The global market for cellular IoT modules has been affected due to the COVID-19 pandemic as it dropped by 8% to $3.1bn in 2020. The shortage of semiconductor chips affected a lot of companies in Europe, North America, and other big markets in Q4 of the last year. The only big market showing growth in 2020 was China with 14% YoY growth in cellular IoT modules. In the next four years, around 4.5 bn cellular IoT connections are expected.