WiGig Market Research Report: By Product (Consumer Electronics, Networking Devices), Application (Docking Stations, HDMI Streaming Devices), Technology (SoCs, ICs), Industry (BFSI, Retail, Government, Healthcare, IT & Telecom, Residential), Geographical Outlook (U.S., Canada, U.K., Germany, Russia, France, China, Japan, India, Australia, Singapore, Brazil, South Africa, Turkey, U.A.E.) – Opportunity Analysis and Growth Forecast to 2024
NEW YORK, Nov. 21, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global WiGig market share was valued at $1,078.7million in 2018, and is projected to reach $4,386.1 million by 2024, growing at a CAGR of 27.9% during the forecast period (2019–2024). On the basis of application, docking stations held the largest share in the market in 2018, and it is further expected to witness the fastest growth, growing at a CAGR of 29.8%, during the forecast period. This can be attributed to a growing BYOD culture wherein employees can connect their devices to computer peripherals such as mouse, keyboard, speaker, and printers among others via a docking station.
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BYOD has gained immense popularity in recent years, as the culture results in massive cost savings for organizations employing the policy and convenience for employees who find it more comfortable working on their personal systems. However, employees carrying their own laptops or tablets to work are also required to connect their devices to peripherals, such as mouse, keyboard, and local area network (LAN) cable. To eliminate the need for establishing individual connection to these devices, companies are readily investing in solutions such as WiGig enabled docking stations that provide connectivity to all computer peripherals, requiring the employees to connect their laptops only to the dock.
The growing healthcare industry is offering immense growth opportunity for the WiGig market players worldwide. Rising need for high-speed internet to enable functionality in mission-critical application areas, such as cardiac and radiology imaging is further fueling the growth of WiGig market in healthcare.
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Based on application, docking stations held the largest market share in the global WiGig market in 2018 and is further expected to witness the fastest growth during the forecast period. This can be attributed to the increasing adoption of BYOD devices among the enterprises wherein employees can connect their personal devices such as laptops to computer peripherals through a docking station.
On the basis of industry, healthcare segment is projected to witness the fastest growth during the forecast period. This is due to the use of WiGig solutions in mission critical applications such as cardiac and radiology imaging, handheld scanners and telemedicine.
Together, North America and Europe are expected to account for over 60% share in the WiGig market by 2024, owing to growing BYOD culture in enterprises, developed IT infrastructure, increasing number of smartphone users coupled with growing internet penetration, and well-developed IT & telecom and healthcare industries. Other geographies, which includes APAC and Rest of the World (RoW), are also expected to display prominent growth in the WiGig market during the forecast period. Among all regions, APAC is predicted to display the fastest growth in the market during the forecast period. This can be attributed to the increasing smartphone penetration, and increasing investment in IT infrastructure along with a shift to new wireless communication standards to fight network congestion.
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The global WiGig market has a consolidated structure due to the presence of limited players. The major market players in the WiGig market are, Cisco Systems Inc., Qualcomm Incorporated, Panasonic Corporation, Broadcom Inc., and Intel Corporation.
In recent years, major players in the WiGig market have taken several strategic measures such as mergers & acquisitions, product launches and geographical expansions to gain a competitive edge in the industry. For instance, in November 2018, Qualcomm Incorporated launched QCA64x8 (fixed) and QCA64x1 (mobile) chipsets that support speeds up to 10 Gbps and sub-millisecond latency. These chipsets use 60 GHz millimeter wave hardware to deliver more speed as compared to the 2.4 GHz and 5 GHz radio bands found in common Wi-Fi routers.
Apart from the aforementioned companies, other players offering WiGig solutions, across the globe, include Marvell Technology Group Ltd., NEC Corporation, NVIDIA Corporation, Samsung Electronics Co. Ltd., MediaTek Group, AzureWave Technologies, Dell Inc., Texas Instruments, and Huawei Technologies.
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