Wireless Connectivity Technology Market Expected to Grab a Remarkable Revenue Share During 2022-2030 – The Bollywood Ticket
the global wireless connectivity technology market Size is expected to grow from $63,916.1 million in 2020 to $150,375.9 million by 2027, registering a CAGR of 13.0% from 2021 to 2027. Wireless connectivity is a network technology used to connect two nodes or devices without cables, wires, and cords. Wireless connectivity is a method that allows customers to avoid the costly installation of cables within properties for connectivity between systems and devices. The penetration of Wi-Fi in commercial, industrial and residential areas as a wireless LAN connection is driving the demand for Wi-Fi-enabled smart lighting. The existing Wi-Fi equipped structure tends to use Wi-Fi connectivity for smart lights.
In addition, the penetration of IoT-based technologies in emerging markets is lucrative to create future market opportunities. In addition, Bluetooth is used in the setup of smart lighting as a wireless connection technology. This wireless technology connects devices together and provides consumers with remote access. For example, a smart LED bulb from Svarochi offers users Bluetooth connectivity, helping them remotely access the device to control a light color, control lighting, and other functions.
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Factors such as the increasing adoption of AI assistants, the demand for wireless networks in the development of intelligent infrastructure, and the integration of IoT into surveillance cameras are driving the market growth. However, maintenance costs and high installation in wireless network systems hinder the market growth. In addition, the advent of AI and IoT technology for smart lighting and development in smart city projects, especially in APAC, is expected to further increase the demand for wireless connectivity technology.
Impact of COVID-19 on the global wireless connectivity technology market
The ongoing spread of COVID-19 has become the greatest threat to the global economy. It is causing widespread concern and economic hardship for businesses, communities, and consumers around the world. The “new normal” that includes social distancing and working from home has created challenges with regular work, daily activities, supplies and needs, resulting in delayed initiatives and missed opportunities.
Demand from the wireless communications sector is expected to increase due to factors such as higher demand for cloud services, video streaming and increasing broadband usage. In addition, COVID-19 is expected to further increase the need for digital transformation and technologies such as 5G, IoT, AI and intelligent edge computing for future optimization in the medium to long term.
Global Wireless Connectivity Technology Market Dynamics
Driver: The demand for wireless networks in the development of intelligent infrastructure
The development of metropolises into smart cities worldwide requires the networking of human and material resources. Connectivity has seen a growth from wired connections to wireless connections. Furthermore, the advancement of wireless connections with increased data transmission rates is expected to drive the market due to the wide application of wireless networks in intelligent infrastructures. In the US, for example, an average commuter spends about 42 hours a year in traffic jams, which is higher in megacities like Los Angeles or New York. Traffic lights connected to smart cities can analyze traffic patterns and adjust them in real time to reduce congestion and delays.
Limitations: High installation and maintenance costs in the wireless network system
The installation of wireless networks such as Wi-Fi requires an autonomous infrastructure to be able to use all the functions offered. Therefore, the installation of intelligent lighting involves enormous costs. It also uses various software and services for its connectivity and control. Also, wireless network operation maintenance and repair requires trained professionals, increasing maintenance costs. Therefore, high installation and maintenance costs for hardware and software inhibit market growth.
Opportunities: Emergence of IoT and AI technology for smart lighting
The advances in wireless technology and the rise of IoT technology for hyper-connectivity between devices in smart infrastructure is expected to increase the demand for wireless networks in smart lighting. The integration of artificial intelligence and IoT in lighting systems offers operational efficiencies such as automatic dimming and smart lighting as needed in various applications such as vertical farming, vehicle interiors and smart homes. For example, vertical farming has adopted an intelligent lighting system to improve agricultural production. The use of intelligent lighting in this industry promotes optimal plant growth through automatic light adjustments. Therefore, the integration of IoT and AI into the lighting industry offers lucrative opportunities for its market expansion.
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scope of the report
The study categorizes the wireless connectivity technology market based on technology, application and region.
Outlook by Technology (Revenue/Revenue, $M, 2017-2027)
- Wireless Internet access
Outlook by Application (Revenue/Revenue, $M, 2017-2027)
- consumer electronics
- Aerospace and Defense
- IT & Telecom
Outlook by Region (Revenue, $M, 2017-2027)
- North America (USA, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, Great Britain, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, rest of Asia Pacific)
- Middle East and Africa (Saudi Arabia, UAE, South Africa, North Africa, Rest of MEA)
The Wi-Fi segment is forecast to account for the largest market share by technology
Based on technology, the market is segmented into Wi-Fi, Bluetooth, Zigbee, NFC & Cellular Technology and Others. The Wi-Fi segment made the largest contribution to the market; Wi-Fi had a 25.7% market share in 2020. Wi-Fi is a popular wireless networking technology that uses radio waves to create high-speed wireless internet and network connections. This technology is used as one of the key wireless technologies that are driving the market significantly. Wi-Fi is used to access internet services on portable devices such as smartphones, tablets or laptops. Wi-Fi uses radio waves to transmit information on specific frequencies, most commonly 2.4 GHz and 5 GHz. The penetration of Wi-Fi in residential, commercial and industrial areas as a wireless LAN connection is driving the demand for Wi-Fi-enabled smart lighting. The pre-existing Wi-Fi equipped setup tends to use Wi-Fi connectivity for smart lights. In addition, the penetration of IoT-based technologies in developing countries is lucrative to create future market opportunities.
Asia Pacific will show the highest CAGR over the forecast period
On the basis of region, the global Wireless Connectivity Technology Market is analyzed in North America, Asia-Pacific, Europe, South America, and Middle East & Africa. Globally, Asia-Pacific is expected to register the highest CAGR in the global wireless connectivity technology market during the forecast period. The Asia-Pacific wireless connectivity technology market is mainly controlled by the advancement of economical consumer electronics devices that encourage sustainable investments in the sector. Furthermore, the growing acceptance in sports for health diagnostics in the region is creating lucrative opportunities for wireless connectivity technology market expansion. Furthermore, the increasing adoption of smart technologies in Asia-Pacific creates lucrative opportunities for the growth of the market in the region.
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Technological development in Asia Pacific region will fuel the growth of wireless connectivity technology market. Regional growth is expected to be impacted by high demand for smartphones and smart wearables in consumer electronics. In addition, the increase in government initiatives to build smart cities in APAC and upcoming long-term investments in smart technologies will drive the growth of the Asia-Pacific market. Due to the increasing adoption of advanced electronics, various technological advancements related to automotive and healthcare industries are driving the market growth.
Important market participants
The report’s wireless connectivity technology leaders include Intel Corporation, Qualcomm Incorporated, NXP Semiconductors NV, STMicroelectronics NV, Texas Instruments Inc., Broadcom, Panasonic Corporation, Infineon Technologies AG, Renesas Electronics, and MediaTek Inc.
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These key players employ multiple strategies such as: B. Acquisition, partnership and cooperation, new product launch and development, and business expansion to increase the market share of wireless connectivity technology during the forecast period.