6G Technology Market Growth CAGR 27% During 2023-2032 | Xcellent Insights

Growing demand for high-speed connectivity is a key factor expected to drive global market growth during the forecast period.

Pune, Jan. 02, 2024 (GLOBE NEWSWIRE) -- The global 6G Technology market was valued at USD 4.2 billion in 2022 and is expected to register a robust CAGR of 27% during the forecast period. This growth can be attributed to driven by factors such as rising demand for faster data speeds, lower latency, and security connectivity networks, high focus on global connectivity and integration, and rising investments in R&D projects.

6G refers to the sixth generation of network connectivity technology, succeeding the currently trending and widely used 5G technology. 6G technology is still in the developing phase and aims to provide faster data speeds, lower latency, and enhanced connectivity as compared to existing network connectivity. 6G may use terahertz frequencies to achieve ultra-fast speed and data rates, facilitating advanced technologies like AR, VR, and holographic communications. Governments and leading companies are heavily investing in R&D activities to develop durable, secure networks, and telecom operators are focused on upgrading the network infrastructure to deploy 6G technology going ahead.

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6G technology is expected to support a significant number of devices upto millions of devices per square kilometer to cater to rising demand for seamless connectivity, IoT, and M2M communications. In addition, it may incorporate machine learning, AI algorithms, and advanced analytical tools to optimize network performance, predict failures, and automate management tasks.

The 6G technology market growth is significantly driven by factors such as rapid digitalization, technological advancements in antennas, energy-efficient architectures, security systems, and high focus on developing energy-efficient technology, considering its environmental impacts.

However, high infrastructural investments, limited funds to deploy advanced technologies and connectivity networks, interoperability issues and security concerns are some key factors expected to hamper overall market growth to a certain extent during the forecast period.

Some Key Highlights from the Report:

  • Based on applications, the agriculture segment revenue is expected to expand at a rapid growth rate during the forecast period. This can be attributed to the rapidly growing agriculture sector, high adoption of advanced technologies like 5G, 6G, AI, and IoT in farms, and ongoing research on exploring potential applications of 6G in precision agriculture, autonomous farming, remote monitoring and management, and smart irrigation.
  • The European market is expected to register robust revenue CAGR over the forecast period owing to rising demand for ultra-high-speed connectivity, rising investments in 6G research and development among universities, research institutes, and private companies, and rapid demand for 6G technology across various sectors.
  • AT&T, Broadcom, Cisco, DeepSig, Ericsson, Fujitsu, Google, Huawei, InterDigital, Keysight, LG Corporation, MediaTek, National Instrument Corp, Nokia, NTT DoCoMo, and Orange are some of the key players operating in the global 6G technology market.
  • In October 2023, Ericsson announced its plan to launch 6G technology in India. The new team of researchers in India will work with Ericsson’s teams in Sweden and the US.

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Report Coverage:

Report DetailsOutcome
Base Year for Estimation2022
Historical Data2018-2021
Forecast Period2023-2032
Segments Covered Component, Deployment Device, Application, End-Use and Region
By ComponentsHardware, Software and Services
By Deployment DeviceSmartphones, Tablets, Wearables, IoT Devices, and Others
By ApplicationDigital Twins, Blockchain, Smart Cities, Others
By End UseHealthcare, Automotive, Agriculture, Government, and Others
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa
Country ScopeUnited States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey
Qualitative Info
  • Value Chain Analysis
  • Pricing Analysis
  • Regional Outlook
  • Market Trends
  • Market Share Analysis
  • Competition Analysis
  • Technological Advancements
Key PlayersAT&T, Broadcom, Cisco, DeepSig, Ericsson, Fujitsu, Google, Huawei, InterDigital, Keysight, LG Corporation, MediaTek, National Instrument Corp, Nokia, NTT DoCoMo, Orange
Customization Scope10 Hours of Free Customization and Expert Consultation

Competitive Landscape:

The global 6G Technology market is extremely competitive, comprising several regional and global level key players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, and are adapting to evolving technology trends and consumer needs.

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Some Leading Market Companies Listed in the Report:

  • AT&T
  • Broadcom
  • Cisco
  • DeepSig
  • Ericsson
  • Fujitsu
  • Google
  • Huawei
  • InterDigital
  • Keysight
  • LG Corporation
  • MediaTek
  • National Instrument Corp
  • Nokia
  • NTT DoCoMo
  • Orange

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The global 6G Technology Market has been segmented based on Components, Deployment Device, Application, End Use, and Region:

By Components:

  • Hardware
  • Software
  • Services

By Deployment Device:

  • Smartphones
  • Tablets
  • Wearables
  • IoT Devices
  • Others

By Application:

  • Digital Twins
  • Blockchain
  • Smart Cities
  • Others

By End Use:

  • Healthcare
  • Automotive
  • Agriculture
  • Government
  • Others  

By Region:

  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Russia
    • Nordic Countries
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Southeast Asia
    • India
    • Australia
    • Rest of Asia
  • Latin America
    • Mexico
    • Brazil
    • Rest of Latin America
  • Middle East & Africa
    • Turkey
    • Saudi Arabia
    • UAE
    • Rest of MEA

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Key Questions Addressed:

  • What revenue CAGR is the global market expected to register during the forecast period?
  • Which key players are leading in the global 6G Technology market?
  • What is the expected market size of the global 6G Technology market between 2023 and 2032?
  • What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
  • What are some key challenges the global market is expected to face during the forecast period?
  • Which region is expected to account for the largest revenue share over the forecast period?

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