According to a new report published by ResearchAndMarkets, the WiGig market is projected to grow from $1 Billion in 2019 to over $4 Billion in 2024 at a CAGR of 27.9%.
The major factors aiding in the swift growth of the WiGig market are the rising sale of portable consumer electronics and surging demand for high-speed internet connectivity. Developed by Wireless Gigabit Alliance, WiGig is a set of 60 GHz connectivity protocols, allowing data transfer at speeds of up to 7 Gbps. As it has a range of only 10 meters, a router must be placed near the device to offer seamless connectivity.
In the report, the WiGig market is bifurcated into two technologies - integrated circuits (IC) and system-on-chips (SoC). Of these, the SoC category dominated the market in 2018 because of the growing penetration of smartphones in India and China. Therefore, semiconductor manufacturing firms are entering the smartphone SoC niche, owing to the easy integration of WiGig on SoCs, which allows for faster internet services. Even during the forecast period, the SoC technology will generate higher revenue in the market, compared to IC.
Under the product segment, the report defines the following categories - consumer electronics, network devices, and others, which includes video conferencing systems, convenient public kiosks, and smart antennas. Among these, consumer electronics was the leading category during the historical period (2014-2018). This was a result of the rising demand for high internet speeds in tablets, TVs, smartphones, and laptops. The growing popularity of portable consumer electronics is also among the significant factors driving the WiGig market growth.
Apart from helping make calls, several portable consumer electronics feature messaging services, media applications, and Wi-Fi ports. Among the primary reasons for their surging adoption is the launch of improved devices and increasing disposable income, which gives people more spending power. Further, due to the availability of the 802.11ad band of WiGig, which enables fast data transfer, consumer electronics manufacturers are integrating the technology into their devices. For example, in 2017, the Asus ZenFone 4 Pro, which has both gigabit LTE and 802.11ad Wi-Fi features, was launched by ASUSTek Computer Inc.
The increasing penetration of smartphones is itself a reason behind the growing demand for higher data transfer speeds. Further, live multiplayer gaming and high-definition (HD) content streaming, which also require high internet speed to function properly, are increasingly becoming popular. Much of these developments are taking place in the Asia-Pacific (APAC) region, with 55% of the Chinese population having access to the internet. Advanced cordless communication standards, such as 802.11ax and 802.11ad, are being adopted to meet the growing demand for high-speed connectivity, thereby driving the WiGig market forward.
In 2018, North America was the largest market for the technology, due to the adoption of advanced telecommunication standards and increasing investments by semiconductor firms in WiGig. Even during the forecast period, the region is predicted to maintain its lead, as a result of the increasing demand for high-definition multimedia interface (HDMI) streaming solutions, and high internet penetration rate. However, the fastest growth in the WiGig market is expected from APAC, owing to the huge semiconductor and electronics sector here and increasing investments by governments in advanced telecommunications. Hence, as more people purchase consumer electronics and start demanding high-speed internet, the market for WiGig will grow further across the world.
Click here to read the full report - WiGig Market Research Opportunity Analysis and Growth Forecast to 2019-2024.
