The global wireless connectivity market was valued at US$ 46.1 Bn in 2018 and is expected to reach US$ 127.9 Bn by 2027 with a CAGR growth rate of 12.5% in the forecast period from 2019 to 2027.
The growing demand for connected devices and digital services as well as the adoption of advanced technologies by industries are contributing substantially towards the positive growth of wireless connectivity market around the world. The proliferation of smart devices, easy availability of internet, advancement of IoT, and the advent of smart homes and smart cities are some of the major reasons for the exponential increase in the use of wireless connectivity technologies. The connected devices are also increasing exponentially over the past five years. These connected devices communicate and continuously generating an enormous amount of data every second. This digitization revolution presents a massive opportunity for businesses to utilize the enormous volumes of user/process data to gain useful insights.
The paradigm shift of companies embracing digitalization has reaped greater benefits for the enterprises and resulted in more revenue generation opportunities. Also, with the advancement in computing and storage technology, computing power has increased multi-fold during the last decade. This has created new opportunities for managing and computing big sets of data, and when coupled with advanced technologies such as artificial intelligence, useful business and customer insights can be gained. With artificial intelligence applications like machine learning and deep learning, companies have a tremendous opportunity to harness the data available for useful insights and thus increasing their revenue. All these benefits of connected devices are expected to boost the demand for robust and reliable wireless connectivity solutions and thus drive the growth of wireless connectivity market during the forecast period.
The wireless connectivity market globally is segmented on the basis of technology into Wi-Fi, Bluetooth, Cellular, Zigbee, GNSS, and others. The other wireless connectivity technologies include Li-Fi, LoRaWAN, NFC, RFID, Thread, Wi-Max, EnOcean, and Z-Wave among others. The wireless connectivity market is further segmented by end-use into industrial, construction & infrastructure, energy and utilities, healthcare, automotive & transportation, consumer, and others. The other end-use industries involved in global wireless connectivity market include finance, education, media & entertainment, and agriculture among others. Geographically, the market is divided into five regions including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
The overall wireless connectivity market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the wireless connectivity market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the wireless connectivity technologies.