Wireless Connectivity Market Growth Set to Surge Significantly during 2024

Wireless connectivity is a technique used by homes, communication networks, and enterprise connections to reduce complex cable networks across buildings. Wireless connectivity equipment is deep rooted in many electrical device markets. WiFi, Bluetooth, and GPS are becoming universal for certain devices such as smart phones and mobile phones. Besides this, wireless connectivity is also required in applications in Internet of Things (IoT), ranging from control devices and gateways to cloud. Wireless connectivity is used by IoT devices to enable an access point through which communication and data transfer between two devices can take place. Collaborations and partnerships is one of the major trends in The Wireless Connectivity Market. For instance, partnerships between ZigBee and other organizations such as EnOcean GmbH are anticipated to drive the self-powered energy harvesting internet-of-things devices in areas such as building automation and home automation.

Major factors driving the global wireless connectivity market include rise in adoption of IoT and cloud computing, increase in demand for smart phones and other wireless technology devices such as Bluetooth, ZigBee, and WiFi, growth in connectivity of the Internet, and escalation of demand for low-power wide-area (LPWA) networks.

However, lack of uniform communication principles is hampering the wireless connectivity market. Additionally, the intervention with other electromagnetic sources, layered structure, and physical object are also the key factors that adversely affect the evolution of wireless connectivity technology. Consequently, these factors act as restraints for the wireless connectivity market. Key challenges for the global wireless connectivity market include requirement of enhanced security of information and concession among features such as power consumption, data rates, and range for numerous wireless technologies.

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Increase in need for cross domain applications could open up new opportunities for the wireless connectivity market. Additionally, rise in government subsidies for the development of IoT provided by countries such as India, the U.S., Canada, Australia, and South Korea is also estimated to offer new opportunities to the wireless connectivity market.

The wireless connectivity market in Asia Pacific is in its promising stage; the region is projected to be among the major adopters of wireless connectivity devices. Rise in inclination of consumers toward advanced technological products is likely to boost the wireless connectivity market in Asia Pacific in the near future. Furthermore, government initiatives by countries such as Japan, China, India, and South Korea in the field of electronics and semiconductors are providing lucrative opportunities for electronics and semiconductor industries across Asia Pacific.

North America consists of technologically advanced countries such as Canada and the U.S. The U.S. and Canada offer vast potential for the application of Internet of Things. This is expected to propel the market for wireless connectivity technologies. In turn, this is anticipated to augment the wireless connectivity market in the region.

The global wireless connectivity market can be segmented in terms of technology and application. Based on technology, the wireless connectivity market can be segmented into WiFi, Bluetooth, NFC, ZigBee, EnOcean, cellular technologies, and others. Based on application, the wireless connectivity market can be segmented into health care, wearable devices, automotive and transportation, and consumer electronics. Among these, the wearable devices segment is estimated to expand significantly during the forecast period owing to factors such as proliferation of IoT and rise in adoption of smart watches and activity trackers.

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Key players operating in the global wireless connectivity market include Qualcomm Incorporated, Intel Corporation, NXP Semiconductors N.V., Texas Instruments Inc., Nexcom International Co., Ltd., Stmicroelectronics N.V., Mediatek Inc., Enocean GmbH, Atmel Corporation, and Cypress Semiconductor Corporation.

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