Cellular Modem Market Size Worth USD 9.24 Billion in 2032 | Emergen Research

Increasing use of Internet of Things (IoT) technology is a key factor driving Cellular Modem market revenue growth

Vancouver, Dec. 19, 2023 (GLOBE NEWSWIRE) — The global cellular modem market size was USD 1.82 Billion in 2022 and is expected to register a steady revenue CAGR of 17.7% during the forecast period, according to latest analysis by Emergen Research. Increasing use of Internet of Things (IoT) technology is the key factor driving market revenue growth.

Cellular modems are used to modulate analogue signal, such as phone signals, and send them via cellular networks.  Cellular modems play a crucial role in providing the necessary connectivity as the number of IoT devices continues to increase across various industries and applications. IoT devices require reliable and ubiquitous connectivity to transmit data and communicate with other devices or cloud-based platforms.

Cellular modems offer a seamless and efficient means of connecting these devices to cellular networks, enabling to operate and exchange data in real time. Demand for cellular modems is rising with the proliferation of smart homes, smart cities, industrial automation, healthcare monitoring, and other IoT applications. It is expected that the global count of Internet of Things (IoT) devices will reach approximately 30 billion by 2030. In addition, application of IoT across various sectors, encompassing wearable gadgets, intelligent automobiles, automated residences, advanced urban areas, and even industrial machinery, is another key factor revenue growth of the market.

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Moreover, rising adoption of cellular modems in the automotive industry for connected vehicles in recent years is also expected to drive market revenue growth during the forecast period. Connected vehicles require reliable and fast Internet connectivity for a wide range of applications such as infotainment systems, telematics, navigation services, and over-the-air updates. Cellular modems enable these vehicles to access cellular networks, ensuring seamless connectivity and real-time communication. Advancements in cellular network technologies, such as the deployment of 5G networks, have further enhanced the capabilities and performance of cellular modems in connected vehicles.

For example, in February 2023, Qualcomm is setting new standards for connected car technologies through its latest Snapdragon Automotive 5G Platform. The second-generation Snapdragon Auto 5G Modem-RF Gen 2 platform offers significant advancements, including 50% increased processing power, 40% improved power efficiency, and over twice the maximum throughput compared to the previous generation. These result in enhanced connectivity that is secure, reliable, and seamless, raising the bar for connected car technologies.

However, regulatory barriers and limitations imposed by governments and telecommunication authorities is a key factor, which could restrain market revenue growth. These regulations often dictate spectrum allocation, licensing requirements, and technical standards, which vary across different regions and countries. Such stringent regulations create complexities and challenges for cellular modem manufacturers and service providers, hindering their ability to expand and operate smoothly in multiple markets.   

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Scope of Research

Major Companies and Competitive Landscape

The global cellular modem market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective cellular modems.
Some of the major companies included in the global cellular modem market report are:

• Belkin 
• InHand Networks
• Red Lion
• Xiamen Baima Technology Co., Ltd.
• Digi International Inc.
• Moxa Inc.
• Robustel
• Sierra Wireless
• Qualcomm
• Skyworks Solutions, Inc.

Strategic Development

• On 14 March 2023, U Digi International, a U.S. based IoT connectivity solutions provider announced the expansion of its Digi XBee 3 Global Cellular range with the introduction of Digi XBee 3 Cellular LTE Cat 1 and Digi XBee 3 Cellular LTE-M/NB-IoT smart modems. These newly launched modules, part of the renowned Digi XBee ecosystem, are pre-certified for global cellular deployments. This enables faster development timelines and eliminates the expenses associated with carrier certification procedures while offering the power and versatility synonymous with the Digi XBee platform.
• On 08 February 2023, Qualcomm unveiled the Snapdragon X35 5G Modem-RF System, designed for premium smartwatches, next-generation XR glasses, and industrial IoT applications. This advanced system offers a streamlined architecture to deliver cost-effectiveness, simplified complexity, lower power consumption, and compact form factors, as highlighted by the company.

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Some Key Highlights from the Report

• The portable cellular cards segment is expected to account for largest revenue share in the global cellular modem market over the forecast period. This is because portable cellular cards offer users the convenience of accessing high-speed Internet connectivity on the go. These compact devices allow individuals to create their own personal Wi-Fi networks by leveraging cellular networks, enabling them to connect multiple devices such as smartphones, laptops, and tablets simultaneously. The portability and flexibility of these cards make them popular among frequent travelers, remote workers, and individuals who require reliable Internet access in areas with limited or no fixed broadband infrastructure.  
• The 5G-ready modem segment is expected to register steadily fast revenue growth rate in the global cellular modem market over the forecast period due to transformative capabilities and advantages that 5G networks bring to various industries and applications. 5G technology offers significantly faster data transfer speeds, lower latency, and higher network capacity compared to previous generations. This enhanced performance is crucial for emerging technologies and uses cases such as autonomous vehicles, smart cities, IoT devices, Augmented Reality (AR), Virtual Reality (VR), and high-definition video streaming. Furthermore, 5G-ready modems enable devices to leverage the full potential of 5G networks, providing seamless connectivity and unlocking the possibilities of these advanced applications.
• On 28 March 2023, Bolton Technical collaborated with Inhand Networks to introduce its range of industrial IoT/M2M routers, gateways, industrial Ethernet switches, rugged computers, and IoT management platforms in South Africa. This launch holds great importance for both InHand’s expansion into the African market and Bolton’s efforts to diversify its product and solution offerings.

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Emergen Research has segmented the global cellular modem market on the basis of type, connectivity, end-use, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)

• • Built-in Cell Phones
  • Cellular Routers
  • Portable Cellular Cards
  • Others

• Connectivity Outlook (Revenue, USD Billion; 2019-2032)

• • Second Generation (2G)/Third Generation (3G) only
  • Fourth Generation (4G) LTE
  • Fifth Generation (5G)-Ready Modem

• End-Use Outlook (Revenue, USD Billion; 2019-2032)

• • Manufacturing
  • Energy and Utility
  • Transportation
  • Others

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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