“Global Wireless Connectivity Market to reach a market value of USD 236.6 Billion by 2031 growing at a CAGR of 13.4%”
The Global Wireless Connectivity Market size is expected to reach $236.6 billion by 2031, rising at a market growth of 13.4% CAGR during the forecast period.
Zigbee is a low-power, low-data rate wireless communication technology ideal for IoT (Internet of Things) devices and applications. Zigbee's capacity to offer energy-efficient and dependable connectivity for a diverse array of IoT devices, such as smart home devices, industrial sensors, and healthcare monitors, is one of the primary factors contributing to its increasing demand. Therefore, the Zigbee segment is expected to capture 1/5th revenue share in the market by 2031. Additionally, Zigbee's mesh networking capability extends the network's range and enables devices to communicate with one another, rendering it appropriate for large-scale IoT deployments.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In April, 2023, Texas Instruments announced the launch of two new Wi-Fi 6 companion chips, the CC3300 and CC3301. The CC330X series integrates seamlessly with various embedded systems, enhancing interoperability and design flexibility for IoT applications. Additionally, In June, 2024, STMicroelectronics launched the STM32WL5MOC, a System-in-Package (SiP) module featuring the dual-core STM32WL55JC wireless SoC.
Based on the Analysis presented in the KBV Cardinal matrix; Broadcom, Inc. is the forerunner in the Wireless Connectivity Market. In June, 2023, Broadcom Inc. announced its FiFEM devices for Wi-Fi access points, featuring FBAR filter technology for 5 GHz and 6 GHz band coexistence, reduced RF front-end power by up to 40%, and optimized design for Wi-Fi 7 AP systems. Companies such as Qualcomm Incorporated, Texas Instruments, Inc. and STMicroelectronics N.V. are some of the key innovators in Wireless Connectivity Market.
E-commerce platforms and digital services rely heavily on reliable and fast wireless connectivity to facilitate seamless transactions, enhance customer interactions, and ensure the smooth operation of their platforms. The rapid expansion is fueled by the increasing number of internet users, growing smartphone penetration, and the convenience offered by online shopping. In China, e-commerce giant Alibaba has revolutionized the retail landscape with its vast online marketplace. Thus, as more consumers shift towards online shopping and digital services, the demand for robust wireless networks has surged, driving market growth.
Recognizing the strategic importance of robust wireless networks, governments are launching comprehensive programs and policies to facilitate the deployment of advanced wireless technologies, enhance connectivity, and bridge the digital divide. One of the most prominent examples of government commitment to wireless connectivity is the European Union's (EU) Digital Strategy. The EU has promoted digital transformation through initiatives like the "Digital Compass," which outlines ambitious targets for digital infrastructure, skills, and public services. By providing the foundation and promoting user adoption, governments are helping to create a thriving ecosystem for these technologies. This, in turn, benefits businesses that develop and sell wireless connectivity solutions, ultimately accelerating the overall market growth.
The nature of wireless communication, which relies on radio waves to transmit data, makes it susceptible to interception by unauthorized parties. This vulnerability is particularly concerning for sensitive applications such as healthcare and finance, where the confidentiality and integrity of data are paramount. A breach in these sectors can have serious consequences, including compromised patient records or financial information. These attacks can disrupt wireless services, compromise data integrity, and result in financial losses. For instance, a DoS attack on a wireless network can overwhelm the network with traffic, causing it to become unavailable to legitimate users. Hence, security concerns may deter the adoption of wireless connectivity technologies.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches and Product Expansions.
On the basis of application, the market is classified into consumer electronics, automotive, aerospace & defense, healthcare, IT & telecom, and others. The consumer electronics segment recorded 1/4th revenue share in the market in 2023. This segment encompasses many devices that rely on wireless connectivity, including smartphones, laptops, tablets, smart TVs, wearables, and more. These devices rely on wireless connectivity technologies such as Wi-Fi, Bluetooth, and NFC to enable seamless communication and data exchange, driving the demand for wireless connectivity solutions.
Based on technology, the market is characterized into Wi-Fi, Bluetooth, Zigbee, NFC, cellular, and others. The cellular segment procured 22% revenue share in the market in 2023. The demand for cellular connectivity has increased due to smartphones and other mobile devices, which rely on cellular networks for voice and data communication. The increasing adoption of IoT (Internet of Things) devices and applications drives the demand for cellular connectivity. Cellular connectivity provides a reliable and scalable solution for connecting IoT devices, enabling real-time data collection, monitoring, and control across various industries such as healthcare, transportation, and manufacturing.
Free Valuable Insights: Global Wireless Connectivity Market size to reach USD 236.6 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured 38% revenue share in the market in 2023. Several factors, including the rapid urbanization and industrialization of countries like China, India, and Japan, have contributed to the increase in demand for wireless connectivity solutions.
The wireless connectivity market is highly competitive, driven by rapid technological advancements and increasing demand for seamless connectivity. Key players such as Qualcomm, Intel, Broadcom, and MediaTek dominate the market, continuously innovating to offer faster, more reliable solutions. Emerging technologies like 5G, Wi-Fi 6, and IoT are intensifying the competition, with companies investing heavily in research and development to gain a competitive edge. Startups and smaller firms also contribute to the competitive landscape by introducing niche solutions and disruptive technologies. Strategic partnerships, mergers, and acquisitions are common as companies seek to expand their market share and enhance their technological capabilities.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 88.1 Billion |
| Market size forecast in 2031 | USD 236.6 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 13.4% from 2024 to 2031 |
| Number of Pages | 242 |
| Number of Tables | 323 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Technology, Application, Region |
| Country scope |
|
| Companies Included | Broadcom, Inc., STMicroelectronics N.V., Murata Manufacturing Co., Ltd., Texas Instruments, Inc., Infineon Technologies AG, Intel Corporation, Microchip Technology Incorporated, MediaTek, Inc., NXP Semiconductors N.V., Qualcomm Incorporated (Qualcomm Technologies, Inc.) |
By Technology
By Application
By Geography
This Market size is expected to reach $236.6 billion by 2031.
Rapid Adoption of Internet of Things (IoT) Devices are driving the Market in coming years, however, Substantial Concerns Regarding Security restraints the growth of the Market.
Broadcom, Inc., STMicroelectronics N.V., Murata Manufacturing Co., Ltd., Texas Instruments, Inc., Infineon Technologies AG, Intel Corporation, Microchip Technology Incorporated, MediaTek, Inc., NXP Semiconductors N.V., Qualcomm Incorporated (Qualcomm Technologies, Inc.)
The expected CAGR of this Market is 13.4% from 2023 to 2031.
The Wi-Fi segment is leading the Market by Technology in 2023; thereby, achieving a market value of $54.1 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023; thereby, achieving a market value of $92.2 billion by 2031.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 