The global WiGig Market is estimated to account for US$ 2,541.8 Mn in terms of value by the end of 2021. WiGig is a wireless networking technology that offers super-fast data transfer rates. This high-speed connectivity solution will allow user to stream video and audio files to high-resolution screens. It also eliminates the need for HDMI cables. WiGig uses a 60 GHz frequency band. It's less congested than the 2.4 GHz band. However, it's limited in terms of range. The signal can only travel up to 30 feet. Aside from transferring data at multi-gigabit-per-second speeds, WiGig also features low latency, which means user won't experience lags while watching HD video. This is also an important feature for virtual reality headsets.
Global WiGig Market: Drivers
Growing adoption of smart city projects around the world is expected to augment growth of the global WiGig market over the forecast period. Public Wi-Fi offer several benefits to smart city projects, such as enabling IoT-based city services, bridging the digital divide, and providing amenities for students, residents, visitors, and tourists. This further creates demand for WiGig technology. And this along with the growing investments in smart city developments by governing agencies of several countries is expected to push growth of the global WiGig market over the forecast period.
Global WiGig Market: Opportunities
Increasing adoption of WiGig in office spaces across the globe is expected to create several growth opportunities in the global WiGig market over the forecast period. WiGig devices are used in various businesses for enabling complete work from a multitude of devices for employees without the hassle of wired connection. These devices are also used for in-office networking, running bandwidth-heavy applications seamlessly, projecting graphics and audio, and for transferring large files to a large screen in an auditorium or a conference room with low latency. Thus, demand for WiGig technology is increasing in office spaces, which is offering growth opportunities in the market.
Global WiGig Market: Restraints
Unfavorable conditions arising due to the Covid-19 pandemic is expected to restrain growth of the global WiGig market over the forecast period. The pandemic of Covid-19 significantly impacted several industrial operations. Due to the lockdown regulations, transportation across several regions was disrupted. This further created shortage of raw materials. And along with this, due to the lack of manpower, manufacturing activities in the market were hindered during the pandemic. This in turn negatively impacted growth of the market.
Global WiGig Market - Impact of Coronavirus (Covid-19) Pandemic:
Many countries underwent nationwide lockdowns after the coronavirus outbreak in December 2019, in Wuhan, China. These preventative measures were taken by many countries to control the virus spread. Due to the lockdowns, many companies and educational institutes were shut down. The pandemic negatively impacted the manufacturing, supply chains, and distribution in the global WiGig market among various others. However, as many countries adopted work from home module, the demand for broadband connectivity increased all over the world. This in turn created demand for WiGig during the Covid-19 pandemic.
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Key Takeaways:
The global WiGig market was valued at US$ 2,541.8 Mn in 2021 and is forecast to reach a value of US$ 12,631.4 Mn by 2030 at a CAGR of 15.9% between 2022 and 2030.
Display devices segment held dominant position in the global WiGig market in 2021, accounting for 58.3% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global WiGig Market Trends:
Display devices segment among product type is gaining traction in the global WiGig market. WiGig technology is known to operate at 60GHz and it enables wireless transfer of audio and video data up to 5 gigabits per second, which is ten times the current rate of maximum wireless transfer, at one-tenth of the cost. Moreover, it offers other benefits such as ease of operation and high-speeds. And due to this, the demand for WiGig technology is significantly increasing for display devices. This trend is expected to continue in the market over the forecast period.
The inclination towards BYOD (bring your own device) among companies is another trend in the global WiGig market. Several companies are adopting BYOD, which is leading to rise in their IT expenditure to improve network throughput. Due to growing use of mobile phones and other electronic devices at work, the dependency of requiring a high bandwidth and speed for supporting different services and applications is increasing around the world. Moreover, many companies are focused on development of technologies for efficiently managing such high-speed data, as the demand for high-speed is increasing. Thus, this in turn creates demand for WiGig, which is likely to support the market growth.
Global WiGig Market: Competitive Landscape
HP Development Company L.P., Panasonic Corporation, Lenovo Group Limited, Qualcomm Technologies Inc., Dell Technologies Inc., Intel Corporation, Cisco Systems Inc., Broadcom Inc., Sivers Ima Holding AB, Peraso Technologies Inc., Tensorcom Inc., Blu Wireless Technology Limited, and Fujikura Ltd.
Global WiGig Market: Recent Developments
In September 2019, Peraso Technologies Inc., announced the launch of its latest X720 high performance pre 802.11ay WiGig chipset for fixed wireless access and small cell backhaul application.
