The new report by Expert Market Research titled, ‘Global, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global WiGig market, assessing the market based on its segments like products, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2021): USD 1.9 Billion
- Forecast CAGR (2023-2028): 21.5%
- Forecast Market Size (2027): USD 6.1 Billion
The rapid digitalisation of the economy is driving the growth of the WiGig industry. The pandemic is facilitating the growth of the market with the onset of online classes and work from the home trend as these require high-speed internet. The wide adoption of WiGig is further bolstering the market as it enables the users to transmit data efficiently with access to an uncongested 60GHz frequency band. The delicensing of the V band of the WiGig by around 70 countries across the globe in order to bring the Wi-Fi revolution is also leading to the steady growth of the WiGig industry. It also generates revenue for the government through auctions and spectrum charges. As per the report by Wi-Fi Alliance, the economic value of Wi-Fi will reach Rs 362 lakh crore (USD 4.9 trillion) by 2025, which is expected to invigorate the market in the forecast period.
WiGig Industry Definition and Major Segments
WiGig, also called 60GHz Wi-Fi, refers to a 60GHz set of wireless protocols that delivers high-performance wireless data. It eliminates cables and allows the transmission of audio or video data. It supports data transmission up to 7 Gbits and is compatible with the IEEE 802.11 standard.
The WiGig industry, by product, is segmented into:
- Display Devices
- Network Infrastructure Devices
Based on application, the market is classified into:
- Gaming and Multimedia
The regional markets of WiGig include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
WiGig Market Trends
The government initiatives, such as PM-WANI, in emerging countries like India to promote broadband services across the countries is contributing to the incremental development of the WiGig industry. The deliverance of new and enhanced network solutions by companies is also leading to the expansion of the market. For instance: Qualcomm Technologies, Inc. offers 60GHz Wi-Fi chipsets, the QCA64x8 and QCA64x1, with 10+ gigabit-per-second (Gbps) network speeds and wire-equivalent latency. It also has unique sensing applications like proximity and presence detection, gesture recognitions, room mapping with precise location and improved facial feature detection. Technological advancements like 5G and investments in research activities are also expected to augment the WiGig industry in the forecast period.
Key Market Players
The major players in the market are Panasonic Corporation, Qualcomm Technologies, Inc., Intel Corporation, Broadcom Inc., Peraso Technologies Inc., and Cisco Systems Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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