According to MarketsandMarkets, the cellular modem market size is valued at USD 4.8 billion in 2023 and is anticipated to be USD 12.4 billion by 2028, growing at a CAGR of 20.6% from 2023 to 2028. Factors such as Increased need for advanced connectivity solutions in Industry 4.0 era, and Indispensable need for edge computing in IoT will likely drive market growth. The rise of Industry 4.0, characterized by the integration of automation, data exchange, and IoT technologies in industrial processes, has transformed the manufacturing landscape. In this digital transformation era, businesses increasingly invest in innovative solutions to enhance productivity and operational efficiency. Cellular modems have emerged as key enablers in this revolution. These modems provide a robust communication infrastructure, allowing machines and systems in smart factories to exchange real-time data.

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Based on type, the cellular modem market has been segmented into includes embedded cellular modem, and box portable cellular modem. During the forecast period, the embedded cellular modem segment is expected to grow at a higher CAGR than the box portable cellular segment. The embedded cellular modem market is experiencing robust growth driven by several key factors. The proliferation of IoT devices across various sectors, including automotive, healthcare, and industrial automation, is fueling the demand for seamless and reliable connectivity, boosting the adoption of embedded cellular modems.

Based on technology, the cellular modem market has been segmented 2G, 3G, 4G, LTE-M, NB-IoT, and 5G. In 2023, 4G technology segment is expected to hold the largest share of the market. The widespread adoption of 4G technology worldwide has significantly increased the demand for high-speed and reliable internet connectivity. With the rising popularity of smartphones, tablets, and other connected devices, consumers and businesses alike seek faster data transfer rates, driving the market for 4G cellular modems. Additionally, the increasing trend of IoT applications, ranging from smart home devices to industrial sensors, relies on robust connectivity, further boosting the demand for 4G modems.

The cellular modem market has been segmented based on vertical into Agriculture, automotive & transportation, building automation, consumer electronics, energy & utility, healthcare, industrial/manufacturing, retail, smart cities, and others. The cellular modem market in healthcare is experiencing significant growth due to several key factors. The increasing adoption of telemedicine services and remote patient monitoring solutions is driving the demand for reliable and high-speed internet connectivity, leading to the widespread use of cellular modems in healthcare devices. These modems facilitate real-time data transmission, enabling healthcare professionals to monitor patients remotely and make timely decisions. Moreover, the emphasis on digital health records and the integration of IoT devices in healthcare settings require seamless connectivity, boosting the market for cellular modems.

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Major players operating in the cellular modem market include include 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). These companies have reliable manufacturing facilities and strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of a robust market presence, reputable products and services, and strong business strategies. Furthermore, these companies have a significant market share, products with more comprehensive applications, and broader geographical footprints.