Dublin, July 30, 2024 (GLOBE NEWSWIRE) -- The "Global Wireless Connectivity Market Size, Share & Trends Analysis, 2024-2031" report has been added to ResearchAndMarkets.com's offering.
The Global Wireless Connectivity Market is expected to reach $236.6 billion by 2031, rising at a market growth of 13.4% CAGR during the forecast period.
The rapid expansion is fueled by the increasing number of internet users, growing smartphone penetration, and the convenience offered by online shopping. In China, e-commerce giant Alibaba has revolutionized the retail landscape with its vast online marketplace. Thus, as more consumers shift towards online shopping and digital services, the demand for robust wireless networks has surged, driving market growth.
Recognizing the strategic importance of robust wireless networks, governments are launching comprehensive programs and policies to facilitate the deployment of advanced wireless technologies, enhance connectivity, and bridge the digital divide. One of the most prominent examples of government commitment to wireless connectivity is the European Union's (EU) Digital Strategy.
The EU has promoted digital transformation through initiatives like the "Digital Compass," which outlines ambitious targets for digital infrastructure, skills, and public services. By providing the foundation and promoting user adoption, governments are helping to create a thriving ecosystem for these technologies. This, in turn, benefits businesses that develop and sell wireless connectivity solutions, ultimately accelerating the overall market growth.
Market Dynamics
- Drivers
- Rapid Adoption of Internet of Things (IoT) Devices
- Rise of e-Commerce and Digital Services
- Increasing Support from Government Initiatives and Investments
- Restraints
- Substantial Concerns Regarding Security
- High Cost of Deploying and Upgrading Wireless Infrastructure
- Opportunities
- Rising Adoption of Connected Vehicles
- Rapid Expansion of Smart Cities Globally
- Challenges
- Issues Regarding the Compatibility of Different Wireless Technologies and Devices
- Challenges Associated with Spectrum Congestion
Application Outlook
On the basis of application, the market is classified into consumer electronics, automotive, aerospace & defense, healthcare, IT & telecom, and others. The consumer electronics segment recorded 1/4th revenue share in the market in 2023. This segment encompasses many devices that rely on wireless connectivity, including smartphones, laptops, tablets, smart TVs, wearables, and more. These devices rely on wireless connectivity technologies such as Wi-Fi, Bluetooth, and NFC to enable seamless communication and data exchange, driving the demand for wireless connectivity solutions.
Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured 38% revenue share in the market in 2023. Several factors, including the rapid urbanization and industrialization of countries like China, India, and Japan, have contributed to the increase in demand for wireless connectivity solutions.
Market Competition and Attributes
The wireless connectivity market is highly competitive, driven by rapid technological advancements and increasing demand for seamless connectivity. Key players such as Qualcomm, Intel, Broadcom, and MediaTek dominate the market, continuously innovating to offer faster, more reliable solutions. Emerging technologies like 5G, Wi-Fi 6, and IoT are intensifying the competition, with companies investing heavily in research and development to gain a competitive edge. Startups and smaller firms also contribute to the competitive landscape by introducing niche solutions and disruptive technologies. Strategic partnerships, mergers, and acquisitions are common as companies seek to expand their market share and enhance their technological capabilities.
List of Key Companies Profiled
- Broadcom, Inc.
- STMicroelectronics N.V.
- Murata Manufacturing Co. Ltd.
- Texas Instruments, Inc.
- Infineon Technologies AG
- Intel Corporation
- Microchip Technology Incorporated
- MediaTek, Inc.
- NXP Semiconductors N.V.
- Qualcomm Incorporated (Qualcomm Technologies, Inc.)
Cardinal Matrix - Market Competition Analysis
Based on the Analysis presented in the Cardinal Matrix; Broadcom, Inc. is the forerunner in the Wireless Connectivity Market. In June, 2023, Broadcom Inc. announced its FiFEM devices for Wi-Fi access points, featuring FBAR filter technology for 5 GHz and 6 GHz band coexistence, reduced RF front-end power by up to 40%, and optimized design for Wi-Fi 7 AP systems. Companies such as Qualcomm Incorporated, Texas Instruments, Inc. and STMicroelectronics N.V. are some of the key innovators in Wireless Connectivity Market.
Recent Strategies Deployed in the Market
- 2024-May: Microchip Technology broadened its Bluetooth Low Energy lineup by releasing 12 new products, including the RF-ready WBZ350 module and PIC32CX-BZ3 SoC, easing integration challenges across a spectrum of designs. These additions cater from basic to advanced needs, offering developers flexibility, reduced development costs, and simplified integration, backed by Microchip's extensive support and wireless expertise.
- 2024-Feb: Infineon Technologies AG unveiled CYW20822-P4TAI040, a Bluetooth module designed to enhance low-power and long-range wireless connectivity in IoT and consumer electronics. This cost-effective module supports Bluetooth low-energy long-range (LE-LR) and is ideal for applications such as industrial IoT, smart home, asset tracking, beacons, sensors, and medical devices.
- 2024-Feb: NXP Semiconductors unveiled its new A-class series of microcontroller units (MCUs) under the MCX portfolio, featuring the MCX A14x and A15x families. These low-cost and low-power MCUs are designed for intelligent edge applications in industrial IoT, smart homes, and smart cities. They leverage Arm Cortex-M33 cores, offer up to 1MB of flash memory, and support various connectivity interfaces like MIPI-I3C, I2C, and SPI.
- 2024-Jan: STMicroelectronics launched the STM32WL5MOC, a System-in-Package (SiP) module featuring the dual-core STM32WL55JC wireless SoC. This module simplifies RF design, reduces costs, and accelerates time to market for IoT applications like remote metering and monitoring.
- 2023-Dec: Intel launched the Intel Core Ultra processor family, featuring Wi-Fi 6E and Wi-Fi 7 for high-speed connectivity. The platform supports AI-based optimization software and aims to integrate AI seamlessly across applications, enhancing user experiences with advanced connectivity and performance, especially for premium laptops.
Technology Outlook
Based on technology, the market is characterized into Wi-Fi, Bluetooth, Zigbee, NFC, cellular, and others. The cellular segment procured 22% revenue share in the market in 2023. The demand for cellular connectivity has increased due to smartphones and other mobile devices, which rely on cellular networks for voice and data communication. The increasing adoption of IoT (Internet of Things) devices and applications drives the demand for cellular connectivity. Cellular connectivity provides a reliable and scalable solution for connecting IoT devices, enabling real-time data collection, monitoring, and control across various industries such as healthcare, transportation, and manufacturing.
Market Report Segmentation
- By Technology
- Wi-Fi
- Cellular
- Bluetooth
- NFC
- Zigbee
- Others
- By Application
- Consumer Electronics
- IT & Telecom
- Automotive
- Healthcare
- Aerospace & Defense
- Others
- By Geography
- North America
- Europe
- Asia Pacific
- LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/r0ae7i
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