MarketsandMarkets has released the research report titled "Wi-Fi 7 Market Global Forecast to 2030" which estimates the Wi-Fi 7 market to be worth USD 1.0 billion in 2023 and is projected to reach USD 24.2 billion by 2030, at a CAGR of 57.2% from 2023 to 2030. The expansion of IoT, integration with 5G, significance in enterprise and industrial applications, continued innovation, and market adoption all hold tremendous promise for the future of the Wi-Fi 7 industry. However, its course can also be influenced by elements like cost, compatibility, rules, and competitiveness.
Governments collaborate with private organizations, research institutions, and industry associations to develop IoT ecosystems and drive innovation. These partnerships often involve joint projects, knowledge sharing, and the establishment of wireless networking. Governments foster the development and adoption of Wi-Fi 7 solutions by actively engaging with the private sector across different industries.
By location type, the indoor segment is estimated to account for the largest market share in 2023.
Wi-Fi 7 is the next generation of Wi-Fi technology, and it is expected to offer significant improvements over previous generations in terms of speed, range, and reliability. This makes it an ideal solution for indoor wireless networking in smart homes and buildings. In a smart home, Wi-Fi 7 can connect a wide range of devices, including smart TVs, security cameras, thermostats, and light bulbs. This allows users to control their home devices from anywhere in the world and to automate tasks such as turning on the lights when they arrive home or adjusting the thermostat when they leave. Wi-Fi 7 can connect various devices for smart buildings, including sensors, actuators, and control systems. This allows building operators to monitor and control the building's environment, such as the temperature, lighting, and security.
Access points are expected to register the fastest growth rate during the forecast period.
Access Points are essential for connectivity and to ensure proficiency in deploying Wi-Fi 7. Access Points in Wi-Fi 7 are used to integrate various devices on the same network, facilitate communication and resource sharing and accessibility at ultra-high speeds between numerous devices, and maintain internet speeds despite immense traffic. Wi-Fi 7 provides better security, making these Access Points reliable to connect and suitable for Enterprise level networking. They can be used in office spaces, Educational Institute, Public Spaces, Hospitality, and many other areas with heavy user traffic flow.
Europe is expected to have the second-highest growth rate.
Numerous causes, such as the rising use of mobile devices, the rising demand for mobile data, and the creation of new wireless technologies, fuelling the expansion of indoor and outdoor wireless services in Europe. The rise of indoor and outdoor wireless services is having a good effect on the European economy and the lives of Europeans, and the European wireless market is anticipated to continue growing in the coming years. The slow rate at which the necessary lower 6-GHz band for Wi-Fi and its successor, Wi-Fi 6E, has been made accessible in the region has put European regulators under growing strain.
Top Key Companies in Wi-Fi 7 Market:
The major vendors covered in the Wi-Fi 7 Market are Qualcomm (US), Broadcom (US), TP-Link (China), ZTE (China), Mediatek (Taiwan), Keysight Technologies (US), MaxLinear (US), Huawei (China), Commscope (US), Vantiva (France), LitePoint (US), Rohde & Schwarz (Germany), Intel (US), HFCL (India), Netgear (US), SDMC Technology (China), Senscomm Semiconductor (China), H3C (China), VVDN Technologies (India), Actiontec Electronics (US), ADB Global (Switzerland), Ruijie Networks (China), and Edgewater Wireless Systems (Canada).
Recent Developments
- In December 2022, Rohde & Schwarz and Broadcom collaborated to announce the availability of an automated test solution for Broadcom Wi-Fi 7 chipsets.
- In January 2023, MediaTek introduced Consumer-Ready Wi-Fi 7 Products in product categories, including residential gateways, mesh routers, televisions, streaming devices, smartphones, tablets, laptops, and more at CES 2023.
- In March 2023, Lounea partnered with TP-Link to become Finland's first Wi-Fi 7 operator to offer Wi-Fi 7 standards for home wireless networks.
Wi-Fi 7 Market Advantages:
- Comparing Wi-Fi 7 to earlier Wi-Fi standards, a considerable increase in data rates is anticipated. It seeks to achieve multi-gigabit per second speeds to enable quicker and more effective data transfers. Applications that require a lot of bandwidth, such 4K/8K video streaming, virtual reality (VR), and augmented reality (AR) experiences, will benefit from the higher throughput.
- Compared to earlier Wi-Fi standards, Wi-Fi 7 strives to reduce latency or delay in data transfer. By reducing the time delay between actions and responses, this enhancement would benefit real-time applications like online gaming, video conferencing, and IoT (Internet of Things) gadgets.
- Wi-Fi 7 is anticipated to increase network capacity, enabling more devices to connect at once without noticeably degrading performance. This advancement is essential in today's hyper-connected world, where people are using an expanding number of gadgets, and where different IoT devices must cohabit on the same network.
- The power and spectrum usage of Wi-Fi 7 are intended to be more effective. With less interference and more spectral efficiency, it seeks to maximize the utilization of the radio frequency bands that are already available. The reduction of energy use and increased utilization of wireless resources will both be aided by this efficiency enhancement.
- In order to address new threats and weaknesses, Wi-Fi 7 is anticipated to provide new security features and protocols. To offer a stronger defense against unauthorized access and data breaches, it probably will contain cutting-edge encryption methods and authentication techniques. As more sensitive information and vital applications are transmitted across wireless networks, this increased security will become increasingly important.
- Devices employing older Wi-Fi technologies will be able to connect to Wi-Fi 7 networks because Wi-Fi 7 is expected to maintain backward compatibility with earlier Wi-Fi standards. These capabilities and enhanced network speed are still accessible to existing devices thanks to this compatibility, which guarantees a simple transition for users.
Report Objectives
- To determine and forecast the global Wi-Fi 7 Market by offering (hardware, solutions, and services), location type, application, vertical, and region from 2023 to 2030, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
- To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Latin America, and the rest of the world.
- To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Wi-Fi 7 Market.
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Wi-Fi 7 Market.
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Wi-Fi 7 Market.
- To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the market's competitive landscape.
- Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.
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