WiGig Market Expected to Reach $278.1 Million by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “WiGig Market," The wigig market was valued at $22.83 million in 2022, and is estimated to reach $278.1 million by 2032, growing at a CAGR of 28.7% from 2023 to 2032.

The focal point of the wireless gigabit market is the dynamic data transmission environment of the digital age, where wireless and high-speed connectivity are essential. This market includes a wide range of goods and services intended to make it easier for terabytes of data to be exchanged without being limited by physical connections.  Fundamentally, the growing demand for effective and quick data transfer across a range of businesses and consumer segments is driving the wireless gigabit market. This covers, among other things, mobile hotspots, routers, and wireless data plans for mobile devices. These let users send and receive large amounts of data without being connected to conventional networks. The emergence of 4G and 5G technologies, which allow for faster and more dependable wireless data transfer, has characterized the telecom industry. Wireless providers are essential since they provide a range of data plans that are suited to different consumer and business requirements. The market expands into the Internet of Things (IoT), where a vast amount of data is exchanged wirelessly among devices, hence increasing the demand for gigabit-level data capacities.

Furthermore, surge in increasing adoption of data intensive apps and growing advancement in wireless technologies primarily drive the growth of the WiGig market. However, rising costs for chipset manufacture and spectrum congestion hamper market growth to some extent. Moreover, advancement of 5G expected to provide lucrative opportunities for market growth during the forecast period..

On the basis of technology, SoC segment dominated the WiGig market in 2022 and is expected to maintain its dominance in the upcoming years owing to several gadgets, including laptops, tablets, smartphones, Internet of Things devices, and networking equipment propels the market growth significantly. However, the IC segment is expected to witness the highest growth, owing to facilitating data-intensive applications like online gaming, high-definition video streaming, and cloud-based services.

Region-wise, the WiGig market size was dominated by North America in 2022 and is expected to retain its position during the WiGig market forecast period, owing to the growing need for applications requiring extremely low latency and real-time data processing is crucial for sectors like autonomous vehicles, smart cities, and augmented reality (AR)/virtual reality (VR) aiding the growth of the WiGig market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to to the growing use of 5G technology as well as the rapid growth of IoT devices and applications which is expected to fuel the market growth in this region.

The market for wireless gigabits, or WiGigs, was significantly impacted by the COVID-19 pandemic. The need for high-speed wireless access has increased due to the trend in society toward remote work and online education. With more consumers depending on streaming services, cloud-based apps, and video conferencing, faster and more dependable wireless connections were becoming essential. WiGig technology offered the bandwidth required to support these activities, allowing for smooth data transfer and communication due to its multi-gigabit speeds. Thus, WiGig technology evolved as more relevant in the market and was adopted more quickly as an outcome of the COVID-19 pandemic. Moreover, the pandemic highlighted the significance of offloading local data and reducing network congestion. There was a strain on the network infrastructure due to the rising reliance on data-intensive applications and services. By enabling local data offloading, which lets devices send data directly to one another without taxing the network, WiGig technology eased this strain. This boosted the user experience overall in addition to improving network performance. WiGig technology offered a workable means to control network congestion and guaranteed better connectivity as homes and businesses looked for ways to maximize their network usage during the pandemic.     

Technological Trends

One of the foremost technological trends in the WiGig market is the persistent pursuit of enhanced data transfer speeds. WiGig technology functions within the 60 GHz frequency spectrum, thereby facilitating expedited wireless communication when compared to conventional Wi-Fi standards. Through the utilization of improved hardware and signal processing techniques, WiGig endeavors to attain even greater speeds, thereby enabling the seamless transmission of sizable files, high-definition video streaming, and low-latency applications. WiGig maintains a strong emphasis on delivering multi-gigabit connectivity, resulting in swifter and more efficient data transmission. This attribute holds particular significance in scenarios whereby the rapid transfer of copious amounts of data is required, such as in virtual reality (VR) and augmented reality (AR) applications, high-resolution video streaming, and real-time gaming. The capacity to wirelessl furnish multi-gigabit speeds constitutes a noteworthy technological trend in the WiGig market. The WiGig industry is witnessing a significant trend wherein device interoperability is prioritized. WiGig seeks to offer smooth communication across a range of gadgets, including tablets, laptops, smartphones, and Internet of Things devices. It is the goal of ongoing efforts to guarantee that devices with WiGig capability may easily exchange data and communicate with each other, independent of operating system or manufacturer. This tendency makes the ecosystem more interconnected and linked, making it easier for users to access and move data between various devices. Strong security measures are a critical market trend as WiGig technology gets more widely used. Strong security measures are a critical market trend as WiGig technology gets more widely used. As increasing amounts of private information is transferred across wireless networks, WiGig is concentrating on establishing sophisticated security measures in effect to guard against hacking and data leaks. To give consumers a safe wireless environment, encryption techniques, authentication procedures, and secure pairing strategies are being developed and improved.In order to provide users with a secure wireless environment, continues to be enhanced and expanded.  

KEY FINDINGS OF THE STUDY

• By product, the display devices segment accounted for the largest WiGig market share in 2022.
• By type, the 802.11ad segment accounted for the largest WiGig market share in 2022.
• By technology, the integrated circuit chip (IC) segment accounted for the largest WiGig market share in 2022.
• On the basis of end user, networking segment generated the highest revenue in 2022.
• Region-wise, North America generated the highest revenue for WiGig market analysis in 2022.

The key players profiled in the WiGig market analysis are as Intel Corporation, Advanced Micro Devices, Inc., Broadcom, Qualcomm Technologies, Inc., Panasonic Corporation, NEC CORPORATION, NVIDIA Corporation, MediaTek Inc., SAMSUNG and NXP semiconductors. These players have adopted various strategies to increase their market penetration and strengthen their position in the WiGig industry.