The wireless connectivity market size is projected to reach US$ 335.96 billion by 2031 from US$ 120.80 billion in 2023. The market is expected to register a CAGR of 13.6% in 2023–2031. The global wireless connectivity market is forecast to increase significantly over the forecast period, owing to rising demand for cloud computing and related technologies.
Furthermore, wireless connectivity allows customers to send data with notably low latency and find their cars with accuracy. Modern communication networks like LTE and LTE Advanced can be used to communicate with smart automobiles. Smart driving will be efficiently managed by an enhanced 5G network and the Internet of Things. Numerous advancements in the wireless communications sector, including the impending rollout of long-term evolution (LTE), enhanced smart device use, increased mobility, and the rapid growth of mobile data traffic, are driving the demand for wireless technology. Newer wireless technologies ask for greater energy and spectrum. The two mobile technologies that are expanding the fastest are LTE and 5G, and they will keep developing in the future.
The increasing demand for consumer electronic gadgets will fuel the market's growth. Furthermore, sophisticated technologies such as AI, IoT, AR, and VR are projected to stay popular across a variety of end-user industries. The global development of smart infrastructure is also a major driver of demand for wireless sensor networks.
Infotainment systems can be linked to smartphones and other smart devices through wireless connectivity, such as Wi-Fi and Bluetooth. Infotainment systems can be paired with users' gadgets. It can handle hands-free mode to accept calls while driving, react to voice instructions, and easily and conveniently operate systems.
The rate of internet penetration in developed North American and European countries has expanded dramatically during the last decade. According to Internet World Usage Statistics, in 2022, 54.2% of Internet users were in Asia, Europe, and 66% in North America. The Middle East and Africa are having the highest growth rate in internet adoption. Internet usage on mobile devices is increasing. As internet access becomes more important, there will be a greater need for wireless smart gadgets. Over the next five years, the global number of machine-to-machine (M2M) connections is predicted to increase by more than double. M2M connections occur in manufacturing facility delivery vehicles and warehouse asset tracking systems.
To fully utilize wireless technology, cross-domain skills and cooperation are essential. The IoT and cloud computing ecosystems offer exponential development prospects for organizations and businesses. Organizations can react to emerging cloud and IOT trends, as well as technology breakthroughs. Organizational performance depends on cross-sector relationships and business strategies. Huawei Technologies (China) has launched LiteOS7, a new operating system aimed at various segments such as wearable devices, smart homes, the Internet of Vehicles, smart meters, and the industrial internet. Huawei Technologies (China) expanded into multiple market categories within the IoT ecosystem. This enables the organization to target a variety of applications in IoT.
Key segments that contributed to the derivation of the wireless connectivity market analysis are technology and end-use.
The geographic scope of the wireless connectivity market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. The Asia-Pacific market is expected to experience the fastest growth for wireless connectivity systems. For example, the US-China Economic and Security Review Commission estimates that government investment in smart city initiatives in China will reach USD 38.92 billion this year. The growth of smart infrastructure is likely to create new opportunities for wireless communication systems.
The regional trends and factors influencing the Wireless Connectivity Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Wireless Connectivity Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 120.80 Billion |
| Market Size by 2031 | US$ 335.96 Billion |
| Global CAGR (2023 - 2031) | 13.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Wireless Connectivity Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Wireless Connectivity Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The wireless connectivity market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
(Source: Verizon, Company Website, 2022)
(Source: AT&T, Company Website, 2022)
The "Wireless Connectivity Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The global wireless connectivity market is expected to reach US$ 335.96 billion by 2031.
The key players holding the majority of shares in the global wireless connectivity market are Broadcom Inc., Cypress Semiconductor Corporation, Intel Corporation, Media Tek Inc., and Microchip Technology Incorporated.
Growing AI applications will lead to the incresing use of wireless connectivity to play a significant role in the global wireless connectivity market in the coming years.
High internet penetration rates are the major factors that propel the global wireless connectivity market.
The global wireless connectivity market was estimated to be US$ 120.80 billion in 2023 and is expected to grow at a CAGR of 13.6% during the forecast period 2023 - 2031.