The latest study from Counterpoint Technology Market Research’s IoT service shows that global cellular IoT module shipments grew 35% on a year-on-year basis, and will keep gaining momentum in volume with technologies such as 4G, LTE-M and NB-IoT that will continue to drive the market.

The cellular IoT market is currently ruled by SIMCom Wireless, Sierra Wireless, Gemalto, Telit Communications, and u-blox. These five companies contribute two-third of the cellular module volume shipments and revenues of up to 85%.

SIMCom Wireless saw a growth of 122% on an annual basis, while holding 23% of the market share in cellular module volume, Counterpoint said. In the first-half of 2017, the company received certification from Verizon Wireless for its new low-power LTE Cat M1 solution.

The annual growth of Sierra Wireless was 23% in shipments volume. It led the market in terms of revenue with 32% market share. The company’s AirPrime AR Series embedded modules and Legato platform is going to power Car-Net connectivity for Volkswagen automobiles beginning in 2018.

Gemalto held the second spot in terms of cellular IoT module revenues with 18% of the market share, and grew 3% on a year-on-year basis. The company’s new Cinterion LTE Cat. M1 looks to deliver low-power and data rate LTE connectivity for Machine-Type-Communication (MTC) to drive power savings targeting10+ years’ battery life.

Telit Communications saw a 7 % year-on-year growth in cellular module volume shipments. It took third place by volumes as well as revenue. During the first-half, it announced that its Cat-NB1 modules are still under testing on T-Mobile’s Narrowband IoT network, which will be launched by mid-2018. u-blox, meanwhile, saw only 2% yearly rise in terms of volume. It lost cellular module volume’s market share for 6.1% in 1H2016 to 4.6 % in 1H2017.