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Wi-Fi 6 Technology Market Outlook 2024
Wi-Fi 6 Market Segments
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According to The Business Research Company's, The wi-fi 6 market size has grown exponentially in recent years. It will grow from $17.24 billion in 2023 to $23.56 billion in 2024 at a compound annual growth rate (CAGR) of 36.7%. The growth in the historic period can be attributed to surge in the number of connected devices, increased demand for higher data transfer speeds, growing use of bandwidth-intensive applications, wi-fi network congestion and interference issues, evolving internet usage patterns and multimedia streaming.
The wi-fi 6 market size is expected to see exponential growth in the next few years. It will grow to $76.32 billion in 2028 at a compound annual growth rate (CAGR) of 34.2%. The growth in the forecast period can be attributed to proliferation of iot devices and smart home applications, accelerated adoption of wi-fi 6 in enterprise environments, expansion of 5g networks and integration with wi-fi 6, rising demand for low-latency and high-performance connectivity, enhanced security features in wi-fi 6 standards. Major trends in the forecast period include implementation of orthogonal frequency division multiple access (ofdma), increased use of mu-mimo (multi-user, multiple input, multiple output) technology, growing deployment of wi-fi 6 in public spaces and venues, integration of wi-fi 6 in wi-fi mesh networks, development of wi-fi 6e for extended spectrum usage in the 6 ghz band.
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Market Drivers and Trends:
Increasing deployment of public Wi-Fi is expected to propel the growth of the Wi-Fi 6 market. These hotspots are so common that people connect to them automatically. Users may use the internet for free because of Wi-Fi, which is available in many places such as hotels, malls, coffee shops, and restaurants. Since it theoretically provides a higher speed, Wi-Fi 6 is regarded as the standard for the future. For instance, in September 2021, according to the Global Economic Value of Wi-Fi 2021-2025 report of the Wi-Fi Alliance, a US-based non-profit organization that certifies Wi-Fi products, the currently free public Wi-Fi access points for use in France were 1.2 million, and 87 percent of internet consumers have access to Wi-Fi at home. Therefore, demand for Wi-Fi 6 will rise as the prevalence of the growing deployment of public Wi-Fi rises.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Cisco Systems Inc., Intel Corporation, Huawei Technologies Co. Ltd., NETGEAR Inc., Juniper Networks Inc., Qualcomm Technologies Inc., Broadcom Inc., Extreme Networks Inc., Ubiquiti Inc., Fortinet Inc., Aruba Networks, NXP Semiconductors N. V., American Telephone and Telegraph Company, D-Link Corporation, Alcatel-Lucent Enterprise, TP-Link Technologies Co. Ltd., MediaTek Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Aerohive Networks Inc., Ruckus Networks, Zhongxing Telecommunication Equipment Corporation (ZTE), Nippon Electric Company Corporation (NEC), Nokia Corporation, Ericsson AB, Mist Systems, Cambium Networks Corporation, CommScope Inc., Hewlett Packard Enterprise Company
Wi-Fi 6 Market 2024 Key Insights:
• The wi-fi 6 market size is expected to see exponential growth in the next few years. It will grow to $76.32 billion in 2028 at a compound annual growth rate (CAGR) of 34.2%.
• Rising Deployment Of Public Wi-Fi Fuels The Demand For Wi-Fi 6 Technology
• Wi-Fi 6 Market's Evolution Through Technological Advancements
• North America was the largest region in the Wi-Fi 6 market in 2023 and is expected to be the fastest-growing region in the forecast period
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