6G Global Market Report 2024

The 6g market size has grown exponentially in recent years. It will grow from $5.65 billion in 2023 to $7.32 billion in 2024 at a compound annual growth rate (CAGR) of 29.6%. The growth observed during the historical period can be ascribed to the evolution of wireless connectivity, increasing data demand, investments from both government and industry, the emergence of new use cases, and the development of ultra-reliable low-latency communication (URLLC).

The 6g market size is expected to see exponential growth in the next few years. It will grow to $20.46 billion in 2028 at a compound annual growth rate (CAGR) of 29.3%. The expansion anticipated in the forecast period can be credited to sustainable and green communication, spectrum innovation, concerns about security and privacy, global standardization efforts, and industry-specific requirements. Major trends in the forecast period encompass the integration of emerging technologies, international collaboration, global digital transformation, technological advancements, and terahertz (THz) communication.

The expected surge in internet connectivity is poised to be a driving force for the 6G market. Internet connectivity, allowing individuals or devices to link to the Internet for data access and communication, is a crucial aspect. 6G, within internet connectivity, facilitates devices to achieve speeds of one terabit per second (TBPS), ensuring highly efficient and reliable connectivity even with a large number of connected devices. Notably, in February 2021, DataReportal reported that in 2022, 92% of the entire US population had internet access, witnessing a growth of 8.4 million users (2.8%) between 2021 and 2022. Thus, the upward trend in internet connectivity is a key driver for the 6G market.

The 6G market is set to receive a significant boost from the increasing adoption of Internet of Things (IoT) devices. These devices, equipped with sensors and software, exchange data over the internet. The anticipated higher data rates of 6G will facilitate faster transmission for IoT devices, benefiting applications with demanding data throughput requirements, such as augmented reality (AR), virtual reality (VR), and high-resolution video streaming. According to a November 2022 report by Ericsson, broadband IoT (4G/5G) achieved 1.3 billion connections in 2022, with an expected surge to nearly 60% of all cellular IoT connections by the end of 2028. This underscores the crucial role of IoT device adoption in propelling the growth of the 6G market.

Despite the growth potential, the 6G market faces challenges due to skill gaps. Skill gaps in an industry indicate disparities between the skills needed for specific roles and the skills possessed by the existing workforce or potential employees. The development and deployment of 6G technology require a specialized skill set, including expertise in artificial intelligence, advanced telecommunications, and complex networking. The shortage of professionals with these competencies may impede innovation and implementation within the 6G ecosystem. A report by the Computing Technology Industry Association (CompTIA) in October 2022 highlighted that, while technology teams gained 84,000 net new workers in September, around 302,400 technology job postings indicated potential prolonged hiring challenges. Thus, skill gaps emerge as a significant factor hindering the growth of the 6G market.

Major players in the 6G market are strategically focusing on adopting advanced technology products, utilizing software such as electronic design automation (EDA) software to anticipate 6G wireless communications development requirements. The electronic design automation (EDA) software suite facilitates automated design and verification of electronic circuits and systems. For example, in June 2023, Keysight Technologies Inc. launched PathWave ADS 2024, an EDA software suite addressing challenges in mmWave frequency bands for chip designers, enhancing simulation with faster 3D electromagnetic analysis, streamlined workflows for RF components, and improved electrothermal simulation for microwave power amplifiers.

In October 2023, Emerson, a US-based electric motor and fan manufacturer, completed the acquisition of National Instruments Corporation for $8.2 billion. This strategic move aims to strengthen Emerson's global automation leadership, expand its addressable markets, and capitalize on key secular trends in the industry. National Instruments Corporation, a provider of software-connected automated test and measurement systems, is involved in 6G technology research and development, further solidifying Emerson's position in the evolving landscape of 6G technology.

Major companies operating in the 6g market report are Apple Inc., Google LLC, Samsung Electronics Co Ltd., Verizon Communications Inc., AT&T Inc., Nippon Telegraph and Telephone Corporation (NTT), Huawei Technologies Co Ltd., Sony Corporation, T-Mobile US Inc., LG Corporation, Intel Corporation, Cisco Systems Inc., Orange SA, Qualcomm Incorporated, Mitsubishi Electric Corporation, Broadcom Inc., Fujitsu Limited, Telefonaktiebolaget LM Ericsson, Nokia Corporation, NEC Corporation, MediaTek Inc., ZTE Corporation, SK Telecom Co Ltd., Keysight Technologies Inc., Ciena Corporation, Rohde & Schwarz, Xilinx Inc., National Instruments Corporation, InterDigital Inc., DeepSig Inc.

North America was the largest region in the 6G market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the 6g market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the 6G market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

6G represents the sixth generation of cellular networks, marking the next phase in wireless communication technology. This progression aims to improve data transfer capacity, turning mobile devices into versatile tools capable of supporting interactions through voice or movement and enabling holographic meetings.

The fundamental elements of 6G comprise hardware, software, and services. Hardware encompasses both external and internal devices and equipment that facilitate essential functions such as input, output, storage, communication, and processing. This category includes various devices such as networking devices, IoT and edge computing devices, mobile devices, and others. These components leverage a range of applications, including digital twins, blockchain, and smart cities. End users span diverse sectors such as agriculture, automotive, healthcare, government, manufacturing, among others.

The 6G market research report is one of a series of new reports that provides 6G market statistics, including 6G industry global market size, regional shares, competitors with a 6G market share, detailed 6G market segments, market trends and opportunities, and any further data you may need to thrive in the 6G industry. This 6G 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 6G market includes revenues earned by entities by providing basic information services, including wireless sensing, enhanced network information provision, and public information of industry. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The 6G market consists of sales of wireless and fixed cellular infrastructure and smart home devices. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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