Market Research Future published a research report on “Wireless Connectivity Market Research Report- Global Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
On a global scale, the value of the wireless connectivity market in 2017 was USD 45.21 billion and its size can expand up to USD 96.08 billion by the year 2023, estimates Market Research Future (MRFR). The growth rate obtained by the market during the forecast period (2018-2023) is expected to be 13.4%, as mentioned in the MRFR report.
Top Drivers and Key Barriers
Soaring demand for connected devices as well as digital services along with the rising adoption of the latest technologies by industries has led to the strong growth of the Wireless Connectivity Market in recent years. Surging proliferation of smart devices, advancement of IoT, advent of smart homes and smart cities along with easy availability of internet are other important factors that back the growth of the wireless connectivity market.
Connected devices have gained immense momentum over the years, generating a massive amount of data every second. Digitization has presented a host of growth opportunities to businesses as they are able to make use of this enormous volume of data to obtain useful insights. The high deployment of digitalization among enterprises has helped them reap great benefits, giving way to higher revenue generation. Additionally, with developments in computing and storage technology, computing power has expanded exponentially in the past decade. This has opened up avenues for managing and computing sizeable sets of data, and when integrated with sophisticated technologies like artificial intelligence (AI), enterprises are now able to gain useful business as well as customer insights.
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With the emergence of artificial intelligence applications such as deep learning and machine learning, companies have realized the importance of harnessing the data available for beneficial insights, which helps them boost their revenue. These appealing benefits of connected devices can fuel the demand for reliable wireless connectivity solutions and in the process, can benefit the wireless connectivity market in the following years.
The segmental examination of the wireless connectivity market is carried out on the basis of technology, deployment, application, type and region. Based on the technology, the wireless connectivity market is segmented into GPS, NFC, Bluetooth, ultra-wideband, Wi-Fi, cellular, Zigbee, and others. Based on the deployment, the wireless connectivity market is segmented into gateways, cloud, control devices, and others. The application basis of segmenting the wireless connectivity market comprises of healthcare, wearable devices, energy, automotive, public safety, consumer electronics and others. Based on the type, the wireless connectivity market is segmented into wireless personal area network (WPAN), wireless local area network (WLAN), satellite (GNSS), and cellular M2M. Based on the region, the wireless connectivity market is segmented into Asia-Pacific, North America, Europe, and the rest of the regions.
The key players in the wireless connectivity market are QUALCOMM Inc. (Ticker: QCOM) (US), Cisco Systems Inc (Ticker: CSCO) (US), Microchip Technology Inc. (Ticker: MCHP) (US), Texas Instruments Inc. (Ticker: TXN) (US), Cypress Semiconductor Corporation (US), Intel Corporation (US), NXP Semiconductors (Netherlands), AT&T Inc. (US), STMicroelectronics NV (Switzerland), and Renesas Electronics Corporation (Japan) among others.
The regional investigation of the wireless connectivity market includes Asia-Pacific, North America, Europe, and the rest of the regions. The Asia-Pacific regional market is anticipated to direct the global market for wireless connectivity in the forecast period. The nations of Japan, India, and South Korea, China, dictates the wireless connectivity market in the Asia-Pacific. The wireless connectivity market is increasing very swiftly as they are mounting with the implementation of smartphones and other consumer electronic devices. The regional Asia-Pacific market has the prime adoption and operation rate of smartphones & tablets; consequently, it controls the principal market share. Furthermore, the smart city project declaration in countries of India and China is anticipated to compel the wireless connectivity market in the Asia-Pacific throughout forecast period. The wireless connectivity market in the North American region is also anticipated to develop at a faster rate throughout the forecast period due to the existence of key IT & Telecom vendors. Also the adoption of novel technologies such as IoT and artificial intelligence are estimated to boost the North American regional market.
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- Original equipment manufacturers
- Wireless device manufacturers
- Software providers
- Component providers
- Manufacturers of electronic devices
- Industrial end users
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