Next Generation Wireless Communication Market

Growing consumer electronics adoption is driving the market growth

The rising consumer electronics adoption drives market CAGR for next-generation wireless communication. The increasing demand for smooth and dependable communication networks in different applications such as medical care, defense, and public safety drives the next-generation Wireless Communication industry. The advancement of 5G connectivity, which provides high-speed connection, minimal latency, and high dependability, further propels market expansion. This technology is projected to aid the development of future innovations like virtual reality (VR), augmented reality (AR), and self-driving cars.

Additionally, the significant shifts in the size of the market for connection services, as well as the rising demand on a worldwide scale, are opening up several options. Big network organizations seek investment possibilities and expand their reach by offering online education and training. Furthermore, introducing dependable internet and information services as a need during the epidemic has resulted in worldwide alliances and acquisitions for product creation and implementation. Another benefit is the development of 5G technology. Furthermore, the growing acceptance of cloud-based and computing technologies propels the Next Generation Wireless Communication business forward.

These technologies need high-speed, low-latency communication networks to allow immediate information processing and evaluation. The rising usage of Technology for wireless communication in the manufacturing industry that would enable direct control and monitoring of machinery and equipment is also driving the market.

COVID-19, as well as the implementation of a global lockdown, had a negative impact on lives, production, enterprises, and industries. The pandemic was exclusively responsible for transforming lifestyles and working methods. As the world's leading players shifted towards working from home, the need for next-generation communication technologies increased. A steady connection and fast speed to support working and educational platforms fuel the expansion of the wireless communication business during and after the COVID period. Wireless detectors and links and the broad desire for a wireless communication industry saw increased demand throughout the COVID-19 period.

As a result, while big firms struggled with manufacturing, the next-generation wireless communication sector continued to produce and respond to needs on a far greater scale.

For instance, the Cisco VNI Worldwide Mobile Data Traffic Forecast predicts that mobile data will grow at a CAGR of 46% between 2017 to 2022, hitting 77.5 exabytes per month by 2022. A 5G connection would generate 2.6 times the traffic of a typical 4G connection by 2022. The effective network quality needed by implementing 5G will meet rising data demand. Thus, it is anticipated that demand for Next-Generation Wireless Communication will increase throughout the projection period due to the rising consumer electronics adoption. Thus, driving the Next Generation of Wireless Communication market revenue.

The Global Next Generation Wireless Communication Market Industry experiences a surge in demand for high-speed connectivity, driven by the proliferation of smart devices and the Internet of Things. As consumers and businesses increasingly rely on seamless connectivity for various applications, the market is projected to reach 36.2 USD Billion in 2024. This demand is further fueled by advancements in technology, enabling faster data transmission rates and lower latency. The integration of next-generation wireless technologies is essential for supporting emerging applications such as augmented reality, virtual reality, and smart cities, which require robust and reliable connectivity.

By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Next Generation Wireless Communication market will dominate this market during the projected timeframe because of the existence of large technological businesses and the rapid adoption of modern innovations, which will boost the market growth in the North American region.

Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Next-Generation Wireless Communication Market Share by Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Europe region’s Next Generation Wireless Communication market accounts for the second-largest market share due to higher expenditures in 5G infrastructure. Further, the German Next Generation Wireless Communication market holds the largest market share, and the UK Next Generation Wireless Communication market is expected to grow and expand significantly in the European region during the projected timeframe.

The Asia-Pacific Next Generation Wireless Communication Marketis expected to grow quickly during the projected timeframe. This is due to the rising use rate of phones and a growing demand for modern communication technology. Moreover, China’s Next Generation Wireless Communication market dominates the market share, and the Indian Next Generation Wireless Communication market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.

Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Next Generation Wireless Communication market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their global footprint, with significant market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings.

The Next Generation Wireless Communication industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.

Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the global Next Generation Wireless Communication industry to benefit customers and capture untapped market share and revenue. The Next Generation Wireless Communication industry has recently offered significant advantages to the electronics industry. Moreover, more industry participants are utilizing and adopting cutting-edge Technology has grown substantially.

Major players in the Next Generation Wireless Communication market, including ZTE Corporation (China), AT&T (US), Huawei (China), Intel Corporations (US), Cisco Systems (US), Qualcomm (US), IBM Corporations (US), and NEC (Japan), are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.

AT&T, Inc. is a multinational corporation that provides telecommunications, media, and technology services. The Xandar section offers advertising services. The firm was established in 1983 and has its headquarters in Dallas, Texas. It works in four divisions: Communications, Warner Media, Latin America, and Xandr. The Communications section provides services to companies and customers in the United States and its territories and enterprises worldwide. Recently, AT&T spent more than $1.3 billion on wireless communication technology.

QUALCOMM, Inc. is a company that develops, designs and sells digital telecommunications devices and services. It was established in July 1985 and has its headquarters in San Diego, CA. It is a firm made up of inventors with varied talents and experiences who are passionate about improving communication worldwide. Qualcomm CDMA Technologies (QCT), Qualcomm Technologies Licencing (QTL), and Qualcomm Strategic Initiatives (QSI) are its business segments. Qualcomm Technologies Inc. teamed with Corning Inc. in February 2020 to create 5G mmWave infrastructure solutions for companies and public places, accelerating in-building 5G implementation.

The 5G solutions aim to integrate the company's 5G and mmWave technologies with Corning's small cell knowledge to create cost-effective, simple-to-install 5G-ready interior networks.