Categories: IT & Communication Technology

WiGig Market: Key Drivers, Trends, Growth, Outlook, and Forecast 2024-2033

Overview and Scope

WiGig is a wireless technology that enables multi-gigabit-per-second rates from Wi-Fi devices by utilizing the unoccupied 60 GHz frequency range. It supports data-intensive activities, including streaming high-definition video, virtual reality, and wireless device docking. WIGIg is ideal for bandwidth-demanding applications because it operates at multi-gigabit speeds and has low latency.

Sizing and Forecast

The wigig market size has grown exponentially in recent years. It will grow from $4.04 billion in 2023 to $5.15 billion in 2024 at a compound annual growth rate (CAGR) of 27.4%. The growth in the historic period can be attributed to increased demand for high-speed wireless communication, growth in data traffic, proliferation of smartphones and smart devices, expanding internet usage, development of multimedia applications.

The wigig market size is expected to see exponential growth in the next few years. It will grow to $13.56 billion in 2028 at a compound annual growth rate (CAGR) of 27.4%. The growth in the forecast period can be attributed to 5g network deployment, increasing adoption of internet of things (iot) devices, demand for high-performance wireless connectivity in automotive applications, expansion of smart city initiatives, rising need for low-latency communication. Major trends in the forecast period include development of advanced modulation techniques, increased focus on millimeter-wave communication, integration of wigig in enterprise networking solutions, rising demand for wigig in gaming and entertainment, emergence of new form factors and devices supporting wigig.

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Segmentation & Regional Insights

The wigig market covered in this report is segmented –

1) By Product: Display Devices, Network Infrastructure Devices

2) By Technology Type: System-on-Chip (SoC), Integrated Circuit Chip (IC)

3) By Enterprise Size: Large Enterprises, Small And Medium-sized Enterprises

4) By End Use Industry: BFSI (Banking, Financial Services, And Insurance), Healthcare, IT And Telecom, Retail, Media and Entertainment, Other End Use Industries

North America was the largest region in the WiGig market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wigig market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

Rising demand for high-speed internet is expected to propel the growth of the WiGig market going forward. High-speed internet refers to internet connections that provide faster download and upload speeds than traditional internet connections. The fifth generation of wireless technology, or 5G, is characterized by its high-speed internet capabilities and the ability to carry data faster than earlier generations, like 4G or LTE. WiGig is designed to offer high-speed internet connectivity and can double current wireless internet speeds up to 8 Gbps. It enables high-performance wireless data, display, and audio applications, enabling devices to communicate wirelessly at multi-gigabit speeds. For instance, in February 2023, according to the State of the Internet 2021 report published by HighSpeedInternet.com, a US-based internet speed comparing tool company, the average national internet speed in the US almost doubled to reach 99.3 Mbps in 2021, up from 42.86 Mbps in 2020. Furthermore, in September 2022, according to USAFacts, a US-based non-profit organization, there was access to high-speed internet for over 97% of people in the US in 2021, resulting in internet downloads increasing by 26.6% between 2020 and 2021. Therefore, the rising demand for high-speed internet is driving the growth of the WiGig market.

Key Industry Players

Major companies operating in the wigig market report are Samsung Electronics Co. Ltd., Microsoft Corporation, Dell Inc., Lenovo Group Ltd., Panasonic Corporation, Intel Corporation, Qualcomm Technologies Inc., Broadcom Inc., NXP Semiconductors N.V., Agilent Technologies Inc., Keysight Technologies Inc., Fujikura Ltd., Marvell Technology Inc., Teradyne Inc., Rohde & Schwarz GmbH & Co KG, Anritsu Corporation, Lattice Semiconductor Corporation, InterDigital Inc., AzureWave Technologies Inc., DisplayLink Corp., Siklu Communication Ltd., Peraso Technologies Inc., Blu Wireless Technology Limited, Sivers Semiconductors AB, Tensorcom Inc., Laird PLC, Movandi Corporation

The wigig market report table of contents includes: