MarketsandMarkets have released a report titled "6G Market by Vertical, by Application, by Deployment Device & Region - Global Forecast to 2030" in which the 6G market size is expected to rise from USD 5.1 billion in 2023 to USD 40.2 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 34.2% during the forecast period. 6G Market growth is driven by the need for faster data rates and network capacity to enable new technologies and applications.
MarketsandMarkets claims that the future game-changing developments in areas like ultra-high-speed connection, low latency, ubiquitous device connectivity, industrial transformations, collaboration, ethical issues, and economic effects are all very likely to come from the 6G market. Even though it is unclear when 6G will be commercially available, it has the ability to alter connections, restructure sectors, and allow industry-changing software and services.
By deployment devices, Internet of Things (IoT) devices are expected to register the fastest growth rate during the forecast period.
With the increasing adoption of IoT across various industries, there is a growing need for reliable and high-speed connectivity to support the massive number of connected devices. 6G technology, with its ultra-low latency, high bandwidth, and enhanced network capabilities, is well-suited to meet the demands of IoT applications. IoT devices like sensors, smart appliances, and industrial equipment require seamless connectivity and real-time data transmission for efficient operations and decision-making. The growth of IoT in sectors like healthcare, manufacturing, transportation, and smart cities is driving the demand for 6G networks to support the massive influx of IoT devices and enable seamless communication and data exchange. As a result, the IoT devices segment is expected to play a significant role in driving the growth of the 6G Market in the coming years.
By application, distributed sensing, and communications segment to dominate the market during the forecast period.
The distributed sensing and communications segment is projected to hold the largest market share during the forecast period. Distributed sensing and communications use advanced technologies and networks to enable real-time data collection, analysis, and communication across various industries and sectors. This application segment is expected to grow significantly due to the increasing demand for high-speed, reliable, and low-latency connectivity to support various applications such as smart cities, industrial automation, environmental monitoring, and healthcare. Distributed sensing and communications in the 6G network enable the seamless integration of diverse devices and sensors, allowing for efficient data transmission and decision-making.
Asia Pacific likely to emerge as the fastest-growing market during the forecast period
The region's rapid growth can be attributed to several factors, including the increasing adoption of advanced technologies, rising investments in research and development, and a strong focus on digital transformation. Countries like China, Japan, South Korea, and India are at the forefront of technological advancements and actively working to establish themselves as leaders in the 6G Market. These countries have robust telecommunications infrastructure, a large consumer base, and a thriving ecosystem of technology companies, which provides a conducive environment for the growth of 6G technology.
Recent Developments
- March 2023 - In order to enable research on new network technologies, the Indian government announced the official 6G testbed project as well as India's 6G mission, which anticipates a focused initiative for next-generation technology in India. The government has formed a top-tier committee to oversee the Bharat 6G initiative.
- November 2022 - Ericsson, a networking equipment manufacturer, has said that it will contribute millions of pounds to 6G mobile research in Britain, collaborating with universities on projects involving hardware security, AI and cognitive networks, and quantum computing.
- October 2022 - To support the development of 5G ecosystems and advance 6G research in Europe, the Smart Networks and Services Joint Undertaking (SNS JU) has chosen its initial portfolio of 35 research, innovation, and trial projects. The goal is to create a world-class European supply chain for cutting-edge 5G systems and expand Europe's 6G technology capacities with total funding for this new portfolio of about €250 million under Horizon Europe.
- April 2021 - The German government has announced plans to provide up to 700 million euros ($833 million) in financing for research into 6G technologies by 2025.
Click here to view the report titled "6G Market by Vertical, by Application, by Deployment Device & Region - Global Forecast to 2030".
