Wi-Fi 6 Market size is anticipated to exceed USD 50 billion by 2032, according to the recent research report by Global Market Insights Inc.
Increasing adoption of hybrid working and learning trends will serve as the key driver for industry growth. A sizable chunk of the global population has implemented the practice of studying and working remotely even after the COVID-19 pandemic, which is bolstering the need for comprehensive connectivity and wireless services. Apar from that, the demand is also being driven by the increasing use of live-streaming platforms and smart home ecosystems, which all require low latency connectivity to operate.
Rising demand for Wi-Fi-related tech in services industry
The Wi-Fi 6 market from services sector is poised to reach USD 5 billion revenues by 2032. Increasing demand for Wi-Fi connectivity is subsequently impelling the demand for different benefits offered by ISPs to tackle a plethora of Wi-Fi-related issues. Majority of internet users are not versed in the technical aspects of getting an internet Wi-Fi connection, including services such as installation, maintenance, repair, management and training. Many customers also require consulting services from their ISPs, is projected to foster the need for support services.
Growing espousal of smart home devices to drive dual-band Wi-Fi demand
The dual band Wi-Fi 6 market accounted for nearly USD 10 billion valuation in 2022. With more individuals going remote, the rising demand for dual-band services is slated to boost segment growth. Dual-band wireless fidelity devices are optimal for commercial as well as residential applications that require fast internet connections. The industry share is also being fueled by the implementation of IoT enabled smart home applications.
Rising internet penetration in the residential sector
The Wi-Fi 6 industry from residential applications was worth over USD 5 billion in 2022, driven by a sharp jump in internet penetration in residential spaces and private homes. In addition, there is also an acute need for higher bandwidth as more customers acquire smart home ecosystems, and streaming platform subscriptions, while also working from home. This emerging change is preferences is further slated to support market expansion.
Browse key industry insights spread across 290 pages with 323 market data tables and 41 figures & charts from the report “Wi-Fi 6 Market Size, By Component (Device [Mesh Routers, Wireless Access Points, Home Gateways, Wireless Repeaters, Chipset], Services), By Band (Single Band, Dual Band, Tri Band), By Application (Commercial, Residential), By End-Use (Education, Consumer Electronics, Healthcare, Automotive & Transportation, Industrial, IT & Telecommunication), Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Connected driving trend to influence growth from automotive & transportation industries
The automotive and transportation sector valuation is expected to surpass USD 1 billion by 2032, attributed to the increasing usage of advanced technologies in automobiles. The concept of connected vehicles has picked up significant steam, complementing the acceptance of ADAS technology in both commercial and passenger vehicles. Moreover, there is also a stronger demand for Wi-Fi connections from automobile components such as infotainment systems, navigation devices, and other onboard electronics, will bolster segment outlook.
Favorable government initiatives for IoT-enabled devices in Latin America
The LATAM Wi-Fi 6 market is estimated to value at USD 3 billion by 2032, owing to the increasing government initiatives for supporting the manufacturing of IoT-based devices. The growth can also be credited to rising efforts towards the development of advanced Wi-Fi 6 devices with high-speed data, greater coverage, and longer battery life in the regional economies. These endeavours are encouraging both private and public organizations to deploy Wi-Fi 6 technology on premises.
Mergers and acquisitions to outline the competitive landscape
Some key Wi-Fi 6 market contenders include Arcadyan Technology Corporation, Huawei Technologies Co., Ltd, Technicolor, Broadcom, Juniper Networks, Inc., Qualcomm, among others. Recently, mergers and acquisitions have become the go-to growth strategy for leading participants.