Wireless Connectivity Market Size & CAGR (2023-2031)
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.
Wireless Connectivity Market Analysis
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.
Wireless Connectivity Market Overview
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.
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Wireless Connectivity Market: Strategic Insights
Market Size Value in US$ 46,051.8 Million in 2018 Market Size Value by US$ 127,880.0 Million by 2027 Growth rate CAGR of 12.5% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Wireless Connectivity Market: Strategic Insights
| Market Size Value in | US$ 46,051.8 Million in 2018 |
| Market Size Value by | US$ 127,880.0 Million by 2027 |
| Growth rate | CAGR of 12.5% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Wireless Connectivity Market Drivers and Opportunities
High Internet Penetration Rate to Favor Market
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.
Increasing Demand for Cross-Domain Applications
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.
Wireless Connectivity Market Report Segmentation Analysis
Key segments that contributed to the derivation of the wireless connectivity market analysis are technology and end-use.
- Based on technology, the wireless connectivity market is segmented into Wi-Fi, Bluetooth, cellular, ZigBee, GNSS, and others.
- Based on end-use, the wireless connectivity market is segmented into industrial, construction & infrastructure, energy & utilities, automotive & transportation, healthcare, consumer, and others.
Wireless Connectivity Market Share Analysis by Geography
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.
Wireless Connectivity Market Report Scope
Wireless Connectivity Market News and Recent Developments
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:
- In February 2022, Verizon announced the expansion of its Internet service, allowing customers to access dependable, fast plug-and-play wireless Internet services across the country, including over 30 million homes and more than 2 million businesses.
(Source: Verizon, Company Website, 2022)
- In August 2022, AT&T announced intentions to expand its Fiber Internet Service to Arizona, with availability expected in 2023. The startup promised to provide fiber-based broadband rates of up to 5 gigabits per second to over 100,000 homes in and around Mesa.
(Source: AT&T, Company Website, 2022)
Wireless Connectivity Market Report Coverage and Deliverables
The "Wireless Connectivity Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, and End-Use
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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