Wi-Fi 6 Market to Witness a Pronounce Growth Rate – 19.6% of CAGR by 2031 | AMR
The range of Wi-Fi 6 is less than that of the 5 Ghz network, which has restricted the market growth for Wi-Fi 6
PORTLAND, PORTLAND, OR, UNITED STATES, December 1, 2023 /EINPresswire.com/ — According to the report published by Allied Market Research, the global Wi-Fi 6 market generated $10.85 billion in 2021, and is estimated to reach $64.12 billion by 2031, witnessing a CAGR of 19.6% from 2022 to 2031. The report provides an in-depth analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is an essential and helpful source of information for leading market players, investors, new entrants, and stakeholders in formulating new strategies for the future and taking steps to strengthen their position in the market.
The Wi-Fi 6 market refers to the global industry involved in the development, manufacturing, and distribution of Wi-Fi 6 technology and related products. Wi-Fi 6, also known as 802.11ax, is the latest standard in wireless communication technology, offering enhanced performance, increased data transfer speeds, and improved efficiency compared to its predecessors.
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Increase in number of internet users and rise in demand for wireless broadband during the Covid-19 pandemic have boosted the growth of the global Wi-Fi 6 market. The market across Asia-Pacific is projected to portray the fastest CAGR of 22.3% during the forecast period. The lockdown enforcement increased adoption of digital learning platforms for digital education, which fueled the market growth.
In 2021, the solution segment secured the largest market share, making up nearly three-fifths of the total share and is anticipated to maintain its leadership position throughout the forecast period. Nevertheless, the service segment is poised to exhibit the highest Compound Annual Growth Rate (CAGR) of 21.0% from 2022 to 2031.
Regarding location type, the outdoor segment dominated the market in 2021, constituting almost two-thirds of the market share and is expected to retain its supremacy in terms of revenue by 2031. Conversely, the indoor segment is forecasted to experience the most substantial CAGR of 21.0% during the forecast period.
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In terms of enterprise size, large enterprises took command of the market in 2021, contributing to approximately three-fifths of the global Wi-Fi 6 market and is expected to uphold its leading position throughout the forecast period. Conversely, the SMEs segment is projected to demonstrate the highest CAGR of 20.9% during the forecast period.
In the industry vertical analysis, the IT and telecom segment seized the majority of the market revenue in 2021, accounting for over two-fifths of the market. Nonetheless, the travel and hospitality segment is expected to register the highest CAGR of 23.9% during the forecast period.
Covid-19 Scenario:
• The Covid-19 pandemic drastically affected the businesses across the globe. However, the prolonged lockdown, especially in the Asian and European countries positively impacted the adoption of Wi-Fi 6 devices.
• During the pandemic, the number of Wi-Fi 6-connected devices experienced a steep increase. The lockdown enforcement heightened the adoption of digital learning platforms for digital education, which fueled the market growth.
• Manufacturers collectively were forced to deploy several agile approaches for quality control.
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In 2021, the North American region dominated the market, holding the largest share, contributing to over one-third of the total market share. This leadership status is expected to persist until 2031. Meanwhile, the Asia-Pacific market is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) of 22.3% throughout the forecast period, highlighting its rapid growth. The research also delves into the analysis of the European and LAMEA regions.
The study scrutinizes key players in the global Wi-Fi 6 market, including Apple Inc., Aruba Networks, Asustek Computer Inc., AT&T, Broadcom, Cisco Systems, Fortinet Inc., Hewlett-Packard Company, Huawei Technologies, Intel Corporation, Juniper Networks, Linksys Holdings, Inc., Microsoft Corporation, NXP Semiconductors, Qualcomm Inc., Samsung Electronics Co. Ltd, and Sterlite Technologies Limited.
The report assesses the strategies employed by these major players, such as new product launches, expansion initiatives, and partnerships, among others, aimed at enhancing market penetration and fortifying their industry positions. Providing valuable insights into business performance, operating segments, product portfolios, and developments, the report serves as a comprehensive guide for understanding the global Wi-Fi 6 market.
The market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The Asia Pacific is expected to be the largest market during the forecast period. The Asia Pacific is the fastest-growing Wi-Fi 6 market due to increased adoption of high investments for digital transformation, the latest technologies, the fast development of domestic companies, vast infrastructure expansion, and various countries’ increasing GDP. Fast-developing economies, such as Japan, Singapore, China, and India, are enforcing Wi-Fi 6 solutions in coming years.
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