CHICAGO, Nov. 22, 2023 /PRNewswire/ — The Cellular Modem Market is projected to grow from USD 4.8 billion in 2023 and is estimated to reach USD 12.4 billion by 2028; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 20.6% from 2023 to 2028 according to a new report by MarketsandMarkets™. The key factors contributing to the growth of the cellular modem market include High demand for smart home devices, and Strong preference for e-learning and online education. Cellular modems allows students and educators in areas with limited broadband access can participate in online classes, engage in live video lectures, and access interactive learning platforms.
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Browse in-depth TOC on “Cellular Modem Market”
149 – Tables
75 – Figures
244 – Pages
Cellular Modem Market Report Scope:
Report Coverage
Details
Market Revenue in 2023
$4.8 billion
Estimated Value by 2028
$12.4 billion
Growth Rate
Poised to grow at a CAGR of 20.6%
Market Size Available for
2019–2028
Forecast Period
2023–2028
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Offering, Deployment, Application, End-Use and Region.
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Increasing adoption of telemedicine and remote healthcare services
Key Market Opportunities
Limited coverage of cellular networks in remote or rural areas
Key Market Drivers
Rapid evolution and adoption of advanced wireless technologies
The embedded cellular modems segment to grow at the fastest CAGR during the forecast period.
Embedded cellular modems industry are integrated directly into devices during the manufacturing process. These modems are designed to be integral to various electronic devices, such as smartphones, tablets, laptops, IoT devices, and industrial equipment. Embedded cellular modems provide seamless, always-on connectivity, allowing devices to access the internet, exchange data, and communicate with other devices or central servers. These modems are commonly found in consumer electronics, automotive systems, smart appliances, and industrial machinery, enabling these devices to connect to cellular networks and offer enhanced features to end-users.
NB-IoT cellular modem segment holds the second highest market share during the forecast period
Based on Narrowband IoT technology, NB-IoT cellular modems represent a significant advancement in the Internet of Things (IoT) landscape. These modems are engineered for low-power, wide-area IoT connectivity, making them ideal for applications that require long battery life and seamless coverage in challenging environments. NB-IoT technology operates in licensed spectrum bands, ensuring secure and interference-free communication.
Furthermore, NB-IoT cellular modems offer exceptional energy efficiency, enabling devices to operate on a single battery charge for years. This longevity is vital for applications such as smart meters, environmental sensors, and healthcare devices, where continuous, low-power operation is crucial. The modems provide reliable, bidirectional communication, allowing IoT devices to send data to the cloud and receive commands remotely. As the demand for IoT solutions continues to grow, NB-IoT cellular modems play a pivotal role in enabling scalable, cost-effective, and long-lasting connectivity for a wide array of IoT applications, ensuring seamless integration into the evolving IoT ecosystem.
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Healthcare segment to display highest CAGR during forecast period
Cellular modems play a vital role in the healthcare sector, revolutionizing patient care, improving operational efficiency, and enhancing overall healthcare services. These modems enable secure and real-time communication, making them indispensable in various applications within healthcare facilities and remote patient monitoring. One of the primary applications of cellular modems in healthcare is telemedicine and remote patient monitoring. Patients with chronic conditions or those in remote locations can use medical devices equipped with cellular modems to measure vital signs, such as blood pressure, heart rate, and glucose levels. The data is transmitted in real-time to healthcare professionals, allowing for continuous monitoring and timely intervention, thus improving patient outcomes and reducing hospital readmissions.
North America to hold the second-largest share of the cellular modem market during the forecast period.
The North American cellular modem market is poised for significant growth in the coming years, driven by the rapid rollout of 5G networks and the increasing demand for high-speed connectivity. The US expects a particularly strong boost from 5G deployment. CTIA forecasts that the technology will contribute USD 1.5 trillion to the US GDP and create 4.5 million jobs in the next decade. The Canadian and Mexican governments are also investing heavily in 5G infrastructure, which is expected to further fuel demand for cellular modems in these countries. In addition to government support, the advancement of next-gen 5G technologies incorporating artificial intelligence is opening up new applications in areas such as clean energy smart cities, precision agriculture, driverless vehicles, and telemedicine, which will also drive demand for cellular modems. As a result, the North American cellular modem market is expected to experience substantial growth in the coming years.
The cellular modem companies Digi International Inc. (US), Sierra Wireless (Canada), Qualcomm Technologies, Inc. (US), D-Link Corporation (Taiwan); Huawei Device Co., Ltd. (China); TP-Link Corporation Limited. (China); Xiamen Baima Technology Co., Ltd (China); NETGEAR (US); Advantech Co., Ltd. (Taiwan); Cisco Systems, Inc. (US); Moxa Inc. (Taiwan); Multi-Tech Systems, Inc. (US); Belkin (US); Peplink (US); Robustel (China); LANTRONIX, INC. (US); InHand Networks (US); Motorola Mobility LLC (US); Bentek Systems (Canada); Campbell Scientific, Inc.(US); Red Lion (US); Shenzhen Wlink Technology Co., LTD. (China); Jinan USR IOT Technology Limited (China); Bivocom (China); and Airgain, Inc.(US) are the major players in cellular modem market. These players have implemented various strategies to extend their global reach and enhance their market shares.
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