Wireless Connectivity Market Worth 95.66 Billion USD by 2023
PUNE, India, May 3, 2018 /PRNewswire/ --
According to the new market research report "Wireless Connectivity Market by Connectivity Technology (Wi-Fi, Bluetooth Classic, Bluetooth Smart, NFC, ZigBee, Z-Wave, GNSS, LTE Cat-M1, NB-IoT, LoRa, Sigfox), Type (WLAN, WPAN, LPWAN), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 50.96 Billion in 2018 to USD 95.66 Billion by 2023, at a CAGR of 13.42% between 2018 and 2023.
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Browse 77 market data Tables and 46 Figures spread through 188 Pages and in-depth TOC on "Wireless Connectivity Market - Global Forecast to 2023"
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The growth of the wireless connectivity market is driven by the advancements in the telecommunications industry and high adoption of smartphones, increased demand for wireless sensor networks for creating smart infrastructure, increased demand for low-power wide-area (LPWA) networks in IoT applications, significant increase in the internet penetration rate, and rise in the adoption of IoT. Moreover, significant financial support from governments across the world for R&D in the Internet of Things, emerging needs for cross-domain applications, and proliferation of Wi-Fi as wireless connectivity standard in consumer and enterprise sectors are some major opportunities for the growth of the market.
The market for Wi-Fi technology expected to register the largest shipment between 2018 and 2023.
The demand for Wi-Fi-enabled connected home devices such as video doorbells, thermostats, lighting solutions, smart TVs, refrigerators, washing machines, and music systems are increasing. The use of Wi-Fi in consumer electronics has enabled users to control the devices. In addition, the increase in the penetration of smartphones in the middle-class population in emerging economies, such as India, Indonesia, and other Southeast Asian countries, is boosting the growth of the market for connected devices based on Wi-Fi technology. All these factors are helping the growth of the market for chipsets based on Wi-Fi technology.
The market for LPWAN-enabled chipsets is expected to grow at the highest CAGR during the forecast period.
The growing use of low-power long-range M2M connectivity solutions in smart city and smart metering applications is expected to drive the growth of the market for LPWAN technology during the forecast period. Sigfox and LoRa are expected to be the dominant LPWAN technologies in Europe and North America, while developing countries of Asia Pacific are likely to witness the high adoption of NB-IoT technology for smart city projects.
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APAC expected to hold the largest size of the wireless connectivity market between 2018 and 2023
This growth of wireless connectivity in Asia Pacific is attributed to the growing adoption of smartphones and other connected consumer electronics products, such as smart TVs and smart lighting solutions. Moreover, the new announcement of smart city projects in developing countries such as India and China, wherein advanced technologies such as the Internet of Things (IoT), machine-to-machine communication (M2M) are likely to be employed in different applications, is expected to drive the growth of wireless connectivity market in Asia Pacific during the forecast period.
Major players in the wireless connectivity market include Qualcomm (US), Intel (US), Broadcom (US), MediaTek (Taiwan), Texas Instruments (US), Cypress Semiconductor (US), NXP Semiconductors (Netherlands), and STMicroelectronics (Switzerland), Microchip (US), and EnOcean (Germany). The market also covers other player such as NEXCOM (Taiwan), Skyworks Solutions (US), Murata Manufacturing (Japan), Marvell Technology (US), Quantenna Communications (US), Renesas Electronics (Japan), Nordic Semiconductor (Norway), CEVA (US), Espressif Systems (China), Peraso Technologies (Canada).
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