CHICAGO, Aug. 23, 2022 /PRNewswire/ -- Wireless Connectivity Market is projected to grow from USD 109.3 billion in 2022 to USD 199.3 billion by 2027; it is expected to grow at a CAGR of 12.8% from 2022 to 2027,according to a new report by MarketsandMarkets. The key factors fueling the growth of the wireless connectivity market include the adoption of IoT with accelerated expansion of LPWAN and WPAN technologies. Moreover, demand for better throughput and reliable connectivity to create abundant opportunities in market.
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The LPWAN segment is projected to grow at the highest CAGR in the Wireless Connectivity market from 2022 to 2027.
Low-power wide-area network (LPWAN) uses both unlicensed and licensed spectrums. Sigfox, LoRa, LTE-M, NB-IoT, EnOcean, and others are covered under its scope. Of these technologies, NB-IoT and LTE Cat-M1 are creating major market opportunities as both are gaining accelerated adoption in M2M connections on factory floors. LPWAN is estimated to grow by four times by the end of projected period.
The wearable devices segment of the Wireless Connectivity market is expected to foresee healthy growth rate
The most advanced wearable devices enable the wearer to take and view pictures, record videos, read text messages and emails, respond to voice commands, and browse the web. The primary technologies gaining traction among wearable devices are NFC, usually used for data transfer, Bluetooth Low Energy (BLE), which requires very low power, Wi-Fi with a better range as compared to other short-range communication techs, and Cellular, the most widely adopted one. The use of wireless-enabled wearable devices offers several benefits for healthcare workers, e.g., 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 enabling patients to ambulate within the care area under continuous monitoring.
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Europe region is expected to hold the third-largest share in the market during the forecast period.
The European market includes some of the key countries that are increasingly adopting major technologies like the Internet of Things (IoT) through Industry 4.0, and connected healthcare and wearable devices. Europe has witnessed tremendous success in 3G and 4G mobile communications. With the development of smart cities, the demand for wireless technologies and standards has gained momentum in Europe. Over the years, Europe has emerged as a prominent market for low-power wide-area network-based wireless communication. Europe has a solid base in manufacturing, designing, and researching advanced technologies used in the semiconductor industry. Key production centers in the EU and European Free Trade Association (EFTA) include Austria, France, Germany, Italy, Ireland, and the Netherlands. 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 Internet of Things and machine-and-machine communication technologies.
The key players operating in the Wireless Connectivity market include Intel Corporation (US), Texas Instruments Incorporated (US), Qualcomm Incorporated (US), Broadcom (US), STMicroelectronics N.V. (Switzerland), NXP Semiconductors N.V. (Netherlands), Microchip Technology Inc. (US), MediaTek Inc. (Taiwan), and Renesas Electronics Corporation (Japan) were the companies that dominated the wireless connectivity market in 2021.
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