WiGig Market Research Report: By Product (Consumer Electronics, Networking Devices), Application (Docking Stations, HDMI Streaming Devices), Technology (SoCs, ICs), Industry (BFSI, Retail, Government, Healthcare, IT & Telecom, Residential), Geographical Outlook (U.S., Canada, U.K., Germany, Russia, France, China, Japan, India, Australia, Singapore, Brazil, South Africa, Turkey, U.A.E.) – Opportunity Analysis and Growth Forecast to 2024

Market Outlook

From $1,078.7 million in 2018, the WiGig market is expected to reach $4,386.1 million by 2024, at a 27.9% CAGR between 2019 and 2024. The key growth drivers for this industry include the rising demand for high-speed internet, adoption of the bring-your-own-device (BYOD) policy at workplaces, and increasing sales of portable consumer devices. In the coming years, the demand for WiGig solutions will rise the fastest in Asia-Pacific (APAC) due to the economic growth in India and China, booming IT & telecommunications sector, and surging smartphone adoption.

Market Dynamics

The key trend in the WiGig industry is the adoption of new wireless communication standards in order to deal with the increasing network congestion. The Wi-Fi dual bands of 2.4–5 Gigahertz (GHz), which are currently in use, are witnessing dense network congestion due to the increase in the number of smartphone users. As a result, the providers of WiGig solutions are investing in newer standards, such as the 60 GHz 802.11ad, which is an unlicensed band offering faster transmission of data, at speeds of up to 7 Gbps.

The rising demand for portable consumer electronic devices is one of the strongest factors driving the growth of the WiGig market. The increasing sales of smartphones, tablets, and laptops are attributed to the advanced features being offered by manufacturers to attract customers and surging disposable income of people, especially in emerging economies. Thus, considering that newer wireless communication standards, such as the 802.11ad WiGig standards that operate at 60 GHz, are available, consumer electronics companies are adopting these standards in their offerings.

Another reason the market is expanding is the rising demand for high-speed internet connections. High-definition (HD) videos and multiplayer games, which require faster data transmission, are gaining widespread popularity, thereby driving the integration of WiGig solutions.

Segmentation Analysis

The consumer electronics category held the largest share in the market for WiGig solutions in 2018, based on product. This is attributed to the increasing sales of consumer electronics that offer faster and smoother internet access. Due to this fact, this category will continue holding a significant share in the industry till 2024.

In 2018, the application segment of the industry was dominated by the docking stations category, and it will also experience the highest CAGR during 2019–2024. The demand for docking stations is rising in the WiGig market due to the adoption of the BYOD policy, which allows employees to bring their own consumer electronics to the office and connect them to the internet via a docking station.

Geographical Analysis

North America generated the highest revenue in the industry in 2018 because of the rapid adoption of new standards for wireless communication and existence of numerous semiconductor manufacturers who are investing in these technologies. In the coming years, APAC will be the fastest-growing market owing to the expanding IT sector and increasing internet penetration, especially in India and China. Both of these factors are resulting in an increase in the number of internet users, which is propelling the demand for WiGig solutions.

Competitive Landscape

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

• What is the current scenario of the WiGig market?
• What is the historical and the present size of the market segments and their future potential?
• What are the major catalysts for the market and their impact during the short, medium, and long terms?
• What are the evolving opportunities for the players in the market?
• Which are the key geographies from the investment perspective?
• What are the key strategies adopted by the major players to expand their market share?