Wearable Devices Segment Poised for Rapid Growth in the Wireless Connectivity Market

MarketsandMarkets Research Pvt. Ltd.

MarketsandMarkets Research Pvt. Ltd.

Chicago, Feb. 21, 2023 (GLOBE NEWSWIRE) — The Wireless Connectivity Market by Connectivity (Wi-Fi, Bluetooth Classic, Bluetooth 4X, Bluetooth 5X, ZigBee, Z-Wave, UWB, NFC, Thread, GNSS, Cellular, EnOcean, Sigfox, LoRa, LTE Cat-M1, NB-IoT), End-use and Region – Global Forecast to 2027, The key factors fueling the growth of the market include increasing demand for wireless sensors for developing smart infrastructure, growing internet penetration rate, and surging adoption of Internet of Things, development of 5G network, particularly in automotive sector, and significant financial support from governments worldwide for R&D is expected to accelerate the demand for wireless connectivity market.

Asia Pacific will dominate the wireless connectivity market.

During the forecast period, the Asia Pacific region is expected to dominate the wireless connectivity market. This expansion can be attributed to the region’s growing population, rising disposable incomes, and technological advancements such as 5G, the Internet of Things (IoT), and artificial intelligence (AI). Furthermore, the region is home to several major manufacturing hubs, making it a vital market for wireless connectivity solutions in a variety of industries such as automotive, healthcare, and consumer electronics. Furthermore, governments in the region are heavily investing in infrastructure development to support wireless connectivity growth, making the Asia Pacific region a key market for wireless connectivity providers. Overall, the Asia Pacific region is expected to grow significantly in the wireless connectivity market in the coming years.

The LPWAN segment will grow at the fastest compound annual growth rate (CAGR) in the wireless connectivity market between 2022 and 2027. Sigfox, LoRa, LTE-M, NB-IoT, EnOcean, and other low-power wide-area network (LPWAN) technologies use both unlicensed and licenced spectrums. The market opportunities for NB-IoT and LTE Cat-M1 are particularly significant as these technologies gain accelerated adoption in machine-to-machine (M2M) connections on factory floors. The LPWAN market is estimated to grow by four times by the end of the projected period, demonstrating the increasing importance of this technology in the wireless connectivity market.

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Wireless Connectivity Market Report Scope :

Report Metric

Details

Estimated Market Size

USD 109.3 Billion

Projected Market Size

USD 199.3 Billion

Growth Rate

12.8% CAGR

Years considered

2018–2027

Base year considered

2021

Forecast period

2022–2027

Forecast units

Value (USD million/billion)

 

Segments covered

 

Regions covered

  • North America,

  • Europe,

  • APAC, and

  • Rest of World

 

 

 

Market Leaders

  • STMicroelectronics N.V. (Switzerland),

  • NXP Semiconductors N.V. (Netherlands),

  • MediaTek Inc. (Taiwan), and

  • Renesas Electronics Corporation (Japan).

  • Infineon Technologies AG (Germany),

  • EnOcean (Germany),

  • Nexcom International Co., Ltd. (Taiwan),

  • Murata Manufacturing Co., Ltd. (Japan),

  • Nordic Semiconductor (Norway),

  • Expressif Systems (China),

  • CEVA, Inc. (US),

  •  Peraso Technologies, Inc. (Canada),

  • Panasonic Corporation (Japan),

  • BehrTech (Canada),

  • MeiG Smart Technology Co., Ltd. (China),

  • Neoway Technology (China), and

  • XIAMEN CHEERZING IoT Technology Co., Ltd. (China).

 Top Companies in North America

  • Intel Corporation (US),

  • Texas Instruments Incorporated (US),

  • Qualcomm Incorporated (US),

  • Broadcom (US), 

  • Microchip Technology Inc. (US),

  • Skyworks Solutions, Inc. (US), 

  • Skyworks Solutions, Inc. (US),

  • Semtech (US),

 Key Market Driver

Sizable internet penetration rate 

Key Market Opportunity 

Growing need for cross-domain applications


Largest Growing Region  

Asia Pacific

Largest Market Share Segment

Consumer electronics

Largest Application Market Share

Aerospace application

In this report, the overall Wireless Connectivity market has been segmented based on connectivity type, application, and region.

The wireless connectivity market’s wearable devices segment is also expected to grow rapidly. Wearable devices with advanced capabilities allow users to take photos, record videos, read text messages and emails, respond to voice commands, and browse the web. NFC, Bluetooth Low Energy (BLE), Wi-Fi, and Cellular are among the primary technologies gaining traction in wearable devices. Wireless-enabled wearable devices provide significant benefits for healthcare workers, such as reduced cable clutter, fewer accessories requiring infection control, increased patient comfort via smaller wearable devices, uninterrupted monitoring outside the hospital, and reduced recovery time by allowing patients to ambulate within the care area while being monitored continuously.

“Browse in-depth TOC on “Wireless Connectivity Trends, Growth Drivers“­­­­­­­­

223 – Tables
54 – Figures

293 – Pages

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During the forecast period, Europe is expected to have the third-largest share of the wireless connectivity market. Some of Europe’s key countries, such as Germany and France, are increasingly embracing major technologies such as the Internet of Things (IoT) via Industry 4.0, as well as connected healthcare and wearable devices. Europe has a strong foundation in the manufacturing, design, and research of advanced semiconductor technologies. The growth of the wireless connectivity market in Europe is largely driven by the financial support and initiatives taken by governments in the fields of the

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