Cellular Modem Market Prediction $14.47 Billion By 2032 CAGR 12.5%

Cellular Modem Market Size Worth $14.47 Billion By 2032 | CAGR: 12.5%

The global cellular modem market size is expected to reach USD 14.47 billion by 2032, according to a new study by Polaris Market Research. The report “Cellular Modem Market Share, Size, Trends, Industry Analysis Report, By Type (Embedded Cellular Modem, Box Portable Cellular Modem); By Technology; By Vertical; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Cellular modems play a prominent role in providing connectivity to cellular devices, including smartphones, tablets, mobile hotspots, routers, and more, with the cellular networks. It facilitates data transmission through wireless protocols of cellular networks, such as 2G, 3G, 4G LTE, and 5G. The ongoing development of various devices with the Internet of Things (IoT) is driving the need for cellular modems in the marketplace. An efficient modem increases the capability of a cellular device to get connected. 

The increasing adoption of internet-connected devices in the marketplace is showcasing the significant demand potential for cellular modems. According to the industrial study, the presence of a number of cellular IoT devices is expected to grow by more than 10% annually.

The development of cellular vehicle-to-everything (C-V2X) technology is driving the need for advanced connectivity. It promotes communication among vehicles and everything around them. This is gaining traction in most of the regions, including the United States, which may create new demand for cellular modems in the future.

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Cellular modem manufacturers need to update their designs more often to meet and benefit from ongoing industry standards. This is escalating research and development activities along with the new product innovations in the market. For instance, in November 2023, Apple announced the development of its own cellular modem, which is likely to be completed by 2026. It is also focusing on 6G modem research along with the advancements in 5G modem development.

The increasing strategic collaborations among the companies to gain a competitive advantage are expected to further propel the advancements in cellular modem. In November 2023, Qualcomm and Valeo announced their extended collaborations to improve safety and connectivity in the Indian small mobility segment.

Cellular Modem Market Report Highlights

  • Box portable segment is anticipated to witness the highest growth in the coming years due to its portability and ease of sharing the internet with multiple devices.
  • 5G segment accounted for the largest market share owing to its higher speed compared to 4G network.
  • Energy & Utilities segment is projected to experience a larger revenue share due to the adoption of smart meters.
  • Asia Pacific is projected to register the fastest growth in the study period owing to the increasing number of internet users in the region.
  • The global players include Advantech, Airgain, Inc., Belkin, Bentek Systems, Campbell Scientific, & Cisco Systems.

Polaris Market Research has segmented the cellular modem market report based on type, technology, vertical and region:

Cellular Modem, Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Embedded Cellular Modem
  • Box Portable Cellular Modem

Cellular Modem, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

  • 2G
  • 3G
  • 4G
  • 5G
  • NB-IoT
  • LTE-M

Cellular Modem, Vertical Outlook (Revenue - USD Billion, 2019 - 2032)

  • Agriculture
  • Automotive & Transportation
  • Building Automation
  • Consumer Electronics
  • Energy & Utilities
  • Healthcare
  • Industrial/Manufacturing
  • Retail
  • Smart Cities
  • Others

Cellular Modem, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
  • Latin America
    • Argentina
    • Brazil
    • Mexico
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa

Cellular Modem Market Report Scope

Report Attributes


Market size value in 2024

USD 5.65 billion

Revenue forecast in 2032

USD 14.47 billion


12.5% from 2024 – 2032

Base year


Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments covered

By Type, By Technology, By Vertical, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa


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