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Wireless Connectivity Market Size
Wireless Connectivity Market will showcase notable growth during the forecast period of 2024-2032, driven by the increasing internet adoption, continual technological disruptions, a growing number of smartphone users, and the emergence of the Internet of Things (IoT). As per Oberlo.com, in 2024, the number of smartphone users will stand at 4.74 billion, reflecting a yearly growth rate of 2.2%.
The increasing occurrence of cyberattacks, absence of standardized communication protocols, and inadequate expertise in the wireless connectivity are anticipated to hinder market expansion in the upcoming years.
Wireless Connectivity Market Trends
One notable trend is the widespread adoption of 5G technology, which is poised to transform connectivity capabilities across various sectors. With projections indicating that global 5G connections will exceed 1.5 billion by 2024, businesses are increasingly harnessing high-speed network to drive innovations such as autonomous vehicles, smart cities, and advanced IoT applications. Additionally, the emergence of edge computing is reshaping network architectures, enabling more efficient data processing closer to the source, and reducing latency. Concurrently, the proliferation of Wi-Fi 6 and Wi-Fi 6E standards promises to deliver faster speeds, increased capacity, and enhanced performance in congested environments. These innovations and trends are poised to shape the industry outlook over the coming years.
Wireless Connectivity Market Analysis
ZigBee segment is set to capture a sizeable share of global wireless connectivity industry by 2032, favored by robust and reliable wireless communication protocol, enabling seamless connectivity among various devices in a network. Additionally, the mesh networking capability allows for scalability and flexibility, enabling devices to communicate with each other over extended distances without the need for a centralized hub. Furthermore, the open standard nature promotes interoperability among different manufacturers' devices.
Consumer electronics segment is projected to hold major significance between 2024-2032, backed by the introduction of diverse devices incorporating multiple connectivity technologies, such as consumer robotics and consumer drone. Within consumer robotics, encompassing robots designed for entertainment and domestic chores will bolster the demand for wireless connectivity solutions.
Asia Pacific wireless connectivity market is estimated to grow at a substantial rate over 2024 and 2032, backed by the rise in smartphone penetration. The rapid expansion of the region's e-commerce sector, projected to attain a value of $3.5 trillion by 2024, is favoring the product demand for facilitating seamless online transactions and logistical operations. The increasing adoption of Internet of Things (IoT) technologies across sectors like manufacturing, healthcare, and agriculture fuels the demand for robust wireless connectivity solutions. Additionally, the deployment of 5G networks will stimulate the regional industry growth.
Wireless Connectivity Market Share
Some of the prominent vendors functioning in the global wireless connectivity industry include Qualcomm, Atmel Corporation (Microchip Technology), Broadcom Inc., Intel Corporation, NXP Semiconductors N.V, Texas Instruments Incorporated, MediaTek Inc., and others. These players have been taking up various strategic initiatives like mergers, acquisitions, collaboration, new product launches and others, to gain a strong foothold in the global industry.
Wireless Connectivity Industry News
- In August 2022, AT&T declared its plans to extend its Fiber Internet Service to Arizona, with anticipated availability for residents in 2023. The company aimed to deliver fiber-based broadband speeds of up to 5 gigabits per second to over 100,000 homes situated in and around Mesa.
- In Feb 2024, Wipro Ltd and Nokia Corporation collaboratively introduced a private 5G wireless solution aimed at aiding enterprises in their digital transformation endeavors. Initially, this offering will cater exclusively to companies within the manufacturing, energy, utilities, transportation, and sports entertainment sectors.