Increasing Adoption of IoT Devices Drives Growth in Wireless Connectivity Market
The Wireless Connectivity market is projected to grow from USD 109.3 billion in 2022 to USD 199.3 billion by 2027; it is expected to grow at a CAGR of 12.8% from 2022 to 2027. The key factors fueling the growth of the wireless connectivity market include the adoption of IoT with accelerated expansion of LPWAN and WPAN technologies. Moreover, demand for better throughput and reliable connectivity to create abundant opportunities in market.
During the past few years, the demand for high-speed wireless communication and the increasing usage of internet-connected devices have fueled the rapid growth of the wireless connectivity market. With the spread of 5G networks, the rise of IoT devices, and the increasing acceptance of wireless technologies across numerous industries, the market is anticipated to maintain its development vision.
The growing deployment of IoT devices is one of the major factors driving the wireless connectivity industry. There will likely be more than 25 billion IoT devices on the market by 2025, according to predictions of the IoT industry's future growth. The need for wireless connectivity solutions is being fueled by the requirement of these devices for wireless connectivity in order to connect to the internet and communicate with one another.
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Also transforming the wireless connectivity industry is 5G technology. In comparison to earlier wireless networks, 5G networks provide much higher speeds and lower latency, enabling the implementation of novel applications like driverless vehicles and virtual reality. In the upcoming years, it's anticipated that 5G network rollout will pick up, which will increase demand for wireless connection solutions.
New wireless technologies are also becoming more prevalent in the wireless connectivity market. Examples include Wi-Fi 6 and Bluetooth 5.0, which provide faster speeds, greater range, and more dependability than earlier wireless technologies. Several businesses, including manufacturing, hospitality, and retail, are implementing these technology.
The market for wireless connectivity is also seeing an increase in the use of cloud-based wireless solutions. Cloud-based solutions are a desirable alternative for companies of all sizes because they provide improved flexibility, scalability, and security. Because more agile and adaptable IT infrastructure is required, it is anticipated that the usage of cloud-based wireless solutions would increase over time.
The key players operating in the Wireless Connectivity market include Intel Corporation (US), Texas Instruments Incorporated (US), Qualcomm Incorporated (US), Broadcom (US), STMicroelectronics N.V. (Switzerland), NXP Semiconductors N.V. (Netherlands), Microchip Technology Inc. (US), MediaTek Inc. (Taiwan), and Renesas Electronics Corporation (Japan) were the companies that dominated the wireless connectivity market in 2021.
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