New York, US, May 23, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Next Generation Wireless Communication Market Information by Technology, by Application - Forecast to 2030”. Next Generation Wireless Communication Market could thrive at a rate of 20.54% between 2021 and 2030. The market size will be reaching around USD 122.47 Billion by the end of the year 2030.
Market Synopsis:
Next Generation Wireless Communication Market refers to the latest technologies and solutions used for wireless communication that offers faster and more reliable connectivity with high bandwidth and low latency. It includes various wireless communication standards such as 5G, Wi-Fi 6, and the Internet of Things (IoT). The Next Generation Wireless Communication Market is expected to provide seamless connectivity with low latency, high reliability, and high speed, enabling a wide range of applications across various industries.
Next Generation Wireless Communication finds its application in a wide range of industries such as healthcare, automotive, retail, transportation, and logistics, among others. In the healthcare sector, the technology is used for remote monitoring and telemedicine, while in the automotive sector, it enables autonomous driving and intelligent transportation systems. The retail industry uses Next Generation Wireless Communication for smart shopping and location-based marketing, and the logistics sector uses it for real-time tracking and fleet management.
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Market Competitive Landscape:
The affluent companies in the Next Generation Wireless Communication industry include:
- ZTE Corporation
- AT&T
- Huawei
- Intel Corporations
- Cisco Systems
- Qualcomm
- IBM Corporations
- NEC
Scope of the Report - Next Generation Wireless Communication Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 122.47 Billion |
| CAGR during 2020-2030 | 20.54% |
| Base Year | 2019 |
| Forecast | 2020-2030 |
| Key Market Opportunities | prominent changes in the market size of the connectivity services and the increased demand on the global scale |
| Key Market Drivers | Increasing Adoption of Consumer Electronics |
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Latest Industry Updates (August 2021):
Qualcomm announced the launch of its new Snapdragon 888 Plus 5G Mobile Platform, designed to provide faster connectivity and superior performance to 5G smartphones. This technology aims to enhance the user experience by providing faster downloads and smoother gaming experiences.
Market USP Covered:
Market Drivers:
The Next Generation Wireless Communication market is also driven by the increasing demand for seamless and reliable communication networks in various applications such as healthcare, defense, and public safety. The development of 5G technology, which offers high-speed connectivity, low latency, and high reliability, is also driving the growth of the market. This technology is expected to support the growth of emerging technologies such as augmented reality, virtual reality, and autonomous vehicles, among others.
Moreover, the increasing adoption of cloud computing and edge computing technologies is also driving the growth of the Next Generation Wireless Communication market. These technologies require high-speed and low-latency communication networks to enable real-time data processing and analysis. The market is also driven by the increasing use of wireless communication technologies in the industrial sector to enable real-time monitoring and control of machines and equipment.
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Another driving factor for the Next Generation Wireless Communication market is the increasing demand for secure communication networks. With the increasing instances of cyber-attacks and data breaches, the demand for secure communication networks is on the rise. This is driving the growth of the market as companies are investing in advanced security solutions to protect their networks from cyber threats.
Market Restraints:
The high cost of deploying Next Generation Wireless Communication technology and the lack of adequate infrastructure in some regions are major challenges for market growth. Additionally, the growing concerns regarding data privacy and security are also expected to hinder the growth of the market.
COVID 19 Analysis:
The COVID-19 pandemic had a significant impact on the Next Generation Wireless Communication market. The pandemic has led to a surge in demand for high-speed internet and advanced communication technologies, as remote work, virtual communication, and e-commerce have become the new normal. The pandemic has also increased the demand for telemedicine and remote learning, which require reliable and high-speed internet connectivity.
In the post-COVID scenario, the Next Generation Wireless Communication market is expected to continue to grow, driven by the increasing demand for advanced communication technologies to support the development of smart cities, autonomous vehicles, and Industry 4.0. The market is also expected to benefit from the increasing adoption of connected devices, such as smart homes, wearables, and industrial sensors, which require reliable and high-speed wireless communication.
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Market Segmentation:
- By Technology - The Technology in the market includes Wireless LAN, 3G, 4G LTE, and 5G.
- By Application - The Application in the market includes Consumer Electronics, Telecommunication, Aerospace & Defence, Retail, Automotive, and Healthcare.
Regional Insights:
North America, Europe, and Asia Pacific are the top three regions for the Next Generation Wireless Communication market. North America leads the market due to the presence of major technology companies and the high adoption rate of advanced technologies. Europe is expected to witness significant growth due to the increasing investment in 5G infrastructure, while Asia Pacific is expected to emerge as a major market due to the high adoption rate of smartphones and the increasing demand for advanced communication technologies.
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