LONDON, March 19, 2024 (GLOBE NEWSWIRE) -- The global market for 6g has seen significant growth in recent years, as indicated by the latest report titled "6G Global Market Report 2024" from The Business Research Company.
Overview of 6G Market
The 6G market has seen rapid growth, with its size rising from $5.65 billion in 2023 to $7.32 billion in 2024, with a CAGR of 29.6%. This growth is attributed to factors like advancements in wireless connectivity, increasing data demands, government and industry investments, and the emergence of new use cases, including ultra-reliable low latency communication (URLLC). Expectations for the future are equally promising, with the 6G market projected to reach $20.46 billion by 2028, growing at a CAGR of 29.3%.
6G, the sixth generation of cellular networks, represents the next evolution in wireless communication technology. It promises enhanced data transfer capabilities, turning smartphones into versatile tools for voice or motion-based interactions and enabling holographic meetings.
The key components of 6G include hardware, software, and services. Hardware encompasses various devices like networking, IoT, and edge computing devices, catering to diverse sectors such as agriculture, automotive, healthcare, government, and manufacturing. Software includes applications like digital twins and blockchain, facilitating advanced functionalities. Services encompass a wide range of offerings to support the deployment and utilization of 6G technology.
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Driving Factors and Technological Advancements in the 6G Market
Increasing internet connectivity is expected to drive the growth of the 6G market. This involves connecting individuals or devices to the Internet, enabling data access and communication. 6G technology supports internet connectivity by achieving speeds of up to one terabit per second (TBPS) and ensuring efficient and reliable connections, even with a large number of connected devices.
Key players in the 6G market prioritize advanced technology products, leveraging software like electronic design automation (EDA) software. This suite streamlines the design and verification of electronic circuits and systems, enabling companies to anticipate 6G wireless communication needs and stay competitive.
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Regional Insights
In 2023, North America held the top position in the 6G market, while Asia-Pacific is projected to experience the most rapid growth in the upcoming forecast period. The regions analyzed in the 6G market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Summary of 6G Market Segmentation
The segmentation of the 6G market in this report includes:
- By Component: Hardware, Software, Services
- By Device: Networking Devices, IoT and Edge-Computing Devices, Mobile Devices, Other Devices
- By Application: Digital Twins, Blockchain, Smart Cities
- By End-User Vertical: Agriculture, Automotive, Healthcare, Government, Manufacturing, Other End-user Verticals
6G Global Market Report 2024 by The Business Research Company provides insights on the 6g market size, segments, trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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