The WiGig 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 WiGig Global Market Report 2024, 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.
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.
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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
Technological advancement is a key trend gaining popularity in the WiGig market. Major companies operating in the WiGig market are focused on adopting advanced technological solutions to sustain their position in the market. For instance, in October 2021, Movandi Corporation, a US-based wireless systems company, announced the launch of the next-generation 60 GHz mmWave Chipset. The MV6055 is made to maximize the use of the 60GHz unlicensed band’s potential for applications such as wireless backhaul, 5G NR-U, Fixed Wireless Access (FWA), and Wi-Fi at 60 GHz (WiGig). With the help of Movandi’s new 60 GHz mmWave technology, operators can provide ‘fiber-like speeds’ for a much more affordable price than it would cost to lay new fiber. A complete radio solution is created by combining the MV6055, which includes a dual-polarized, 16-channel beamformer with up and down converters in a single package, with the MV3504 synthesizer and antennas. Multiple MV6055 beamformers can be coupled to increase Effective Isotropic Radiated Power (EIRP) to span line-of-sight distances up to 2 km because of the modular and scalable construction.
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Top 5 Major Key Players Are:
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