The global WiGig market is projected to exhibit a significant growth, at a CAGR of around 25.8%, during the forecast period. the high penetration of premium smartphone brands with flagship offerings and other electronic devices, increasing demand for WiGig. IoT is becoming more common and is seen as the third wave of technology. WiGig is becoming a need for portable electronics products targeted by IoT includes digital camera & camcorders, household electronics, smartphones, and laptops & tablets, among others. WiGig offers fast data transfer rates of up to 7 gigabits per second. In addition, WiGig offers peer-to-peer display pairing, at resolutions of up to 4K and even virtual spaces can be explored through WiGig. Therefore, the popularity and adoption of the IoT products backed by the rising need for fast data transfer is expected to fuel the WiGig market during the forecast period.
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Along with this, the availability of a technologically aware consumer base significantly contributes to the growth in the global market. At present, there are various types of IoT-based wearable devices are getting into the market. Rising smartphone penetration and trend of wearables among people especially the millennials and tech savvy youngsters are expected to provide significant push to the market. In the last decade, internet connectivity has increased significantly. As per International Telecommunication, the percentage of individuals using the internet has increased to 51% in 2018 as compared to 29% in 2010 all across the globe. In the emerging economies, the percentage increased from 20% in 2010 to 45% in 2018. Such high penetration of internet and tech savvy population will further drive the WiGig market during the forecast period.
Moreover, LTE is responsible for higher upload and download speeds; however, it is still insufficient for the growing demands of social media as well as video-centric services. This concern has left mobile operators grappling with services that require high speed and high-data volumes over capacity-stretched networks. Inclusion of LTE with 5G will undoubtedly offer a faster data transfer speed to the consumers. This integration of the technology is finding huge acceptance in the enterprises and in consumer electronics across the globe. For instance, Samsung Electronics Co., Ltd. has a business segment, named Networks Business. It reported an increase in its revenue in 2018, due to significant 5G equipment installations and extension of LTE networks across the globe. In the US, sub-6 5G technologies will likely be deployed in existing microcell networks and infrastructure through existing LTE spectrum. This, in turn, will offer growth opportunity to the WiGig market in North America in the near future.
Global WiGig Market-Segmentation
By Product
o Smartphone
o Laptops & Tablets
o Projectors
o Others (Digital Camera)
o Routers
o Backhaul Stations
o Others (Adapters)
By Application
Global WiGig Market– Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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