Company: VEEAW
Filing Date: 2025-07-07
Form Type: DRS
Source: 0001213900-25-061586
Chunk: 104

Company: VEEA INC.
Filing Date: 2025-07-07
Form: DRS
Chunk 104
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-5G products are
also going through the homologation and certification process with a major ISP. STAX-5G is also being evaluated by two other network
operators in several countries and we expect to initiate homologation and carrier certification with those operators.

The Serviceable and Obtainable
Market (SOM) is a large percentage of TAM given the cybersecurity challenges faced by the SMBs/SMEs in the target markets. The Cybersecurity
market in the soft-launch country was valued at US$12.75 billion in 2023, and is expected to reach US$23.13 billion by 2029, rising at
a CAGR of 10.27%. In the soft-launch market, SMBs (for up to 7 devices, such as POS, payment terminals, laptops per user)
spend between $200–$500 for a just a basic security package consisting of antivirus, firewall, vulnerability scanning,
and minimal monitoring. For full-featured package such as the one offered by SecureConnect that includes cybersecurity for data-at-rest
and data-in-motion, the monthly spent is significantly higher depending on the features included. The MNO Partner’s pricing total
of SecureConnect service offering, including the monthly rental fees for STAX-5G product together with VeeaCloud management, Cybersecurity
service and 5G airtime fees, is less than just the cost of the more popular cybersecurity services offered to SMBs by third-party vendors,
as just a cybersecurity software and/or cloud-based service, without the edge device and many of the features that are supported through
SecureConnect.

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To the best of our knowledge
from a cost performance perspective, range of features, including leading-edge cybersecurity service, and future-proofed with additional
value-added edge services continually introduced over time, there is no direct competitor for this unique product and the retention rate
of customers acquired is believed to be longer than the average subscriber base churn.

An Ericsson
forecast provides that the total global Fixed Wireless Access (FWA) subscriptions will grow at 19 percent year-on-year
during the 2022 to 2028 period to reach more than 300 million devices by 2028. The total market size for indoor Wi-Fi APs in 2025 is
estimated to be on the order of US$17.2 billion in 2024 increasing to US$32.2 billion by 2032 with a CAGR of 8.2%.

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