Pune, India, Aug. 10, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global WiGig Market Size was valued at USD 16.29 billion in 2022 and is projected to grow from USD 19.71 billion in 2023 to USD 81.45 billion by 2030, exhibiting a CAGR of 22.5% during the forecast period. Wireless Gigabit Market Thrives on High-Speed Connectivity Demands. Fortune Business Insights presents this information in their report titled "Global WiGig Market Forecast, 2023-2030.”
The wireless gigabit market is experiencing growth driven by factors such as the rising demand for high-speed internet connectivity, increased adoption of consumer electronics, and the growing need for high-quality streaming and gaming experiences. The widespread adoption of wireless gigabit technology enables users to create flexible environments with faster connectivity, improved speed, and cost-effectiveness.
Key Industry Development
June 2023: pSemi and Peraso Inc. launched a RF solution for mmWave fixed wireless customer premises equipment (CPE). The mmWave frequency bands offer a wide range of RF spectrum, which is used for fixed wireless access that delivers multigigabit services.
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Key Takeaways
- WiGig is expected to flourish & reach USD 81.45 Billion in 2030
- The main driver of market expansion is the rise in investments made by governments of various nations to enhance smart cities.
- Demand for dependable, fast, and high-speed connectivity is rapidly rising as a result of the digital transition.
- A significant restriction is ensuring compatibility between the two technologies, which enables uninterrupted device activation and deactivation.
- WiGig Size in North America was USD 5.82 Billion 2022
Discover the Leading Players Featured in the Report
“Companies leading the global WiGig market are Qualcomm Technologies, Inc. (U.S.), PERASO TECHNOLOGIES INC (U.S.), Cisco Systems, Inc. (U.S.), ASUSTeK Computer Inc. (Taiwan), TP-Link Corporation Limited (China), NETGEAR (U.S.), Lenovo (China), Ubiquiti Inc. (U.S.), Tensorcom, Inc. (U.S.), Marvell (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 22.5% |
| 2030 Value Projection | USD 81.45 Billion |
| Base Year | 2022 |
| WiGig Market Size in 2022 | USD 16.29 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Standard, Application, End-Users, Regional |
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Drivers and Restraints
Rising Adoption of WiGig Technology for High-Speed Connectivity Meets Digital Transformation Demands
The growing demand for reliable and high-speed connectivity in the era of digital transformation is driving the adoption of wireless gigabit technology, offering fast and low-latency connections for applications such as video conferencing, streaming, gaming, and AR/VR. The relative cost-effectiveness and scalability of wireless gigabit devices are key factors contributing to their adoption in meeting diverse business requirements.
However, the WiGig market growth is expected to be hindered by challenges related to integration and technological constraints.
Leading Segments Covered in this Report
By Standard
- 802.11ad
- 802.11ay
By Application
- Networking Infrastructure Devices
- Display Devices
By End-Users
- Retail and Consumer Goods
- IT and Telecommunications
Media and Entertainment
- Healthcare
- Aerospace and Defense
- Others (Automotive, Education)
Regional Insights
North America Spearheads with Supportive Regulations and Technological Advancements
North America leads the market with a significant WiGig market share, driven by the presence of key players and their adoption of advanced technologies. Government agencies in the region are also updating rules and regulations to support the growth of wireless gigabit devices, as evidenced by the Federal Radio Regulatory Commission's recent update on the 60 MHz band.
Asia Pacific is poised to experience strong growth for WiGig, owing to increasing IT spending and the upgrading of technologically advanced products to enhance enterprise infrastructure in developing nations.
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Competitive Landscape
Acquisitions, Partnerships, and Investments Propel Network Capacity and Market Growth
Key market players in the global market prioritize expanding network capacity to accommodate more users and devices, often through the acquisition of smaller local companies. Additionally, strategic partnerships, mergers and acquisitions, and significant investments in WiGig technologies contribute to the growing market growth.
FAQs
How big is the WiGig Market?
The current WiGig market size was USD 16.29 Billion in 2022. It is expected to reach USD 81.45 Billion by 2030.
How fast is the WiGig Market growing?
The WiGig Market will exhibit a CAGR of 22.5% during the forecast period, 2023-2030.
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