Richmond, Jan. 09, 2024 (GLOBE NEWSWIRE) -- According to a research report "Wi-Fi 7 Market, by Offering (Hardware {System on Chip, Access Points, Routers, Other Hardware}, Solutions, Services {Professional Services, Managed Services}, Location Type (Indoor, Outdoor), Application (Immersive Technologies, HD Video Streaming and Video Streaming, Smart Home Devices, IoT and Industry 4.0, Telemedicine, Public Wi-Fi and Dense Environments, Other Applications), Vertical ( Retail, Manufacturing, Media and Entertainment, Healthcare and Life Sciences, Transportation and Logistics, Travel and Hospitality, Education, Residential, Other Verticals) and Region - Global Forecast to 2030" published by MarketDigits, the Wi-Fi 7 Market was valued USD 1.3 Billion in 2023 and projected to reach USD 26.2 Billion by 2030, growing at a CAGR of 53.6% during the forecast period of 2023-2030.
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
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Market Overview
Wi-Fi 7, the next evolution in wireless technology, is poised to revolutionize the connectivity landscape with its advanced capabilities. As an extension of the Wi-Fi family, Wi-Fi 7 brings forth unprecedented speed, efficiency, and connectivity, catering to the increasing demands of the digital age. This cutting-edge technology is designed to operate in the 6 GHz band, providing a significant boost in data transfer rates and reduced congestion compared to its predecessors. The applications of Wi-Fi 7 are diverse and expansive, spanning various industries and consumer scenarios. From supporting the ever-growing number of IoT devices in smart homes to enhancing the connectivity in industrial settings, Wi-Fi 7's higher data rates and improved reliability make it a key enabler for the Internet of Things. Moreover, in the business and enterprise sector, Wi-Fi 7 facilitates seamless connectivity for mission-critical applications, ensuring low latency and high performance. The market dynamics of Wi-Fi 7 are influenced by the increasing demand for faster and more reliable wireless communication. As data-intensive applications become more prevalent, there is a growing need for advanced wireless technologies that can handle the surge in data traffic. Wi-Fi 7, with its ability to provide multi-gigabit speeds and support for multiple devices simultaneously, addresses these challenges and positions itself as a crucial component in the future of wireless connectivity.
Moreover, the proliferation of smart devices, the advent of Industry 4.0, and the rise of remote work further contribute to the market growth of Wi-Fi 7. The technology's backward compatibility with previous Wi-Fi generations ensures a smooth transition for existing devices and networks, adding to its appeal.
Major Vendors in the Global Wi-Fi 7 Market:
Qualcomm, Broadcom, TP-Link, ZTE, Mediatek, Keysight Technologies, MaxLinear, Huawei, Commscope, Vantiva, LitePoint, Rohde & Schwarz, Intel, HFCL, Netgear, SDMC Technology, Senscomm Semiconductor, H3C, VVDN Technologies, Actiontec Electronics, ADB Global, Ruijie Networks, and Edgewater Wireless Systems and Others.
Rising Demand for High-Speed Connectivity
The primary driver propelling the Global Wi-Fi 7 Market is the escalating demand for high-speed connectivity. As the digital landscape continues to evolve, characterized by data-intensive applications, 4K streaming, virtual reality, and augmented reality experiences, consumers and businesses alike seek faster and more reliable wireless communication. Wi-Fi 7, operating in the 6 GHz band, offers significantly increased data transfer rates, providing a solution to the need for ultra-fast and efficient connectivity. This demand is further accentuated by the increasing number of smart devices and the proliferation of IoT applications, driving the adoption of Wi-Fi 7 to support these data-intensive functionalities
Market Dynamics
Drivers:
- Rising demand for high-speed connectivity
- Proliferation of internet of things (IOT) devices
- Advancements in industry 4.0 and smart technologies
Opportunities:
- Expanding applications in industrial iot (IIOT) and private networks
- Integration with 5g networks for seamless connectivity
- Emergence of smart cities and connected infrastructure
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Expanding applications in industrial iot (IIOT) and private networks
The expanding applications of Industrial Internet of Things (IIoT) and the growing adoption of private networks in industrial settings represent a lucrative opportunity for Wi-Fi 7. Industries such as manufacturing, logistics, and energy are increasingly deploying IIoT devices and private wireless networks to enhance operational efficiency and connectivity. Wi-Fi 7's ability to support a massive number of connected devices, provide reliable connectivity in challenging industrial environments, and ensure low-latency communication positions it as a key technology for industrial applications. Wi-Fi 7 providers can capitalize on this opportunity by offering tailored solutions that address the unique connectivity requirements of industrial IoT deployments and private networks.
The market for Wi-Fi 7 is dominated by North America.
The Wi-Fi 7 market is poised for significant growth in North America in the foreseeable future, primarily fueled by the surging demand for high-speed internet connectivity and the escalating prevalence of smart devices. North America stands out as a key market for Wi-Fi technology, boasting a substantial and expanding population of smartphone users who exhibit a pronounced need for swift internet connectivity both in residential and commercial settings. The burgeoning popularity of smart devices further propels the requirement for advanced Wi-Fi solutions. Smart appliances like televisions, speakers, and thermostats rely heavily on a dependable and high-speed internet connection, emphasizing the indispensability of cutting-edge Wi-Fi technology. The key drivers steering the market's expansion include the heightened demand for rapid internet connectivity, the ever-growing ubiquity of smart devices, and the advent of innovative Wi-Fi 7 devices and services. Key industry players such as Qualcomm, Broadcom, MediaTek, Intel, and STMicroelectronics play a pivotal role in shaping the Wi-Fi 7 landscape in North America. These companies commit substantial resources to research and development endeavors aimed at crafting state-of-the-art Wi-Fi 7 chipsets and comprehensive solutions. Additionally, strategic collaborations with major smartphone manufacturers and service providers underscore their concerted efforts to usher Wi-Fi 7 into the mainstream, ensuring a robust market presence and technological advancement.
The media and entertainment segment is anticipated to hold the largest market share during the forecast period
Wi-Fi 7, heralded as a significant technological leap forward, presents substantial potential for reshaping the landscape of the media and entertainment sectors. Through noteworthy improvements in speed, range, and reliability, Wi-Fi 7 becomes a catalyst for transformative capabilities within organizations. One of its key advantages lies in facilitating uninterrupted streaming of high-quality content, such as 4K and 8K videos, with no buffering or lag, ensuring real-time delivery of premium content to consumers. Furthermore, Wi-Fi 7 plays a pivotal role in delivering immersive virtual reality and augmented reality experiences, empowering businesses to create captivating environments for their clientele. The impact of Wi-Fi 7 extends to the gaming realm, revolutionizing the industry by enabling swift delivery of gaming content. This includes the groundbreaking ability to stream games directly from remote servers to local devices, eliminating the necessity for powerful gaming hardware. This paradigm shift expands the scope of indoor and outdoor gaming, enhancing accessibility and diversifying the gaming experience. As Wi-Fi 7 continues to unveil its advanced capabilities, it stands poised to unlock unprecedented possibilities and elevate user experiences across various facets of the media and entertainment domains.
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Segmentations Analysis of Wi-Fi 7 Market: -
Major Segmentations Are Distributed as follows:
- By Offering:
- Hardware
- System on Chip
- Access Points
- Routers
- Other Hardware
- Solutions
- Services
- Professional Services
- Managed Services
- Hardware
- By Location Type:
- Indoor
- Outdoor
- By Application:
- Immersive Technologies
- HD Video Streaming and Video Streaming
- Smart Home Devices
- IoT and Industry 4.0
- Telemedicine
- Public Wi-Fi and Dense Environments
- Other Applications
- By Vertical:
- Retail
- Manufacturing
- Media and Entertainment
- Healthcare and Life Sciences
- Transportation and Logistics
- Travel and Hospitality
- Education
- Residential
- Other Verticals
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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