Wireless Gigabit Market Size, Share, Growth, Trends and Forecast Report, 2024
by Susan Hill Business ConsultantThe global wireless gigabit market size is expected to reach USD
7.42 billion by 2024, according to a new report by Grand View Research, Inc.
The increasing requirement for improved internet connectivity and better speed
is driving the high-speed Internet growth across the globe. Moreover, the high
penetration of smartphones and use of multiple devices are contributing to the
overall industry growth. Global consumers demand high-speed connectivity
without wires fastening them to their devices. Due to its capability of
providing multi-gigabit data transfer, the technology is widely used in
applications right from video streaming to backing up files.
As consumers demand wireless videos and data
continues to grow, 802.11ad in the 60GHz spectrum shall provide more enhanced
network capacity that makes it a feasible extension for the congested
2.4GHz/5GHz Wi-Fi spectrum.
Companies serving verticals such as media and
entertainment, online gaming, healthcare, hospitality, educational
institutions, research environments, and financial services, among others
require a big bandwidth and high-speed Ethernet options. Furthermore,
businesses are increasingly deploying resources to the cloud, whether a public,
private, or hybrid cloud environment. Maximizing the effectiveness of cloud
computing depends on the sufficient broadband speed and reliability that is
also cost-effective. Such factors are increasingly contributing toward the
rapid industry growth.
However, the escalation in productivity from BYOD
devices has put more pressure on wireless networks, making costs harder to
control and the devices more complex to manage within an organization. Due to
the growing transition toward virtualization and BYOD, business networks are
struggling with increased complexity.
Further
key findings from the study suggest:
- The 802.11ac segment dominated the industry, which is anticipated to
grow at a CAGR of nearly 30% over the forecast period. The exponential
growth of virtualization, video, and mobility has led to an increase in
the demand for bandwidth. Moreover, organizations require robust,
adaptable, and easily positioned wireless LAN solutions as more of their
workforces are accessing the network using intelligent mobile devices that
run high bandwidth applications. These factors are leading to the rapid
adoption of 802.11ac-enabled devices.
- The consumer electronics segment is anticipated to significantly
dominate the industry over the forecast period with a CAGR of over 31%,
owing to the increasing proliferation of consumer devices such as
smartphones, tablets, and laptops.
Owing to the rise in the adoption of these consumer devices, many business
networks have experienced network congestion issues along with
interference. This has led several network operators to move their
dual-band services to operate using the 5GHz spectrum, thus driving the
growth of the WiGig market.
- IT & telecom led the industry with a share of 29% in 2015. With
the improvement in the telecom connectivity, companies are increasingly
adopting applications such as BYOD throughout their operations. Moreover,
the increase in the employee strength and the growing demand for worldwide
coordination have, in turn, increased the demand for the high-speed
Internet. This propels the IT & telecom organizations to use WiGig
solutions across their businesses.
- Asia Pacific is projected to be a key regional segment with over 45%
of the overall revenue share in 2015. The presence of a large number of
WiGig manufacturers is the key factor for the dominating share accounted
by the region. The presence of robust economies, such as India and China,
is also expected to drive the regional growth. Moreover, the rising
adoption of third-party platforms by enterprises, along with varied
government initiatives, is projected to drive the need for smart network
solutions.
- The key vendors in the WiGig market include Intel Corporation,
Qualcomm, Broadcom Corporation, Panasonic Corporation, Marvell Technology
Group Ltd., NEC Corporation, Cisco Systems, Inc., MediaTek, Nvidia
Corporation, and Azurewave Technologies, Inc. Industry players are
continuously investing in partnerships and new products to create
opportunities for entering into new verticals and gaining a significant
industry share.
Access
full research report on global wireless gigabit (WiGig) market:
www.grandviewresearch.com/industry-analysis/wireless-gigabit-wigig-market
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Created on Mar 6th 2020 08:15. Viewed 522 times.