The 6G Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033)
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According to The Business Research Company’s 6G Global Market Report 2024, The 6g market size has grown exponentially in recent years. It will grow from $5.65 billion in 2023 to $7.32 billion in 2024 at a compound annual growth rate (CAGR) of 29.6%. The growth in the historic period can be attributed to wireless connectivity evolution, growing data demand, government and industry investments, emerging use cases, ultra-reliable low latency communication (urllc).
The 6g market size is expected to see exponential growth in the next few years. It will grow to $20.46 billion in 2028 at a compound annual growth rate (CAGR) of 29.3%. The growth in the forecast period can be attributed to sustainable and green communication, spectrum innovation, security and privacy concerns, global standardization efforts, industry-specific requirements. Major trends in the forecast period include emerging technologies integration, international collaboration, global digital transformation, technological advancements, terahertz (thz) communication.
The growing internet connectivity is anticipated to fuel the 6G market. Internet connectivity refers to the ability of individuals or devices to be linked to the Internet, facilitating data access and communication. 6G is used in internet connectivity to enable internet devices to attain maximum speeds of one terabit per second (TBPS) and allows for highly efficient and reliable connectivity even with a massive number of connected devices. For instance, in February 2021, according to DataReportal, a Singapore-based online reference library, in 2022, 92.0% of the entire population in the US had internet access and between 2021 and 2022, the number of internet users in the US increased by 8.4 million, or 2.8%. Therefore, the growing internet connectivity is driving the 6G market.
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The 6g market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Device: Networking Devices, IoT and Edge-Computing Devices, Mobile Devices, Other Devices
3) By Application: Digital Twins, Blockchain, Smart Cities
4) By End-User Vertical: Agriculture, Automotive, Healthcare, Government, Manufacturing, Other End-user Verticals
Major companies in the 6G market are focused on adopting advanced technology products that utilize software, such as electronic design automation (EDA) software, to anticipate the requirements for 6G wireless communications development and gain a competitive edge in the market. The electronic design automation (EDA) software suite is a comprehensive toolset facilitating the automated design and verification of electronic circuits and systems. For instance, in June 2023, Keysight Technologies Inc., a US-based electronics company, launched its PathWave ADS 2024, an electronic design automation (EDA) software suite for chip designers, providing capabilities for 5G and 6G wireless communications. It addresses challenges in mmWave frequency bands, offering solutions for signal loss, complex packaging, and design issues. The software enhances simulation with faster 3D electromagnetic analysis, streamlined workflows for RF components, and improved electrothermal simulation for microwave power amplifiers.
The 6G market report table of contents includes:
1. Executive Summary
2. 6G Market Characteristics
3. 6G Market Trends And Strategies
4. 6G Market – Macro Economic Scenario
5. Global 6G Market Size and Growth
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26. South America 6G Market
27. Brazil 6G Market
28. Middle East 6G Market
29. Africa 6G Market
30. 6G Market Competitive Landscape And Company Profiles
Top Major Players:
- Apple Inc
- Google LLC
- Samsung Electronics Co Ltd.
- Verizon Communications Inc
- AT&T Inc
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