Wireless Connectivity Global Market Report 2024

The wireless connectivity market size has grown rapidly in recent years. It will grow from $127.52 billion in 2023 to $142.5 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth observed during the historical period can be attributed to the proliferation of mobile devices, the connectivity needs of consumer electronics, the emergence of smart cities, the demand for seamless connectivity in vehicles, and growing concerns about environmental sustainability.

The wireless connectivity market size is expected to see rapid growth in the next few years. It will grow to $227.64 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The anticipated growth in the forecast period can be attributed to the expansion of smart infrastructure, the increasing demand for remote work solutions, advancements in satellite connectivity, the emergence of Industry 4.0, and the growing demand for mobile broadband. Major trends expected in the forecast period include the deployment and adoption of 5G technology, the proliferation of the Internet of Things (IoT), integration of AI and machine learning, the implementation of multi-connectivity solutions, and the development of connectivity solutions for remote work.

The anticipated growth in the wireless connectivity market is driven by the increasing rates of internet penetration. Internet penetration rate, representing the percentage of a population using the internet, has been on the rise globally. The surge in internet users has led to heightened adoption of various technological devices such as phones, microphones, and digital cameras. This surge, fueled by a report from the International Telecommunication Union (ITU), indicates that approximately 67% of the world's population, amounting to 5.4 billion people, was using the internet in 2021. This marked an increase of 1.88% from the previous year, with an estimated 0.1 billion new users joining during that period. Consequently, the growth in internet penetration is a significant driver propelling the wireless connectivity market.

The wireless connectivity market is further boosted by the increasing proliferation of IoT-linked devices. These devices, characterized by wireless connectivity and the ability to transmit data, play a vital role in the Internet of Things (IoT). Wireless connectivity facilitates seamless communication and data exchange between devices and the cloud, contributing to diverse applications such as smart homes, wearables, industrial automation, and environmental monitoring. According to a report from Ericsson, broadband IoT (4G/5G) connections reached 1.3 billion in 2022, with the anticipation that nearly 60% of cellular IoT connections will be broadband IoT by the end of 2028. The projection indicates the dominance of 4G connections, particularly in Northeast Asia, which is expected to surpass 2 billion connections by 2023. This proliferation of IoT-linked devices underscores the growth potential of the wireless connectivity market.

A key trend in the wireless connectivity market is the emphasis on product innovation. Major industry players are dedicated to introducing cutting-edge technologies to maintain a competitive edge. For instance, Lumen Technologies Inc., a US-based telecommunications company, launched a groundbreaking Wi-Fi 7 device in October 2023. This device boasts speeds of up to 10 Gbps, approximately 30 times faster than current Wi-Fi technology. Additionally, it is designed to support up to 10,000 devices simultaneously, making it ideal for settings with numerous connected devices. The device's low latency of less than one millisecond makes it well-suited for real-time applications such as gaming and virtual reality.

Companies in the wireless connectivity market are also focused on developing innovative products such as wireless access receivers to enhance their market position. Nokia Corporation, a Finland-based technology and telecommunications company, introduced the FastMile 5G receiver in June 2023. This receiver employs a potent antenna with a 9 dBi gain to effectively capture and amplify weak 5G signals, even in challenging environments. Its wideband support spans a comprehensive range of 4G and 5G bands, including CBRS in both configurations, supporting carrier aggregation and New Radio technologies. Designed for outdoor installation, the FastMile 5G receiver excels at capturing the strongest available signals.

In August 2022, Semtech Corporation, a US-based supplier of semiconductors, acquired Sierra Wireless for $1.2 billion. This acquisition significantly broadened Semtech's market reach, doubling its annual revenue and creating a robust portfolio of connectivity solutions for the burgeoning IoT market. Sierra Wireless, a US-based designer, manufacturer, and services provider in wireless communications equipment, contributed to strengthening Semtech's position in the wireless connectivity landscape.

Major companies operating in the wireless connectivity market report are Intel Corporation, Texas Instruments Incorporated, Qualcomm Incorporated, Broadcom Inc., STMicroelectronics, NXP Semiconductors, Microchip Technology Inc., MediaTek Inc., Renesas Electronics Corporation, Panasonic Corporation, Nexcom International Co. Ltd., Atmel Corporation, Cypress Semiconductor Corporation, AT&T Inc., Cisco Systems Inc., Nokia Corporation, Marvell Technology Group Ltd., Xilinx Inc., Nordic Semiconductor ASA, Sierra Wireless Inc., Ruckus Networks, Skyworks Solutions Inc., Sequans Communications S.A., Lantronix Inc., Qorvo Inc., Murata Manufacturing Co. Ltd., Inseego Corp., u-blox Holding AG, Cambium Networks Corporation, Onsemi, Semtech Corporation, Celeno Communications, Dialog Semiconductor plc, Redpine Signals Inc.

Asia-Pacific was the largest region in the wireless connectivity market in 2023. The regions covered in the wireless connectivity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wireless connectivity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The major types of wireless connectivity include LPWAN (Low Power Wide Area Network), cellular M2M (Machine-to-Machine), WPAN (Wireless Personal Area Network), satellite (GNSS) Global Navigation Satellite System, and WLAN (Wireless Local Area Network). A wireless local area network (WLAN) serves as a wireless distribution method for connecting two or more devices. Various deployment modes include control devices, gateways, and cloud, utilizing technologies such as Bluetooth, Wi-Fi, ultra-wideband, NFC, cellular, and ZigBee. Wireless connectivity finds applications across various end-user sectors, including wearable devices, healthcare, consumer electronics, building automation, automotive and transportation, and others.

The wireless connectivity market research report is one of a series of new reports that provides wireless connectivity market statistics, including wireless connectivity industry global market size, regional shares, competitors with a wireless connectivity market share, detailed wireless connectivity market segments, market trends and opportunities, and any further data you may need to thrive in the wireless connectivity industry. This wireless connectivity market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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