WiGig Market Outlook 2031:
The global WiGig market size was valued at USD 16.29 Billion in 2022 and is projected to reach USD 101.19 Billion by 2031, expanding at a CAGR of 22.5% during the forecast period 2023 - 2031. The growth of the market is attributed to the growing need for data transfer, high speed data transfer rates, majorly secure as well as virtually without interference operations, and unlicensed availability.
WiGig is the wireless standard that is manufactured to help and encourage the wireless high speed and also that can work with various frequencies. WiGig is designed for using 60 GHz band for transmitting information whereas; traditional wireless internet has 5GHz as well as 2.4GHz bands. WiGig is made by Wireless Gigabit Alliance is a set of 60GHz connectivity protocols that allows the transferring data at a speed of 7Gbps.
Covid-19 has impacted the financial conditions and capacities of production of the various wireless gigabit devices providers. It has affected various economies of the country as well as production capacities of the end-users and disrupted supply chain of network equipment. The growing use of smart phones, computers and other devices is expected to fuel the market.
WiGig Market Trends, Drivers, Restraints, and Opportunities
- Growing demand for high speed internet and data communication is projected to boost the market growth in the coming years.
- Rapid growth of the gaming industry is major factors propelling the market expansion.
- Shorter operating range of wireless gigabit products acts as main challenges that can impede the market growth.
- High price of the chipset manufacturing is anticipated to restrict the market expansion during the forecast period.
- R&D investment and technological advancement in WiGig is estimated to offer lucrative opportunities for the market players.
Scope of the WiGig Market Report
The report on the global WiGig market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
WiGig Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products (Network Infrastructure Devices and Display Devices), Applications (Networking, Gaming & Multimedia, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Qualcomm Technologies, Inc.; Panasonic Corp.; NEC Corp.; MediaTek; Azurewave Technologies; Nvidia Corp.; Cisco System, Inc.; Marvell Technology Group Ltd.; Broadcom Corp.; Intel Corp.; and Peraso Technologies, Inc.
WiGig Market Segment Insights:
Network infrastructure devices segment is projected to account for a large market share
Based on products, the global WiGig market is divided into network infrastructure devices and display devices. The network infrastructure devices segment is expected to constitute a key share of the market during the forecast period owing to growing need for the devices that has high data throughout and its characteristics such as abundant license free spectrum, minimal reflections, and narrow bean width that that help to dense link deployment.
There are various types of network infrastructure devices including adapters, docking stations, routers, and backhaul stations. However, the display devices segment is anticipated to expand at a rapid pace during the forecast period due to speed, accessibility, space, and mobility.
Networking segment is projected to hold a key market share
On the basis of applications, the market is segmented into networking, gaming & multimedia, and others. The networking segment is expected to represent a key share of the market in the coming years due to usage of WiGig for backhaul applications, cost effectiveness, and growing demand for fiber grade connectivity.
On the other hand, the gaming & multimedia segment is anticipated to expand at a rapid pace during the forecast period owing to increasing gaming career and need for wireless devices for streaming and gaming.
North America is expected to dominate the market
On the basis of regions, the global WiGig market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to increasing adaption of different wireless communication standards and growing companies operations in semiconductor sector.
On the other hand, the market of Asia Pacific is expected to exhibit a rapid growth rate in the coming years due to presence of large WiGig producers in the region. The Europe WiGig market is expected to grow, due to increasing demand for high-speed connectivity and increasing internet activities among consumers in Europe.
The global WiGig market has been segmented on the basis of
- Network Infrastructure Devices
- Display Devices
- Gaming & Multimedia
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Qualcomm Technologies, Inc.
- Panasonic Corp.
- NEC Corp.
- Azurewave Technologies
- Nvidia Corp.
- Cisco System, Inc.
- Marvell Technology Group Ltd.
- Broadcom Corp.
- Intel Corp.
- Peraso Technologies, Inc.
Key players competing in the global WiGig market include Qualcomm Technologies, Inc.; Panasonic Corp.; NEC Corp.; MediaTek; Azurewave Technologies; Nvidia Corp.; Cisco System, Inc.; Marvell Technology Group Ltd.; Broadcom Corp.; Intel Corp.; and Peraso Technologies, Inc.
Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.