Wi-Fi 6 Market worth $20.9 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 8, 2023 /PRNewswire/ -- Broader adoption of Wi-Fi 6 in homes and businesses, integration with 5G networks, support for the development of IoT, support for cutting-edge applications like AR and VR, improved security features, a potential switch to Wi-Fi 6E for more spectrum, and ongoing device evolution to support the newest standards are all factors that will shape the market in the years to come. Its development will also be influenced by factors like market dynamics and newly emerging standards.
The Wi-Fi 6 Market is estimated at USD 5.7 billion in 2023 to USD 20.9 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 29.3%, according to a new report by MarketsandMarkets™. Wi-Fi 6 supports advanced features like Target Wake Time (TWT) and Basic Service Set (BSS) Coloring, enabling more precise indoor location services. This capability serves opportunities in retail, healthcare, and other sectors that rely on location-based data for enhanced customer experiences or asset tracking which is boosting Wi-Fi 6 Market.
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Scope of the Report
By Application, HD video streaming and video conferencing segment is estimated to account for the largest market share in 2023.
Wi-Fi 6 is used in video streaming to deliver video content to users over the internet. Wireless technology allows devices to communicate with each other without the need for a physical connection. Wi-Fi is a wireless technology that uses radio waves to transmit data. Wi-Fi 6 is essential for video streaming because it enables users to watch video content on any device with an internet connection. This includes smartphones, tablets, laptops, and smart TVs.
By Hardware, system on chip is expected to register the fastest growth rate during the forecast period.
A Wi-Fi System-on-Chip is a single chip that integrates all the necessary components for a Wi-Fi device. This includes the Wi-Fi radio, processor, memory, and other components. Wi-Fi SoCs enable a more compact and efficient design and improved performance and power efficiency. They are used in a variety of devices, such as smartphones, tablets, laptops, and smart home devices.
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Asia Pacific is expected to have the highest growth rate
Businesses in the Asia Pacific region, particularly in industries like IT, telecom, retail, and healthcare, are showing strong optimism and awareness about the benefits of Wi-Fi 6. This positive attitude contributes to the region's growth of the Wi-Fi 6 industry, with more commercial clients adopting reliable Wi-Fi 6 solutions and services. The advancements in technology in the Asia Pacific region, combined with the increasing trend of using Wi-Fi solutions, are expected to bring further benefits to the Wi-Fi market. Several countries in the region, including China, Japan, South Korea, and Australia, have designated a spectrum for Wi-Fi 6 use, enabling wireless service providers to offer faster speeds and better performance to their customers by rolling out Wi-Fi 6 networks.
Top Key Companies in Wi-Fi 6 Market:
The major vendors covered in the Wi-Fi 6 Market include Cisco Systems Inc. (US), Qualcomm Technologies Inc. (US), Broadcom Inc (US), Intel Corporation (US), Huawei technologies (China), NETGEAR Inc (US), Juniper Networks Inc (US), Extreme Networks Inc. (US), Ubiquiti Inc. (US), Fortinet Inc. (US), Aruba Networks (US), NXP Semiconductors (Netherlands), AT&T (US), D–Link Corporation (Taiwan), Alcatel Lucent Enterprise (France), TP–Link Corporation Limited (China), MediaTek Inc. (Taiwan), Telstra (Australia), Murata Manufacturing Co., Ltd. (Japan), Sterlite Technologies Limited (India), Renesas Electronics (Japan), H3C Technologies Co., Ltd. (China), Keysight Technologies (US), LitePoint (US), Rohde & Schwarz (Germany), Cambium Networks, Ltd. (US), Senscomm Semiconductors Co., Ltd. (China), XUNISON (Ireland), Redway Networks Ltd. Company (England), VSORA SAS (France), WILUS Inc. (South Korea), Federated Wireless, Inc. (US), Actiontec Electronics (US), ADB Global (Switzerland), SDMC Technology (China), and Edgewater Wireless (Canada).
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Wi-Fi 6 Market Advantages:
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