The Radio Modem Market size is estimated to reach US$1.5 billion by 2028, growing at a CAGR of 4.5% from 2023 to 2028. Growing demand for private radio networks, incorporation of intelligent transport systems, rising telemetry and SCADA system applications and growing demand for wireless communication technologies are propelling the growth of the Radio Modem Industry during the forecast period. In March 2021, AT&T spent around US$23 billion on building wireless infrastructure. However, the inability to transmit a large volume of data and congestion on license-free frequency channels are hampering the growth of the Radio Modem market during the forecast period.
Moreover, ultrahigh frequency applications in military and defense create ample opportunities for the Radio Modem market to grow during the forecast period. These frequency bands are being used in radar communication in combat scenarios. The use of ultrahigh technology allows for the secure exchange of critical information such as orders and commands from any location. Furthermore, the establishment of a Space Force with a US$17.4 billion budget in 2022 to amplify tactical warfare skills on land, air and sea would accelerate future demand for Ultrahigh Technology and thereby boost the Radio Modem Market.
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APAC generated approximately 28% of the global revenues in the Radio Modem industry in 2022. Increased demand for wireless communication technologies and rising investments in 5G infrastructure would drive the Radio Modem market in the APAC region. In October 2022, according to a report published by China Unicom, China has 201 million 5G subscriptions with 6 million signing up in September alone. This growing 5G infrastructure would increase the Radio Modem market size.
Radio Modem Market Growth Drivers:
Rising Telemetry applications:
Telemetry involves sensing and measuring data at a remote source and transmitting that data to a central location. The telemetry information is transmitted through radio modems, which drives the market forward. Telemetry has widespread applications across various industry verticals such as healthcare, aerospace, military and many others. The integration of advanced technologies such as IoT and artificial intelligence with telemetry applications has modernized the segment. In May 2021, Mindtree signed a contract to acquire NxT Digital Business. Through this acquisition, Mindtree would leverage NxT Digital Business’ capabilities in integrating telemetry data and sensors with its advanced data analytics to drive digitalization across the engineering and manufacturing value chain. These factors would positively influence the Radio Modem industry outlook during the forecast period.
Major Players in this Market
The major players in Radio Modem Market include Digi International, Campbell Scientific, SATEL, RACOM, RF Data Tech and NEC Corporation among others. In April 2022, as part of the InTranSE- II program, the Indian Ministry of Electronics and Information Technology (MeitY) launched a number of apps under the Intelligent Transportation System (ITS) to enhance the traffic situation in India.