Wireless Connectivity Market Growth, Analysis, Latest Trends and Forecast till 2027

The wireless connectivity market is estimated to reach USD 199.3 billion by 2027, growing at a CAGR of 12.8% from 2022 to 2027. The rising demand for connected devices with the emergence of 5G technology for automation and supply chain optimization is expected to fuel the market demand.

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With the ever-growing competitive environment, businesses are expanding their operations into new geographic locations and are also focusing on reducing operational expenses, improving efficiency, and increasing profits. Manufacturers are also adopting Internet of Things (IoT) technology as it allows for a new way of optimizing manufacturing by connecting machines. Most of these devices are not just conventional PCs or smartphones, this growing web of interconnected devices includes home appliances, security systems, smart thermostats, smart meters, portable medical devices, health and fitness trackers, smartwatches, and many other mobile products. They would be compact in size and low in cost, and a few of these devices would operate and communicate autonomously. Connected devices are electronic devices connected or networks through various communication protocols, such as NFC, Wi-Fi, RFID, and Bluetooth.

Bluetooth 5X segment is gaining traction in IoT applications. It witnesses extensive adoption in smart home beacons, connected homes, and wearable applications. It has resulted in a new ecosystem that provides various operational benefits, including automatic system integration, asset tracking, and worker safety. Bluetooth-enabled solutions are already being used in facilities worldwide, from manufacturing to healthcare verticals, to support various accurate, cost-effective location-based services. For instance, Dyer Engineering, a UK metal component manufacturer, manages over 10,000 operations in ten buildings spread across two sites three miles apart. Dyer Engineering's staff can save time and effort searching for materials and equipment using a Bluetooth-connected Quuppa asset tracking system. According to Dyer Engineering, this process improvement saved up to USD 12,000 per month.

The WPAN segment is projected to create abundant opportunities in the market from 2022 to 2027 and is projected to grow at a healthy CAGR. The wireless personal area network connectivity technology is based on the IEEE 802.15.4 standard. WPAN is a small-area and low-bandwidth networking technology that permits communication within a very short range, which is around 10 meters. Technologies supporting WPAN include Bluetooth, ultra-wideband (UWB), ZigBee, Z-Wave, NFC, and Thread. Of these, Bluetooth 5X and NFC are the major contributors in the WPAN segment.

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Asia Pacific region is estimated to create largest market opportunity in the wireless connectivity market during the forecast period. The growing demand for chipsets in consumer electronics, wearables, industrial automation solutions, and smart city projects is driving the growth of the wireless connectivity market in Asia Pacific.

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This release was published on openPR.