The global Automotive Wave Modems Market size was USD 2.5 Billion in 2022 and is expected to register a revenue CAGR of 13% over the forecast period, according to the latest report by Reports and Data.
Automotive Wave modems are in extremely popular because to the growth of the Internet of Things (IoT) and the proliferation of linked devices. Remote data monitoring, industrial automation, and Machine-to-Machine (M2M) communication are just a few of the applications for these modems.
Increasing demand for high-speed wireless connectivity owing to an increase in the number of connected devices and the volume of data exchanged wirelessly, as well as the spread of the Internet of Things (IoT) and M2M communication, are important drivers driving market revenue growth. Other drivers driving market revenue growth include the rising usage of 5G technology, which offers faster speeds and lower latency than previous generations of cellular networks, as well as low-power and wide-area network solutions that can handle a high number of connected devices.
High-speed wireless connectivity demand is likely to boost market revenue growth. Moreover, the development of IoT and M2M communication is driving market revenue growth as more devices connect to the Internet for different objectives such as industrial automation, remote monitoring, and predictive maintenance. Moreover, 5G technology, which provides faster speeds and lower latency than previous generations of wireless technology, is propelling market revenue growth.
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Some Key Highlights from the Report
- Over the forecast period, the large enterprises segment is estimated to account for the greatest revenue share in the worldwide Automotive Wave Modems Market. This is owing to increased worldwide expenditures by big corporations in more advanced technologies like as AI and ML, a preference for industrial automation, and expanding awareness of Automotive Wave modems among these organizations in many industrial sectors.
- The outdoor segment is expected to dominate the Automotive Wave Modems Market in terms of revenue share during the forecast period. This can be attributed to the growing trend of installing Automotive Wave modems in outdoor settings, such as on poles, towers, or buildings, to facilitate long-distance communication such as Internet of Things (IoT) and Machine-to-Machine (M2M) communication.
- Over the projected period, the North American market is estimated to account for the greatest revenue share. This is due to increased demand for innovative solutions and well-established telecommunications infrastructure.
Competitive Landscape:
Increasing number of connected devices and volume of data: With the proliferation of smart devices and the growing reliance on wireless connectivity, the demand for high-speed wireless connections has surged. This is fueled by the need to transmit large volumes of data efficiently and reliably.
Internet of Things (IoT) and machine-to-machine (M2M) communication: The IoT ecosystem, which encompasses various interconnected devices, relies heavily on wireless connectivity. As more industries and sectors adopt IoT and M2M communication for automation, monitoring, and data exchange purposes, the demand for high-speed wireless connectivity continues to rise.
Adoption of 5G technology: The deployment of 5G networks offers significant advancements in terms of speed, capacity, and latency compared to previous generations of cellular networks. The superior performance of 5G technology enables faster data transmission, lower latency, and improved connectivity, driving the demand for high-speed wireless connectivity solutions.
Low-power and wide-area network solutions: Apart from 5G, there are other wireless technologies like low-power wide-area networks (LPWANs) that provide long-range connectivity with low power consumption. These solutions cater to applications requiring connectivity for a large number of devices over wide geographic areas, such as smart cities and industrial IoT deployments. The adoption of LPWANs contributes to the increasing revenue growth of the high-speed wireless connectivity market.
some leading companies operating in the global Automotive Wave Modems Market:
AT&T, Verizon Communications, Honeywell International Inc., General Electric (GE), National Instruments, Cisco Systems, Inc., Ericsson, Nokia, Huawei Technologies Co., Ltd., and ZTE Corporation.
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Internet of Things (IoT) and M2M Communication: The IoT has revolutionized the way devices and objects communicate and interact with each other. It enables seamless connectivity between devices, allowing them to collect and exchange data. As the IoT ecosystem expands, there is a greater need for robust and reliable wireless connectivity to facilitate communication between a vast number of devices and systems. Machine-to-Machine (M2M) communication, a subset of IoT, also relies heavily on wireless connectivity for transmitting data between devices and enabling automated processes.
Low-Power and Wide-Area Network Solutions: Alongside 5G, there has been a rise in low-power, wide-area network (LPWAN) solutions designed specifically for IoT applications. LPWAN technologies, such as Narrowband IoT (NB-IoT) and Long Range (LoRa), provide long-range connectivity with low power consumption. These solutions are particularly suitable for IoT devices that require connectivity over large areas, such as smart cities, industrial monitoring, and agricultural applications. The ability to support a large number of connected devices and offer cost-effective connectivity has propelled the adoption of LPWAN solutions.
The global market is further segmented into type and application:
Deployment Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Outdoor
- Outdoor
- Automotive
End-Use Industry Outlook (Revenue, USD Billion; 2022 - 2032)
- Telecommunications
- Industrial Automation
- Transportation
Business Outlook (Revenue, USD Billion; 2022-2032)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Overall, the combination of increasing device connectivity, exponential growth of IoT and M2M applications, the advent of 5G technology, and the availability of low-power and wide-area network solutions has created a strong demand for high-speed wireless connectivity. This trend is expected to continue as advancements in technology and the expansion of IoT applications drive the need for seamless and reliable wireless communication.
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