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Wi-Fi 7 Market Growth Drivers, Key Trends, Size, Share Analysis And Forecast To 2033
Wi-Fi 7 Market
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According to The Business Research Company's, The Wi-Fi 7 market size has grown exponentially in recent years. It will grow from $1.01 billion in 2023 to $1.67 billion in 2024 at a compound annual growth rate (CAGR) of 64.9%. The growth in the historic period can be attributed to increasing due to demand for energy-saving, increasing demand for data-intensive, increasing demand for the digital age, increase in internet penetration, and increase in data traffic.
The Wi-Fi 7 market size is expected to see exponential growth in the next few years. It will grow to $12.45 billion in 2028 at a compound annual growth rate (CAGR) of 65.4%. The growth in the forecast period can be attributed to rising demand for smart consumer electronics devices, increasing use of connected devices, growing smart cities, growing population of smartphone users, and growing number of Internet of Things devices. Major trends in the forecast period include developing advanced wi-fi chipsets, technological advancements, advancements in industry 4.0 and smart technologies, integration is valuable for smart city initiatives, and integration with 5g networks.
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Market Drivers and Trends:
The rising adoption of the Internet of Things is expected to propel the growth of wi-fi 7 markets going forward. The Internet of Things (IoT) refers to a network of interconnected physical devices that communicate and exchange data with each other over the internet. The adoption of the Internet of Things (IoT) is due to the growing adoption of connected devices, advancements in sensor technology, and the expansion of high-speed internet infrastructure, leading to widespread integration across various sectors. Wi-fi 7 is used for the Internet of Things (IoT) by providing enhanced connectivity, higher data transfer speeds, and reduced latency, which supports the efficient communication and operation of many interconnected IoT devices. For instance, in August 2022, according to the Global System for Mobile Communications Association (GSMA), a UK-based non-profit organization, the global Internet of Things (IoT) connections are expected to increase to 23.3 billion by 2025, a notable increase from 15.1 billion connections recorded in 2021. Therefore, the rising adoption of the Internet of Things is driving the growth of the wi-fi 7 market.
Major companies operating in the wi-fi 7 market are focused on developing innovative technologies, such as WI-Fi -performance test solutions, to enhance network speed, reliability, and efficiency. Wi-fi performance test solutions are tools and methodologies used to assess wi-fi networks' quality, speed, coverage, and reliability. These solutions help ensure that wi-fi networks are optimized for the best possible performance in various environments, from homes and offices to large enterprises and public spaces. For instance, in February 2024, Keysight Technologies Inc., a US-based company that provides electronic design and test solutions, launched the E7515W UXM Wireless Connectivity Test Platform for wi-fi 7, a comprehensive network emulation solution designed for testing devices that utilize the latest wi-fi 7 technology. This platform offers comprehensive testing capabilities for wi-fi 7's high-speed data transfer, enhanced connectivity, and reduced latency. It supports a range of performance metrics, including advanced modulation schemes and multi-link operation, ensuring devices meet the stringent requirements of wi-fi 7. The platform also features real-time analysis and debugging tools, allowing for precise evaluation and optimization of network performance.
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Major Key Players of the Market:
Huawei Technologies Co. Ltd., Intel Corporation, Cisco Systems Inc., Qualcomm Incorporated, Broadcom Inc., MediaTek Inc., ZTE Corporation, CommScope Holding Company Inc., Keysight Technologies Inc., Vantiva SA, Rohde and Schwarz GmbH and Co. KG., TP-Link Technologies Co. Ltd., MaxLinear Inc., Netgear Inc., Ruijie Networks Co. Ltd., DZS Inc., LitePoint Corporation, VVDN Technologies Pvt. Ltd., ADB Global, SDMC Technology Co. Ltd., Actiontec Electronics Inc., Senscomm Semiconductor Co. Ltd., H3C Technologies Co. Ltd.
Wi-Fi 7 Market 2024 Key Insights:
• The Wi-Fi 7 market size is expected to see exponential growth in the next few years. It will grow to $12.45 billion in 2028 at a compound annual growth rate (CAGR) of 65.4%.
• Rising Internet Of Things (IoT) Adoption Drives Growth In Wi-Fi 7 Market
• Keysight Unveils Advanced Wireless Test Platform For Wi-Fi 7 Technology
• North America was the largest region in the Wi-Fi 7 market in 2023
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