Cellular Modem

Cellular Modem Market Outlook

The global cellular modem market is projected to reach approximately USD 20 billion by 2035, with a compound annual growth rate (CAGR) of around 10% during the forecast period from 2025 to 2035. The increasing demand for high-speed internet connectivity across various sectors, coupled with the proliferation of IoT devices, is driving this growth. Furthermore, advancements in cellular technology, such as the rollout of 5G networks, are expected to enhance data transmission speeds and reliability, thereby fueling the adoption of cellular modems. Additionally, the rising trend of digitalization in industries like healthcare, transportation, and industrial automation is significantly contributing to the market's expansion. With more devices requiring stable and fast connectivity, cellular modems are poised to play a crucial role in enabling seamless communication across diverse applications.

Growth Factor of the Market

One of the primary growth factors for the cellular modem market is the accelerating adoption of 5G technology, which promises faster internet speeds, lower latency, and greater capacity for connected devices. As industries embrace IoT solutions, the demand for reliable cellular connectivity becomes paramount, leading to a surge in cellular modem installations. Additionally, the automotive sector is witnessing a transformative shift towards connected vehicles, necessitating advanced cellular modems that support real-time data transmission. Another significant driver is the growing trend of remote working and digital services, which has increased the dependency on mobile networks for seamless communication and data access. Moreover, government initiatives aimed at enhancing telecommunication infrastructure in rural areas are also expected to bolster the cellular modem market. Collectively, these factors present a robust growth trajectory for the industry.

Key Highlights of the Market

• Significant growth in demand for 5G modems is expected as carriers expand their networks.
• Industrial automation is one of the largest application segments driving cellular modem adoption.
• North America leads the market share due to high technology adoption and infrastructure development.
• Online retail channels are increasingly preferred for purchasing cellular modems due to convenience.
• Technological advancements, especially in LTE and NB-IoT, are reshaping market dynamics.

By Product Type

4G Modem:

The 4G modem segment remains a crucial part of the cellular modem market, primarily due to its widespread deployment and compatibility with existing infrastructure. These modems facilitate higher data speeds and improved connectivity compared to their predecessors. The growing penetration of mobile broadband services, particularly in urban and suburban regions, is a key factor driving the demand for 4G modems. Users are increasingly reliant on high-speed internet for various applications, including video conferencing, online gaming, and streaming services. Additionally, the 4G modems are often favored for their affordability and availability, making them a popular choice for both individual consumers and small businesses seeking reliable internet access without the need for extensive infrastructure investment.

5G Modem:

The 5G modem segment is anticipated to experience the most significant growth due to the global rollout of 5G networks. These modems offer ultra-fast data rates, low latency, and the ability to connect a massive number of devices simultaneously, making them ideal for IoT applications. Sectors such as smart cities, autonomous vehicles, and advanced healthcare solutions are increasingly leveraging 5G technology to enhance efficiency and connectivity. Furthermore, as network operators expand their 5G infrastructure, the adoption of 5G modems is expected to rise dramatically. The transition from 4G to 5G is not just a technological upgrade; it represents a fundamental shift in how data is transmitted and processed, thereby creating new opportunities for innovation and market expansion.

LTE Modem:

LTE modems are widely used for their ability to provide robust and reliable internet connections, particularly in areas where wired connections are not feasible. The LTE technology supports a wide range of applications, from mobile broadband services to machine-to-machine (M2M) communications in various industries. As businesses increasingly adopt digital solutions, the demand for LTE modems continues to grow, especially in sectors like transportation and logistics where real-time data transmission is crucial. The versatility of LTE modems makes them suitable for various devices, including routers and embedded systems, enabling seamless integration into existing networks. This adaptability not only supports enhanced operational efficiency but also positions LTE modems as a vital component of the cellular modem market.

GSM Modem:

The GSM modem segment remains relevant, particularly in regions where legacy systems are still in use. GSM technology is known for its reliability and has been the foundation for mobile communications for many years. Although newer technologies like 4G and 5G are gaining momentum, GSM modems are still employed in specific applications, particularly in remote monitoring and control systems. Industries such as agriculture and energy management leverage GSM modems for their simplicity and effectiveness in transmitting critical data over extended distances. The ongoing need for backward compatibility with existing systems ensures that GSM modems will continue to find applications in niche markets, sustaining their presence in the overall cellular modem landscape.

CDMA Modem:

CDMA modems, though gradually being phased out in favor of more advanced technologies, still hold a niche market. These modems are particularly useful in areas where CDMA networks are prevalent, providing reliable internet connectivity in rural and underserved regions. While their market share may be declining, CDMA modems are still utilized in specific applications, particularly in sectors like telemetry and remote monitoring. The ability to connect to established networks without requiring significant infrastructure changes makes CDMA modems a viable option for specific use cases. As the market shifts towards newer technologies, the challenge remains to transition users from CDMA to more advanced cellular modem solutions effectively.

By Application

Industrial Automation:

The industrial automation segment is a major driver of growth in the cellular modem market, as manufacturers increasingly adopt IoT solutions to enhance operational efficiency. Cellular modems enable real-time data collection and monitoring of industrial processes, facilitating predictive maintenance and minimizing downtime. This application is particularly beneficial in manufacturing environments where equipment failure can lead to substantial financial losses. As industries strive to optimize their operations, the demand for cellular modems that support high-speed, reliable communication will continue to rise. Moreover, the integration of cellular connectivity into automation systems allows for remote management and control, further enhancing flexibility and productivity in industrial settings.

Transportation:

The transportation sector is experiencing a significant transformation with the integration of cellular modem technology, enabling enhanced connectivity for vehicles and infrastructure. Cellular modems play a vital role in the development of connected vehicles, allowing for real-time monitoring, route optimization, and fleet management. This application is crucial for logistics companies looking to improve efficiency and reduce operational costs. Additionally, public transportation systems leverage cellular modems for passenger information systems, ticketing, and safety measures. As the demand for smart transportation solutions continues to grow, the role of cellular modems in facilitating seamless communication will become increasingly critical.

Healthcare:

In the healthcare sector, cellular modems are revolutionizing patient care through remote monitoring and telehealth applications. These modems enable healthcare providers to collect and transmit patient data in real-time, facilitating timely interventions and improving patient outcomes. The increasing prevalence of wearable health devices and home monitoring systems is driving the demand for cellular connectivity. Moreover, as healthcare organizations seek to enhance operational efficiency and reduce costs, the adoption of cellular modems for secure data transmission is expected to rise. The shift towards patient-centric care models underscores the importance of reliable and fast internet connections in delivering high-quality healthcare services.

Retail:

The retail sector is rapidly adopting cellular modem technology to enhance customer experiences and streamline operations. Cellular modems enable retailers to implement various applications such as mobile point-of-sale (mPOS) systems, inventory management, and customer engagement tools. This technology allows for a seamless shopping experience by facilitating real-time data access and communication between devices. Additionally, the rise of e-commerce has heightened the need for reliable internet connectivity, making cellular modems essential for both online and brick-and-mortar retail operations. As retailers continue to embrace digital transformation, the demand for cellular modems will play a pivotal role in driving efficiency and improving customer satisfaction.

Others:

Other applications of cellular modems encompass various industries, including agriculture, energy management, and smart city initiatives. In agriculture, cellular modems enable farmers to monitor crop conditions, soil moisture, and equipment status remotely. This connectivity enhances decision-making and promotes sustainable farming practices. In energy management, cellular modems facilitate smart grid solutions, enabling utilities to monitor and manage energy consumption effectively. Additionally, smart cities utilize cellular modems to connect various systems, such as traffic management and public safety, enhancing overall urban living. The versatility of cellular modems across these diverse applications underscores their importance in the broader technology ecosystem.

By Distribution Channel

Online Retail:

Online retail channels have become increasingly popular for purchasing cellular modems, driven by the convenience and accessibility they offer. E-commerce platforms allow consumers to compare different products, read reviews, and make informed decisions without leaving their homes. The growth of digital payment systems and improved logistics has further facilitated online sales, resulting in a surge in demand for cellular modems through this channel. Additionally, online retailers often provide promotional offers and discounts, enticing customers to make purchases. As consumers become more comfortable with online shopping, the trend towards buying cellular modems through e-commerce platforms is expected to continue to rise.

Offline Retail:

Despite the growing dominance of online retail, offline retail channels remain a significant distribution avenue for cellular modems. Physical stores offer customers the opportunity to interact with products, seek expert advice, and make immediate purchases. Retailers like electronics stores, telecommunications outlets, and specialized shops play a crucial role in educating consumers about the various features and benefits of cellular modems. Additionally, many customers prefer the tactile experience of examining a product before making a purchase decision. The offline retail channel also serves as a vital touchpoint for consumers who may need installation support or after-sales services, ensuring a comprehensive purchasing experience.

By Technology

LTE Advanced:

LTE Advanced technology is a significant advancement over standard LTE, offering improved data rates and efficiency. It supports a range of applications, particularly in high-demand environments where multiple users require connectivity simultaneously. The adoption of LTE Advanced is driven by the growing need for higher bandwidth and faster internet speeds, particularly in urban areas. This technology is instrumental in providing seamless connectivity for mobile broadband services, video streaming, and gaming applications. As network operators continue to upgrade their infrastructure to support LTE Advanced capabilities, the demand for compatible cellular modems will increase, propelling market growth.

LTE Cat-M1:

LTE Cat-M1 technology is specifically designed for IoT applications, providing a low-power, wide-area network solution. This technology allows for long-range communication and is particularly suited for devices that require extended battery life, such as sensors and trackers. The adoption of LTE Cat-M1 is gaining traction in industries like smart agriculture, healthcare, and asset tracking, where connectivity must be both reliable and energy-efficient. As IoT deployments continue to expand, the demand for cellular modems that support LTE Cat-M1 technology will grow, further driving the cellular modem market.

NB-IoT:

Narrowband IoT (NB-IoT) technology is a game-changer for low-power, wide-area applications, enabling the connectivity of millions of devices with minimal energy consumption. NB-IoT is particularly beneficial for smart city initiatives, environmental monitoring, and industrial applications where devices need to transmit small amounts of data over long distances. The growing focus on sustainability and energy efficiency is driving the adoption of NB-IoT solutions, as organizations seek to reduce operational costs and environmental impact. As more businesses recognize the advantages of NB-IoT technology, the demand for compatible cellular modems is expected to increase significantly.

5G NR:

5G NR (New Radio) technology represents the next generation of mobile communication, offering unprecedented speed, capacity, and reliability. As 5G networks become increasingly mainstream, the demand for 5G NR-compatible cellular modems is surging. These modems support various applications, including augmented reality, virtual reality, and advanced automotive technologies, which require high bandwidth and low latency for optimal performance. The adoption of 5G NR technology is expected to reshape industries, driving innovation and creating new business models. As more sectors recognize the transformative potential of 5G, the cellular modem market will witness significant growth fueled by the deployment of 5G NR solutions.

Others:

The "Others" category includes various emerging technologies that contribute to the cellular modem market, such as 4G LTE and legacy systems. While newer technologies like 5G and NB-IoT are gaining prominence, the demand for existing cellular modem technologies remains significant. These legacy systems continue to serve specific applications and markets where upgrades are not yet feasible. The continued use of these technologies underscores the need for compatibility and transition strategies as the industry moves towards more advanced solutions. As different sectors adopt varying technologies based on their specific needs, the diversity within the cellular modem market will continue to thrive.

By Region

The North American region currently holds the largest share of the cellular modem market, driven by high technological adoption rates and robust telecommunications infrastructure. The United States, in particular, is witnessing significant investments in expanding 5G networks, which is expected to boost the demand for advanced cellular modem solutions. Moreover, the presence of leading technology companies and a strong focus on innovation further reinforce the region's dominance. The market in North America is projected to grow at a CAGR of approximately 10% over the forecast period, fueled by the increasing adoption of smart devices and IoT applications across various sectors. As industries in this region embrace digital transformation, the demand for cellular modems will continue to rise.

In Europe, the cellular modem market is also experiencing notable growth, driven by the region's emphasis on connectivity and smart technology integration. Countries such as Germany and the United Kingdom are at the forefront of deploying advanced cellular networks to support IoT applications across multiple industries, including transportation, healthcare, and energy. The European market is expected to grow steadily, with increasing investments in 5G technology and the expansion of IoT ecosystems. Additionally, various government initiatives aimed at enhancing digital infrastructure will further propel the demand for cellular modems. The cumulative market growth in Europe is expected to align with global trends, ensuring the region remains a vital player in the cellular modem landscape.

Opportunities

The cellular modem market presents numerous opportunities driven by the increasing demand for high-speed connectivity across various industries. As businesses continue to invest in digital transformation initiatives, the need for reliable cellular modems becomes critical. The expansion of IoT applications, ranging from smart homes to industrial automation, creates a significant demand for cellular connectivity. Companies that focus on developing innovative modem solutions that cater to specific industry needs, such as energy efficiency and low latency, are well-positioned to capitalize on this growing market. Moreover, the ongoing rollout of 5G networks worldwide presents an unparalleled opportunity for manufacturers to introduce cutting-edge cellular modem technologies that can support next-generation applications, such as augmented reality, autonomous vehicles, and advanced healthcare solutions. As industries evolve, the market for cellular modems will continue to expand, offering lucrative growth prospects for key stakeholders.

Furthermore, the trend towards smart city initiatives and connected infrastructure is set to drive demand for cellular modems significantly. Governments and municipalities are increasingly investing in smart technologies to enhance urban living, improve public services, and address sustainability challenges. This shift towards smart city solutions creates a robust market for cellular modems that can support various applications, including traffic management, waste management, and public safety. Companies that can develop customized solutions tailored to the unique needs of urban environments have the potential to capture substantial market share. As demand for smart technologies continues to rise, the cellular modem market will benefit from the growing investments in infrastructure and connectivity, paving the way for sustained growth in the coming years.

Threats

Despite the promising growth outlook for the cellular modem market, there are inherent threats that could impact its trajectory. One major concern is the rapid evolution of technology, which can lead to obsolescence for existing cellular modem solutions. As newer technologies, such as 5G, gain traction, there is a risk that older modem technologies may struggle to compete, potentially resulting in a decline in demand. Additionally, the high costs associated with upgrading infrastructure to support advanced cellular networks can pose financial challenges for both manufacturers and consumers, particularly in developing regions. Furthermore, market saturation in certain segments may lead to increased competition, driving prices down and impacting profit margins for modem manufacturers. It is crucial for companies in this sector to remain agile and adapt to technological advancements to mitigate these risks and maintain their competitive edge.

Another significant threat to the cellular modem market is the increasing regulatory scrutiny regarding data privacy and security. As cellular modems become integral to various applications, including critical infrastructure and personal devices, the potential for cyber threats and data breaches rises. Regulatory bodies are imposing stricter regulations to protect consumer data, which may require manufacturers to invest heavily in compliance and security measures. Non-compliance can result in severe penalties and damage to brand reputation, impacting market position and consumer trust. Companies must prioritize security as a fundamental aspect of their product development to navigate these challenges effectively. Failure to address security concerns can hinder market growth and diminish consumer adoption of cellular modem technologies.

Competitor Outlook

• Qualcomm
• Huawei Technologies Co., Ltd.
• Nokia Corporation
• Ericsson
• Intel Corporation
• Sierra Wireless, Inc.
• Telit Communications PLC
• ZTE Corporation
• Multi-Tech Systems, Inc.
• Netgear, Inc.
• Ubiquiti Networks, Inc.
• Cradlepoint, Inc.
• Gemalto N.V. (Thales Group)
• Digi International Inc.
• Advantech Co., Ltd.

The cellular modem market is characterized by a competitive landscape marked by both established players and new entrants striving to innovate and capture market share. Leading companies like Qualcomm and Huawei are at the forefront, leveraging their extensive research and development capabilities to introduce advanced cellular technologies that meet evolving consumer demands. As 5G technology continues to gain momentum, these companies are investing heavily in the development of next-generation modems that can support high data rates, low latency, and extensive connectivity. Their strong partnerships with network operators and technology providers further enhance their competitive positioning, enabling them to play a pivotal role in shaping market trends and driving overall industry growth.

Emerging players in the cellular modem market are also making significant strides, focusing on niche applications and specialized solutions to differentiate themselves. Companies like Sierra Wireless and Telit Communications are capitalizing on the growing demand for IoT solutions by offering cellular modems designed specifically for connected devices. These companies are prioritizing energy efficiency, compact design, and easy integration into existing systems, catering to the evolving needs of industries such as agriculture, healthcare, and smart cities. Additionally, the competitive landscape is witnessing a trend towards collaborations and partnerships among companies to enhance product offerings and expand market reach. By pooling resources and expertise, these companies are better equipped to address the complexities of the cellular modem market and deliver tailored solutions to customers.

Key players in the cellular modem market, such as Intel Corporation and Ericsson, are focusing on strategic acquisitions and mergers to bolster their capabilities and access new markets. These companies recognize that acquiring innovative startups can accelerate their growth and provide access to cutting-edge technology. For instance, Ericsson's acquisition of Cradlepoint enhanced its portfolio of cellular broadband solutions for enterprise applications, enabling it to offer comprehensive connectivity solutions to customers. Furthermore, industry giants are increasingly investing in research and development to stay ahead of technological advancements and address emerging challenges, ensuring they maintain their competitive edge in the dynamic landscape of the cellular modem market. As competition intensifies, companies must continuously innovate and adapt to changing market dynamics to achieve sustained growth and success.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Ericsson
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Qualcomm
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Netgear, Inc.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 ZTE Corporation
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Cradlepoint, Inc.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Intel Corporation
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Nokia Corporation
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Advantech Co., Ltd.
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Sierra Wireless, Inc.
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Digi International Inc.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Ubiquiti Networks, Inc.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Multi-Tech Systems, Inc.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Telit Communications PLC
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Gemalto N.V. (Thales Group)
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Huawei Technologies Co., Ltd.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Cellular Modem Market, By Application
    • 6.1.1 Industrial Automation
    • 6.1.2 Transportation
    • 6.1.3 Healthcare
    • 6.1.4 Retail
    • 6.1.5 Others
  • 6.2 Cellular Modem Market, By Product Type
    • 6.2.1 4G Modem
    • 6.2.2 5G Modem
    • 6.2.3 LTE Modem
    • 6.2.4 GSM Modem
    • 6.2.5 CDMA Modem
  • 6.3 Cellular Modem Market, By Distribution Channel
    • 6.3.1 Online Retail
    • 6.3.2 Offline Retail

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Cellular Modem Market by Region
  • 10.4 Latin America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 Brazil
      • 10.4.1.2 Argentina
      • 10.4.1.3 Mexico
  • 10.5 North America - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 USA
      • 10.5.1.2 Canada
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Cellular Modem market is categorized based on

By Product Type

• 4G Modem
• 5G Modem
• LTE Modem
• GSM Modem
• CDMA Modem

By Application

• Industrial Automation
• Transportation
• Healthcare
• Retail
• Others

By Distribution Channel

• Online Retail
• Offline Retail

By Region

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

Key Players

• Qualcomm
• Huawei Technologies Co., Ltd.
• Nokia Corporation
• Ericsson
• Intel Corporation
• Sierra Wireless, Inc.
• Telit Communications PLC
• ZTE Corporation
• Multi-Tech Systems, Inc.
• Netgear, Inc.
• Ubiquiti Networks, Inc.
• Cradlepoint, Inc.
• Gemalto N.V. (Thales Group)
• Digi International Inc.
• Advantech Co., Ltd.