USD 278.1 Million WiGig Market Reach by 2032 at 28.7% CAGR

According to the report published by Allied Market Research, The USD 278.1 Million WiGig Market Reach by 2032 at 28.7% CAGR. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

The surge in adoption of data intensive apps drives the market growth. In addition, advancement in wireless technologies primarily fosters the growth of the market. However, the rise in costs of chipset manufacturing and spectrum congestion are primarily expected to hamper the growth of the market. Furthermore, advancement of 5G is expected to create lucrative growth opportunities for the market.

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The global Wigig market was valued at USD 22.8 million in 2022, and is projected to reach USD 278.1 million by 2032, growing at a CAGR of 28.7% from 2023 to 2032.

The WiGig market is segmented on the basis of product, type, technology, end user, and region. On the basis of product, it is categorized into network infrastructure devices and display devices. On the basis of type, it is bifurcated into 802.11ad and 802.11ay. On the basis of technology, it is divided into system-on-Chip (SoC) and integrated circuit chip (IC). On the basis of end user, it is fragmented into networking, consumer electronics and commercial. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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By technology, the integrated circuit chips (IC) segment accounted for nearly half of the global WiGig market share in 2022, and is projected to retain its dominance by 2032, owing to several gadgets, including laptops, tablets, smartphones, Internet of Things devices, and networking equipment use wireless gigabit SoCs propels the market growth significantly. The system-on-chips (SoC) segment would also display the fastest CAGR of 30.5% throughout the forecast period, owing to facilitating data-intensive applications like online gaming, high-definition video streaming, and cloud-based services.

By end user, the networking segment accounted for nearly three-fifth of the global WiGig market share in 2022, and is projected to retain its dominance by 2032, owing to growing proliferation of smart devices and the growing need for high-speed wireless connectivity propels the market growth significantly. The consumer electronics segment would also display the fastest CAGR of 31.6% throughout the forecast period, owing to opportunities for 5G network integration owing to its fast, short-range wireless communication. This combination facilitates cutting-edge applications such as virtual reality (VR), augmented reality (AR), and connected cars. It allows local data offloading and improves network bandwidth.

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By region, North America garnered the highest share in 2022, holding nearly two-fifth of the global WiGig market revenue in 2022, and is projected to retain its dominance by 2032, owing to the growing need for applications requiring extremely low latency and real-time data processing is crucial for sectors such as autonomous vehicles, smart cities, and augmented reality (AR)/virtual reality (VR) aiding the growth of the WiGig market. Asia-Pacific would also show the fastest CAGR of 48.0% during the forecast period, owing to the growing use of 5G technology as well as the rapid growth of IoT devices and applications which are expected to fuel the market growth in Asia-Pacific.

The key players profiled in the WiGig market analysis are Intel Corporation, Advanced Micro Devices, Inc., Broadcom, Qualcomm Technologies, Inc., Panasonic Corporation, NEC CORPORATION, NVIDIA Corporation, MediaTek Inc., SAMSUNG and NXP semiconductors. These players have adopted various strategies to increase their market penetration and strengthen their position in the WiGig industry.

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COVID-19 scenario

● The COVID-19 pandemic exerted a notable influence on diverse sectors, including the realm of technology. The WiGig market, which pertains to the wireless technology that facilitates the rapid exchange of data over limited distances, may have encountered both impediments and prospects because of Covid-19. Also, the surge in demand for remote work and online pursuits during periods of confinement and adherence to social distancing measures conceivably fueled the necessity for more expeditious and dependable wireless connectivity solutions such as WiGig.

● The pandemic also caused significant disruptions to global production processes, supply systems, and consumer purchasing habits. WiGig technology's development, dissemination, and adoption ended up influenced by these factors.

● In addition, many organizations have restricted resources and cautious expenditure due to the economic uncertainties driven on by the pandemic. The adoption of WiGig technology may are impacted by this, as consumers and businesses choose to spend their money on more urgent demands and economical fixes.

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