Press release
Wireless Connectivity Market 2020 By Global Leaders: NXP Semiconductors, QUALCOMM, Microchip Technology, Texas Instruments, Renesas Electronics and AT&T
Market Synopsis
On a global scale, the value of the wireless connectivity market in 2017 was USD 45.21 billion and its size can expand up to USD 96.08 billion by the year 2023, estimates Market Research Future (MRFR). The growth rate obtained by the market during the forecast period (2018-2023) is expected to be 13.4%, as mentioned in the MRFR report.
Top Drivers and Key Barriers
Soaring demand for connected devices as well as digital services along with the rising adoption of the latest technologies by industries has led to the strong growth of the Wireless Connectivity Market in recent years. Surging proliferation of smart devices, advancement of IoT, advent of smart homes and smart cities along with easy availability of internet are other important factors that back the growth of the wireless connectivity market.
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Connected devices have gained immense momentum over the years, generating a massive amount of data every second. Digitization has presented a host of growth opportunities to businesses as they are able to make use of this enormous volume of data to obtain useful insights. The high deployment of digitalization among enterprises has helped them reap great benefits, giving way to higher revenue generation. Additionally, with developments in computing and storage technology, computing power has expanded exponentially in the past decade. This has opened up avenues for managing and computing sizeable sets of data, and when integrated with sophisticated technologies like artificial intelligence (AI), enterprises are now able to gain useful business as well as customer insights.
With the emergence of artificial intelligence applications such as deep learning and machine learning, companies have realized the importance of harnessing the data available for beneficial insights, which helps them boost their revenue. These appealing benefits of connected devices can fuel the demand for reliable wireless connectivity solutions and in the process, can benefit the wireless connectivity market in the following years.
Key Players
The key players in the wireless connectivity market are QUALCOMM Inc. (US), Cisco Systems Inc (US), Microchip Technology Inc. (US), Texas Instruments Inc. (US), Cypress Semiconductor Corporation (US), Intel Corporation (US), NXP Semiconductors (Netherlands), AT&T Inc. (US), STMicroelectronics NV (Switzerland), and Renesas Electronics Corporation (Japan) among others.
Segmentation
To describe the intricacies of the global wireless connectivity market, the MRFR report has covered the segments on the basis of application, deployment, technology, and type.
The application-dependent segments in the market are consumer electronics, automotive, public safety, healthcare, energy, wearable devices, and others.
Given the deployment segment, the market has been considered for control devices, cloud, gateways, and others.
With regard to technology, the market segments include cellular, Bluetooth, near-field communication (NFC), the global positioning system (GPS), Wi-Fi, ZigBee, ultra-wideband, and others.
With respect to the type, the market caters to global navigation satellite system (GNSS), wireless personal area network (WPAN), cellular machine to machine (M2M), wireless local area network (WLAN), and others.
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Regional analysis
The regional distribution of the global wireless connectivity market covers Asia Pacific (APAC), Europe, North America, combined with the Rest of the World (RoW).
From 2018 to 2023, APAC is estimated to be the largest market for wireless connectivity, with maximum growth expected to be in India, Japan, South Korea, and China. Asia Pacific is fast gaining significant ground in the wireless connectivity market, thanks to the numerous government initiatives, mostly in India, Japan and China pertaining to the field of telecommunications as well as electronics.
North America is counted amongst the top-performing markets for wireless connectivity, since the region holds a large number of well-established players and is known for the fast adoption of latest technologies such as IoT and artificial intelligence (AI). The most lucrative markets in the region are the United States of America (USA), Canada and Mexico, which make massive investments in research and development (R&D) for product development. The regional market also benefits from the numerous rigid government regulations that aim to elevate the accuracy and reliability of sensors.
The Europe market for wireless connectivity is growing on the back of the intense efforts being made by renowned players in this field coupled with the frequent technological advancements. The regional market is mainly controlled by Germany, the United Kingdom (UK) and France.
The RoW market is primarily made of regions like the Middle East & Africa (MEA) and Latin America. The MEA market exhibits lackluster performance owing to the presence of economically weak countries, lack of awareness, lack of infrastructure, dearth of advanced facilities and a low number of skilled professionals. The Latin American market is quite small since the availability of latest technology is less and many of the countries are not economically developed. Brazil and Argentina are the strongest markets for wireless connectivity in the region and can expand at a decent pace in the ensuing years.
Intended Audience
• Original equipment manufacturers
• Wireless device manufacturers
• Software providers
• Component providers
• Manufacturers of electronic devices
• Investors
• Industrial end users
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