Wireless Connectivity Technology Market Expected to Witness Sustainable Growth Over 2027

Allied Market Research, titled, "Wireless Connectivity Technology Market By Technology, and Application: Opportunity Analysis and Industry Forecast, 2020-2027", the global wireless connectivity technology market size was valued at $53.17 billion in 2019, and is projected to reach $150.38 billion by 2027, registering a CAGR of 13.0% from 2020 to 2027. North America accounted for the highest market share in 2019, followed by Asia-Pacific and Europe.

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The wireless connectivity technology market is currently in its growth stage and is expected to register substantial growth shortly, owing to high investment in R&D activities by market players and an increase in focus toward the Internet of Things (IoT) and 5G technology. Other factors that drive the market growth include advancements in wireless technology and a surge in IoT technology for hyper-connectivity between devices in smart infrastructure is expected to increase the demand for wireless networks in smart lighting.

The increase in demand for wireless communication is majorly driving the growth of the wireless connectivity technology market globally. The deployment of wireless connectivity in the telecommunication sector due to an increase in demand for high bandwidth, and internet speed in electronic devices such as smart phones and wearable devices for media exchange, video streaming, conferencing, and online gaming, enables high-security transmission in communication.

Moreover, the rise in the need for safety in high-risk areas, growth in the transition from analog cameras to IP cameras, and integration of the Internet of Things boost the demand for imaging network devices. Furthermore, the industrial and aerospace & defense sectors contribute toward market growth due to deploying wireless connectivity technology in industries for building automation and tracking people from indoors and outdoors and for communication over long distances by radar and satellite systems.

An increase in trends toward the development of smart cities, smart infrastructure, and other smart devices is expected to offer lucrative opportunities for market expansion, which further propels the demand for unmanned vehicles in the transportation and automotive sectors. This is expected to create lucrative opportunities for the wireless connectivity technology market growth, owing to the shift in preference of consumers from normal cars to smart driver's assistant cars, which help in GPS navigation, blind spot detection, and collision systems.

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However, factors such as high investment cost, installation cost, and lack of professional expertise, & environmental concerns such as 5G hamper the market growth. The wireless connectivity technology market in Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to the presence of the telecommunication industry. Moreover, the rise in demand for 5G technologies in developing nations boosts the demand for medical imaging devices used for medical diagnosis. However, a rise in competition in developing economies such as India is anticipated to influence the growth of the market.

Factors such as demand for wireless networks in the development of smart infrastructure, growth in the adoption of AI assistants, and integration of IoT in surveillance cameras drive the wireless connectivity technology market. However, high installation and maintenance costs in wireless network systems hampers the market growth. Furthermore, the emergence of IoT & AI technology for smart lighting and growth in the development of smart city projects, especially in APAC, is expected to further increase the demand for wireless connectivity technology.

Despite the economic slowdowns, 5G demand in several industries has been accelerating. Online and essential retail, manufacturing, and healthcare (including physical, mental, and elderly care) are expected to utilize 5G technologies. With the enhanced capabilities of 5G, particularly private 5G networks for manufacturing and healthcare, the demand for 5G infrastructure is expected to rise, which may also create lucrative opportunities for the market globally.

By region, the wireless connectivity technology market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. The wireless connectivity technology market analysis identified that North America contributed the maximum revenue in 2019, owing to the rise in the adoption of smartphones and smart wearables coupled with increased investment in the government also boosted the market's growth. The wireless connectivity technology market share in Asia-Pacific is expected to grow at a faster rate than in other regions.

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Key Findings of the Study

- In 2019, the Wi-Fi segment accounted for the maximum revenue and is projected to grow at a faster rate during the forecast period.
- The healthcare segment witnessed the highest growth rate during the forecast period.
- China was the major shareholder in the Asia-Pacific region, accounting for approximately 45.0% share in 2019.

The key players profiled in the report include Qualcomm Incorporated, Intel Corporation, NXP Semiconductors N.V., Texas Instruments Inc., STMicroelectronics N.V., Broadcom, Panasonic Corporation, Infineon Technologies AG, Renesas Electronics, and MediaTek Inc. These Market players have adopted strategies such as product launch, collaboration, partnership, agreement, and acquisition to expand their foothold in the wireless connectivity technology industry.

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