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Global WiGig market was valued at $1,078.7 million in 2018, and is further expected to generate $4,386.1 million revenue by 2024, exhibiting a CAGR of 27.9% during the forecast period. Growing adoption of bring your own devices (BYOD) policies across enterprises, increasing demand for high-speed internet connectivity, coupled with massive growth in adoption of portable consumer electronics, are the major factors driving the growth of the WiGig market across the globe. Among all regions, Asia-Pacific (APAC) is expected to witness the fastest growth during the forecast period. This is due to rapid economic growth in the major developing countries such as China and India, growing information and communications technology (ICT) industry and increasing smartphone penetration.
Factors Governing WiGig Market
Increasing adoption of different wireless communication standards to fight network congestion is one of the key trends ongoing in the global WiGig market. The number of active internet users have been increasing in the past few years, this has led to heavy network congestions in the existing Wi-Fi dual bands of 2.4 GHz to 5 GHz. WiGig solution providers have invested toward new standards of wireless communications such as the 60 GHz 802.11ad. The 60 GHz band is an unlicensed band and also provides faster data transmitting speeds up to 7 Gbps.
Increasing demand for portable handheld consumer electronic devices is one of the key factors driving the growth of global WiGig market across the globe. The growth of portable consumer electronics such as smartphones, tablets etc. throughout the years can be attributed to the increasing income levels and attractive offerings by the OEMs to lure in customers by providing distinct features in their offerings. Moreover, with the availability of frequency bands capable of providing internet connectivity at a higher rate, such as the 802.11ad WiGig standards operating at 60 GHz, OEMs are focusing on the integration of these bands into their offerings, which is driving the market growth.
Increasing demand for high-speed internet connectivity is further contributing to the growth of global WiGig market. The rising demand for HD content streaming and multiplayer gaming, which require high-speed internet to ensure a lag-free, smooth experience, is contributing to the increasing adoption of WiGig solutions.
WiGig Market Segmentation Analysis
Based on product, consumer electronics held the largest share in 2018 in the WiGig market, owing to the increasing demand for portable consumer electronics that support faster internet services. The trend is expected to continue in the forecast period as consumer electronics market is projected to remain the strongest.
Based on application, docking stations held the largest market share in the global WiGig market in 2018 and is further expected to witness the fastest growth during the forecast period. This can be attributed to the increasing adoption of BYOD devices among the enterprises wherein employees can connect their personal devices such as laptops to computer peripherals through a docking station.
Geographical Analysis of WiGig Market
Globally, North America held the largest market in the 2018. This can be attributed to the increasing adoption of different wireless communication standards and a growing presence of large semiconductor companies in the region that are heavily investing toward the deployment of WiGig solutions.
On the contrary, APAC is predicted to witness the fastest growth throughout the forecast period. This is attributed to the accelerated IT investments in developing countries, such as China and India and a high internet penetration rate signaling a huge number of active internet users in the region.
Competitive Landscape of WiGig Market
The global WiGig market has a consolidated structure due to the presence of limited players. The majority of the market share is held by five companies, namely Cisco Systems Inc., Qualcomm Incorporated, Panasonic Corporation, Broadcom Inc., and Intel Corporation, as they are the primary choice of consumers for WiGig solutions owing to their brand reputation and product quality.
Recent Strategic Developments of WiGig Market Players
In recent years, major players in the WiGig market have taken several strategic measures such as mergers & acquisitions, product launches and geographical expansions to gain a competitive edge in the industry. For instance, in September 2019, Marvell Technology Group Ltd. announced the launch of ultra-low latency, high-port-count automotive switches with multi-gigabit routing throughput capabilities. These multi-gigabit ethernet switches have been designed to address the increasing risk of cybercrime targeted toward the automotive industry.
Further, in May 2017, Intel Corporation entered into a partnership with HTC Corp. wherein the latter agreed to provide support for Intel’s WiGig-enabled VR solutions across the HTC Vive. It included pristine video quality with <7ms latency and support for multiple users for an engaging experience.
Key Questions Addressed/Answered in the Report