How Has The Wireless Connectivity Market Size Evolved In Recent Years?
The wireless connectivity market has seen considerable growth due to a variety of factors.
• In recent times, the market size of wireless connectivity has expanded swiftly. The valuation is anticipated to escalate from $139.36 billion in 2024 to $154.09 billion in 2025, registering a compound annual growth rate (CAGR) of 10.6%. Factors contributing to the historic period growth include the surge in mobile device usage, evolving consumer electronics connectivity requirements, advent of smart cities, the need for uninterrupted connectivity in vehicles, and concerns relating to environmental sustainability.
What Is The Forecast For The Wireless Connectivity Market?
The Wireless Connectivity market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for wireless connectivity is predicted to surge significantly in the forthcoming years. By 2029, it is forecasted to reach a figure of $262.34 billion, growing at a compound annual growth rate (CAGR) of 14.2%.
The growth anticipated during this period can be credited to the rise of smart infrastructure, the growing need for remote working solutions, advancements in satellite connectivity, the advent of industry 4.0 and the escalating demand for mobile broadband. Key trends prognosticated for this period encompasses the deployment and adoption of 5g, the explosion of the internet of things (IoT), the inclusion of AI and machine learning, solutions offering multi-connectivity and connectivity for remote working.
What Are The Essential Drivers Behind The Growth Of The Wireless Connectivity Market?
The rise in the number of internet users is projected to propel the expansion of the wireless connectivity market. The term "internet penetration rate" refers to the proportion of a specific country or region's total population that utilizes the internet. Consequently, with more people using the internet, the use of new technology devices like phones, microphones, and digital cameras has surged. As a result, the wireless connectivity market is expected to grow due to increasing internet usage. For example, as per a report released by the International Telecommunication Union (ITU), a U.S-based information and communication technologies agency, around 5.4 billion individuals, which represents 67% of the global population, were utilizing the internet in 2021, as of July 2023. This is an upshot of 1.88% from 2022, with around 0.1 billion people being introduced to online activities during that timeline. Hence, the escalating internet penetration rate is spearheading the growth of the wireless connectivity market.
How Is The Global Wireless Connectivity Market Divided Into Key Segments?
The wireless connectivity market covered in this report is segmented –
1) By Type: LPWAN (Low Power Wide Area Network), Cellular M2M (Machine-To-machine), WPAN (Wireless Personal Area Network), Satellite (GNSS) Global Navigation Satellite System, WLAN (Wireless Local Area Network)
2) By Deployment: Control Devices, Gateways, Cloud
3) By Technology: Bluetooth, WI-FI, Ultra-Wideband, NFC, Cellular, Zigbee
4) By End Use: Wearable Devices, Healthcare, Consumer Electronics, Building Automation, Automotive And Transportation, Other End Uses
Subsegments:
1) By LPWAN (Low Power Wide Area Network): LoRaWAN, Sigfox, NB-IoT (Narrowband IoT)
2) By Cellular M2M (Machine-To-Machine): 2G Or 3G Or 4G LTE, 5G
3) By WPAN (Wireless Personal Area Network): Bluetooth, Zigbee, Z-Wave
4) By Satellite (GNSS) Global Navigation Satellite System: GPS, GLONASS, Galileo
5) By WLAN (Wireless Local Area Network): Wi-Fi, Wi-Fi Direct
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What Trends Are Reshaping The Future Of The Wireless Connectivity Market?
A major trend that's currently getting traction in the wireless connectivity market is the focus on product innovation. Businesses in this sector are striving to develop advanced technologies to maintain their market stance. For instance, Lumen Technologies Inc., an American telecommunications business, debuted a Wi-Fi 7 device in October 2023. This inventive gadget possesses a special design enabling it to reach speeds of up to 10 Gbps, rendering it around 30 times faster than its existing counterparts. It's expected to accommodate up to 10,000 devices at once, making it a perfect fit for homes and businesses with numerous connected devices. With a latency under one millisecond, this device is perfect for real-time applications like gaming or virtual reality.
Who Are the Key Players In The Wireless Connectivity Market?
Major companies operating in the wireless connectivity market include:
• Intel Corporation
• Texas Instruments Incorporated
• Qualcomm Incorporated
• Broadcom Inc.
• STMicroelectronics
• NXP Semiconductors
• Microchip Technology Inc.
• MediaTek Inc.
• Renesas Electronics Corporation
• Panasonic Corporation
• Nexcom International Co. Ltd.
• Cypress Semiconductor Corporation
• AT&T Inc.
• Cisco Systems Inc.
• Nokia Corporation
• Marvell Technology Group Ltd.
• Nordic Semiconductor ASA
• Sierra Wireless Inc.
• Skyworks Solutions Inc.
• Sequans Communications S.A.
• Lantronix Inc.
• Qorvo Inc.
• Murata Manufacturing Co. Ltd.
• Inseego Corp.
• u-blox Holding AG
• Cambium Networks Corporation
• Onsemi
• Semtech Corporation
• Celeno Communications
• Redpine Signals Inc.
What Are The Regional Insights Into The Wireless Connectivity Market?
Asia-Pacific was the largest region in the wireless connectivity market in 2024. The regions covered in the wireless connectivity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
