

According to Counterpoint Research’sCellular IoT Module Tracker Service, u-blox’s cellular IoT module segment grew by 37% YoY in 2022, reaching $176 million. The launch of new products in the first half of the year played a crucial role in this growth, with its smallest 4G Cat 1 modules shipping one million units within two months of launching. Its UBX-R5 LPWA chipsets are also gaining traction among customers. In the cellular LPWA chipsets market, u-blox is competing with major players such asQualcomm, Sony and Sequans. Sony’s latest 5G LPWA chipset may create further competition for u-blox.

GNSS chips

u-blox shipped nearly 54 million GNSS chips in 2022, which contributed $131 million in revenue. The u-blox 8 series chipsets continue to be the top-selling chipset, while the new M10 chipsets are ramping up production at a rate of one million per month. Nofence is leveraging u-blox GNSS chipsets to develop GNSS-enabled livestock collars for regenerative farming.

Outlook

The company’s future strategy is to continue to lead with innovative solutions that combine chipsets and modules with services while considering socio-economic and eco-friendly factors. The ongoing adoption of electric and autonomous vehicles will be a major growth opportunity for u-blox. With a strong order book in place, u-blox is forecasting a substantial YoY revenue increase of 6% to 16% for 2023. The average analyst estimate for the 2023 revenue is $724 million, representing an 11% increase. Considering the high demand and interest for its products in the automotive, industrial and asset-tracking segments, it is probable that u-blox’s revenue will be near the higher end of the projected range.

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Despite China’s Failure to Recover in Q3 2022, Global Cellular IoT Module Market Experiences Growth

  • China led the global cellular IoT module market in Q3 2022 despite losing volume share. China was followed by North America and Western Europe.
  • Smart meter, POS, automotive, industrial and router/CPE were the top five applications in terms of volume this quarter.
  • Automotive, router/CPE, PC, industrial and POS were the top five applications in terms of value this quarter.
  • The top three technologies in terms of volume were NB-IoT, 4G Cat 1 and 4G Cat 4. They captured more than 60% of the total volume in Q3 2022.
  • 三大技术的价值5G, 4G Cat 4 and 4G Other. They capturednearly two-thirds of the total value in Q3 2022.

San Diego, Buenos Aires, London, New Delhi, Hong Kong, Beijing, Seoul – December 27, 2022

Global cellular IoT module shipments grew by only 2% YoY in Q3 2022, according to the latest research from Counterpoint’sGlobal Cellular IoT Module and Chipset Tracker by Application. China led the market followed by North America and Europe. China’s shipments decreased 8% YoY in this quarter due to a resurgence of COVID-19 cases. However, some of this demand decline was offset by an increase in the residential,smart door lock, patient monitoring, registrar device,smoke detector, drone, smart meter andautomotive应用程序。等其他市场北美,Western Europe, India, Japan, Latin America, and Middle East and Africa witnessed healthy growth.

Commenting on the competitive landscape,Associate DirectorEthan Qisaid, “Quectel is leading the cellular IoT module market, followed by Fibocom, Sunsea AIoT, China Mobile and MeiG. China is dominating this market with all the top fiveIoT modulevendors being from the country. In the past few months, we have seen some consolidation among international players, likeTelittaking overThales’IoT business andSemtechacquiringSierra Wireless在物联网模块空间保持弹性的霍霍t Chinese module vendors. With the increasing adoption of IoT technologies in various sectors, many players will consolidate to get bigger value from this fragmented value chain.”

Commenting on the important underlying technology dynamics shaping the entire IoT ecosystem,SeniorResearch AnalystSoumen Mandalsaid, “The IoT module market is undergoing changes as demand for low-end technologies like 2G and 3G declines and shifts towards 4G Cat 1 and 4G Cat 1 bis, where higher-end applications are upgrading from 4G to 5G. In this quarter, the top three technologies in terms of shipments – NB-IoT, 4G Cat 1 and 4G Cat 4 – accounted for over 60% of the total shipments. However, in terms of revenue share, 5G, 4G Cat 4 and 4G Other were the top three technologies and held nearly two-thirds of the total revenue. The lower-end technologies such as NB-IoT, 4G Cat 1 and 4G Cat 1 bis are helping connect a greater number of IoT devices, while higher-end technologies like 4G Cat 4, 4G Other and 5G are adding more value to the IoT ecosystem. This is why the automotive, router/CPE, PC and industrial segments, which rely mostly onhigher-endtechnologies, are generating more revenue.

During this quarter, we saw some 4G Cat 1 and 4G Cat 1 bis-based applications being replaced with NB-IoT. Chinese NB-IoT chipset companiesEignecommandXinyihave improved their partnerships with module players, particularly in the domestic market. Besides, there were few options available for 4G Cat 1 bis chipsets in international markets, with Sequans being the exception. Last week,Qualcommentered the 4G Cat 1 bis market by launching the QCX216 chipset in partnership withQuectel,Cavli WirelessandMoMAGIC. We believe that 4G Cat 1 bis technology will start to gain traction as leading IoT module and chipset players focus on it for use in massive IoTapplications.”

Mandal further added, “Despite slower growth inIoT moduleshipments, IoT module revenue increased by 12% YoY in Q3 2022 due to a higher mix of5Gand 4G Cat 4 modules. The average selling price (ASP) of all types of 4G technologies and LTE-M continued to rise, while the ASP for 2G, 3G, 5G and NB-IoT technologies decreased. It is believed that 2023 will be a breakthrough year for 5G, and the ASP may decrease to below$100, which will help facilitate wider adoption.”

IoT module market Q3 2022 Counterpoint

Commenting on the key application trends in the IoT space,Associate DirectorMohit Agrawalsaid, “The top 10 applications in the market captured more than 80% of shipments this quarter, with the top five beingsmart meters, POS, automotive, industrial and router/CPE. Smoke detectors saw the fastest growth, followed byresidentialapplications and drones. China was a driving force in the growth of all three of these fast-growing segments, fuelled by a resurgence of COVID-19 cases in the country. Among the top five applications, industrial and router/CPE applications saw a decrease in shipments both on a sequential and yearly basis. However, the industrial segment still presents a large opportunity due to the number of companies embarking on digital transformation projects.”

IoT module application Counterpoint

For detailed research, refer to the following reports available for subscribing clients and individuals:

Counterpoint tracks and forecasts on a quarterly basis 1,500+ IoT module SKUs’ shipments, revenues and ASP performance across 80+ IoT module vendors, 12+ chipset players, 18+ IoT applications and 10 major geographies.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

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Related Reports

5G AIoT Unlocking New Era of IoT

The use of IoT devices is making our daily lives smarter. IoT combined with artificial intelligence (AI), or artificial IoT (AIoT), is helping in automated real-time decision-making and data analysis. AI can add value to IoT through machine learning (ML) and improved decision-making. Similarly, IoT can add value to AI through connectivity and data exchange. With the rapid technological advancements, AIoT is transforming every industry, enterprise and consumer.

5G is going to be the key ingredient in driving AIoT applications. According to aCounterpoint Researchstudy, the shipments of 5G AIoT-supported modules will grow at a CAGR of 84% between 2022 and 2030. Further, 60% of 5GIoT moduleswill have AI capability by 2030 for better processing and real-time decision-making.

AIoT applications

The adoption of AIoT is becoming an emerging technology trend across a wide range of industries where real-time data operation is needed, such as industrial manufacturing, robotics, logistics, healthcare, agriculture, smart cities and smart home.

Industrial manufacturing

Manufacturing relies on digital transformation to become more efficient and reduce human error. This sector needs to adopt AIoT solutions. AIoT-poweredrobotsin factories improve the manufacturing process with excellent efficiency. They help reduce labor costs as well as time.

Smart cities

In a smart city, there are several uses of AIoT, such as traffic management and waste management. To avoid chaos and congestion on the road in a crowded city, AIoT-baseddroneshelp monitor traffic and transmit real-time traffic data for analyses through AI and for making decisions on the speed limit and timing of traffic lights, all without human interference. Therefore, real-time traffic monitoring by drones increases efficiency and reduces congestion.

Security and surveillance are other important applications for AI in smart cities. AI cameras can help police monitor illegal activities and prevent unwanted situations.

Autonomous vehicles

Self-driving cars are one of the best use cases of AIoT applications. IoT-enabled devices like cameras, radars and sonars in the car gather data and the AI system helps analyze this data within a few milliseconds so that the car can make decisions like a human. Fullyautonomous vehicleswill generate 1-2TB of data per hour and AI will be required to handle this amount of data and take some decisions at the edge.

Smart homes

AI in the connectedhome空间主要用于语音助理,形势nal awareness, automation and security. Starting from door locks, smoke alarm, surveillance and smart speakers to smart appliances such as lighting, thermostat, refrigerator, plugs, routers, meters, home controllers and vehicle chargers, many applications have already adopted AI features.

Challenges in implementing AI in IoT

As most AI applications are based on real-time decision-making, they need a high-speed data rate to communicate. 5G’s high speed and low latency will be ideal for AIoT applications. But in many regions, 5G infrastructure is still not there or is in the initial phase. Hence, it will be challenging to scale. Data management and taking the right decision at the right time by handling huge amounts of data will be another big challenge for AI adoption. Moreover, the security angle will also need to be addressed. Both hardware- and software-level security will be required for AIoT applications to keep connected devices safe.

Initiatives by module and chipset players in AI applications

With the increasing traction for 5G-based AIoT applications, module vendors like Fibocom, Quectel, Thundercomm and MeiG are stepping forward to launch AI-supported 5GIoT modules. Some module vendors are offering AI features at the hardware level while some vendors are offering AI features at the software level. Whether to use hardware- or software-level AI features depends on the application and cost of the project. Recently, Quectel announced that it would add software-level AI capability in its Rel 16-based 5G modules by partnering with NVIDIA. International module vendor Telit is also adding AI capabilities in its FM980 5G module through NVIDIA software. However,Quectel, Fibocom, MeiG and Thundercomm are already offering hardware-level 5G AI-supported modules for high-end applications such as C-V2X, AR/VR, robots, smart cities, live streaming, gaming and edge computing.

In terms ofchipsetplayers, Qualcomm is leading in the 5G AIoT chipset space. This year, it launched the world’s first AI-supported 5G modem Snapdragon X70. Moreover, it has broader 5G AIoT SoC offerings with the QCM6490, Snapdragon 480, Snapdragon 690 and Snapdragon 750.

The second-largest IoT chipset player, UNISOC, is trying to gain momentum for 5G through AIoT-based SoCs. So far, UNISOC is offering AIoT features in its T770, T760 and T740 chipsets.

Recently, MediaTek launched the Genio 1200 chipset, specially designed for 5G AIoT devices. It is targeting applications such as smart home, industrial, robotics and audio/video terminals.

We expect that 2023 will provide momentum to the 5G AIoT market as the IoT market has been facing some instability lately due to inflation, supply issues and other macro factors.

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