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Wireless Communication Chipsets Market to Fuel Connectivity Innovation - Global Report 2024
Wireless Communication Chipsets Market Size
According to The Business Research Company's, The wireless communication chipsets market size has grown strongly in recent years. It will grow from $21.04 billion in 2023 to $22.53 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to mobile phone revolution, adoption of Bluetooth in consumer electronics, rise of 3G and 4G networks, demand for GPS-enabled devices, increasing internet penetration.
The wireless communication chipsets market size is expected to see strong growth in the next few years. It will grow to $30.15 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to growth in smart home technology, demand for low-power wireless solutions, rise of edge computing, emergence of wearable technology, deployment of satellite-based communication systems. Major trends in the forecast period include integration of AI (artificial intelligence) and machine learning capabilities, adoption of Wi-Fi 6 and 6E standards, emphasis on energy efficiency in chip design, convergence of multiple wireless protocols, growth of software-defined radio (SDR).
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Market Drivers and Trends:
The rising number of connected devices is expected to propel the growth of the wireless communication chipset market going forward. Connected devices refer to physical objects embedded with sensors, software, and other technologies that enable them to exchange data and communicate with other devices or systems over a network. The rising number of connected devices worldwide can be attributed to the increasing consumer demand for connectivity, the proliferation of Internet-enabled devices, and the expansion of Internet infrastructure. Wireless communication chipsets facilitate the proliferation of connected devices worldwide by enabling seamless and efficient communication between devices, supporting various wireless standards, and contributing to the scalability and interoperability of the Internet of Things ecosystem. For instance, in August 2022, according to the report published by the Health Sector Cybersecurity Coordination Center (HC3), a US-based division of the United States Department of Health and Human Services' Cybersecurity Program, approximately 7 billion devices were connected through the Internet of Things (IoT) in 2022, and it was estimated that devices using this technology would increase by 20 billion more by 2025. Therefore, the rising number of connected devices is driving the growth of the wireless communication chipsets market.
Major companies operating in the wireless communication chipsets market are increasing their focus on developing advanced solutions, such as satellite IoT (Internet of Things) chipsets, to gain a competitive edge in the market. Satellite IoT chipsets are specialized semiconductor chips enabling IoT device communication with satellite networks, offering global coverage, low-power operation, and tailored protocols for remote and inaccessible areas. For instance, in June 2023, Qualcomm Technologies Inc., a US-based technology company, launched the Qualcomm 212S Modem and the Qualcomm 9205S Modem. These platforms enable optimized connectivity across satellite and cellular networks, remote monitoring, and advanced asset-tracking capabilities. These solutions represent technological advancements by integrating satellite connectivity, ensuring reliable and scalable communication, and holding significance by expanding connectivity options, fostering market growth, and enhancing wireless communication chipsets for applications requiring satellite connectivity in challenging environments.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd, Intel Corporation, Qualcomm Technologies Inc, Broadcom Inc, Texas Instruments Inc, MediaTek Inc, STMicroelectronics N.V, Infineon Technologies AG, NXP Semiconductors N.V, Analog Devices Inc, Sony Semiconductor Solutions Group, ON Semiconductor Corporation (Onsemi), Microchip Technology Incorporated, Marvell Technology Group Ltd, Qorvo Inc, Veeco Instruments Inc, Aixtron AG, IQE PLC, Espressif Systems Pte. Ltd, Sequans Communications, Telit Communications PLC, GCT Semiconductor Inc, Filtronic Broadband, XMOS, EnSilica, Peraso Technologies Inc, Blu Wireless Technology Ltd, Pragmatic Semiconductor
Wireless Communication Chipsets Market 2024 Key Insights:
• The wireless communication chipsets market size is expected to see strong growth in the next few years. It will grow to $30.15 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Impact Of Connected Devices On The Wireless Communication Chipsets Market
• Technological Advancements In The Wireless Communication Chipsets Market
• Asia-Pacific was the largest region in the wireless communication chipsets market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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