Cellular Modem Market Size Projected to Garner USD 14.3 Billion by 2032 growing at 12.8% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

The Global Cellular Modem Market Size is predicted to reach USD 14.3 Billion by 2032 from USD 4.4 Billion in 2022, at a CAGR of 12.8% between 2023 and 2032, as per the Acumen Research and Consulting

In recent years, cellular modems have experienced significant growth across various sectors, driven by the increasing demand for reliable and high-speed wireless connectivity. One notable sector where cellular modems have made substantial strides is in the realm of the Internet of Things (IoT). As the number of connected devices continues to soar, cellular modems play a crucial role in facilitating communication between these devices and enabling seamless data exchange. Industries such as smart manufacturing, agriculture, healthcare, and smart cities have embraced cellular connectivity to enhance automation, monitoring, and overall operational efficiency.

Moreover, the expansion of 4G LTE and the deployment of 5G networks have further propelled the adoption of cellular modems. The telecommunications industry has been at the forefront of this evolution, offering faster and more reliable mobile broadband services. Beyond traditional data connectivity, cellular modems are increasingly integrated into vehicles, enabling advanced telematics and in-car entertainment systems. The growth of connected cars and the development of autonomous vehicles also rely on robust cellular connectivity, highlighting the integral role of cellular modems in the automotive sector. Overall, the versatile applications of cellular modems continue to drive their growth across diverse sectors, fostering a more interconnected and digitally advanced world.

Cellular Modem Market Analysis

Cellular Modem Market Statistics

  • Global Cellular Modem Market value was worth USD 4.4 Billion in 2022, with a 12.8% CAGR from 2023 to 2032
  • Asia-Pacific Cellular Modem Market share occupied around 35% in 2022
  • By type, the embedded modems segment captured the largest market share in 2022
  • By application, the smartphones segment is expected to expand at the fastest CAGR over the projected period
  • Growing demand for high-speed mobile connectivity, propel the Cellular Modem Market Revenue

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Cellular Modem Market Trends

The cellular modem market had been experiencing notable growth, and it's likely that this trend continued into recent years. The demand for cellular modems has been fueled by the increasing adoption of mobile devices, IoT applications, and the expansion of high-speed wireless networks. The rollout of 5G technology, with its promise of faster speeds, lower latency, and greater capacity, has particularly contributed to the cellular modem market growth.

The automotive sector has been a significant contributor to this growth, with the integration of cellular modems in connected vehicles for features such as navigation, infotainment, and telematics. Additionally, the surge in remote work and the need for reliable internet connectivity have driven the demand for cellular modems in devices like portable hotspots and home routers. The market growth is also propelled by industries embracing digital transformation, where cellular connectivity is crucial for real-time data exchange, monitoring, and automation. As technologies continue to evolve, the cellular modem market is expected to expand further, supporting a wide range of applications across industries and contributing to the overall connectivity landscape.

Cellular Modem Market Segmentation

Acumen Research and Consulting has segmented the global Cellular Modem Market by type, technology, application, vertical, and region.

  • By type, the industry is categorized into embedded modems, wireless hotspot/routers, USB modems/dongles, and peripheral component interconnect express (PCIe) modems.
  • By technology, the market is divided into 2G (Second Generation), 3G (Third Generation), 4G LTE (Fourth Generation Long-Term Evolution), 5G (Fifth Generation), and NB-IoT.
  • By application, the market is classified into smartphones, smart devices, wearables, tablets & laptops, IoT devices, and others.
  • By vertical, the market is split into agriculture, building automation, automotive & transportation, consumer electronics, healthcare, energy & utilities, industrial & manufacturing, telecommunications, retail, and others.
  • By region, the market is classified into Asia-Pacific, North America, Europe, Latin America, and the MEA.

Cellular Modem Market Regional Overview

According to the cellular modem industry analysis, Europe had been actively contributing to the growth of the cellular modem market, and it's likely that this trend continued in recent years. The region has witnessed increasing demand for cellular modems across various sectors, driven by advancements in technology, rising IoT applications, and the deployment of 5G networks. European countries have been at the forefront of adopting and implementing 5G technology, aiming to enhance connectivity, support innovative applications, and boost economic growth. The automotive industry in Europe has played a pivotal role in the growth of the cellular modem market. With the integration of cellular connectivity in vehicles, European automakers have been able to offer advanced telematics services, connected car features, and vehicle-to-everything (V2X) communication. Moreover, the European IoT landscape has been expanding, with industries such as smart manufacturing, healthcare, and agriculture increasingly relying on cellular modems to enable seamless data transfer and real-time monitoring.

Cellular Modem Market Players

Some of the prominent Cellular Modem Market companies are Qualcomm Incorporated, Digi International Inc., MediaTek Inc., D-Link Corporation, Intel Corporation, Xiamen Baima Technology Co., Ltd., Huawei Technologies Co., Ltd., Samsung Electronics Co., Ltd., Fibocom Wireless Inc, and Sierra Wireless, Inc.

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