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Berg Insight’s research shows a decline in annual shipments and sales of cellular IoT modules due to high inventory levels and changes in purchasing behavior. The top five vendors hold a majority share of the market, and shipments are expected to grow at a CAGR of 13% until 2028. The market is currently seeing a trend towards LTE Cat-1 bis modules, with prices dropping and availability increasing. LTE-M modules are still preferred for IoT devices with stricter power consumption requirements.