The WiGig market is growing on account of the rising demand for faster internet connectivity and increasing adoption of portable consumer electronic devices, such as mobile phones, tablets, and laptops. Due to these factors, the revenue generation by the sale of such solutions will witness a 27.9% CAGR during 2019–2024 (forecast period), surging from $1,078.7 million in 2018 to $4,386.1 million by 2024. WiGig is a set of protocols for wireless internet connections working at a frequency of 60 Hertz (Hz).
The product segment of the wiGIg market is categorized into networking devices, consumer electronics, and others. Among these, the consumer electronics category held the largest share in the WiGig market in 2018, and it will also witness the highest CAGR during the forecast period. This is attributed to the increasing demand for smartphones, laptops, and tablets around the world, owing to the rising disposable income of people, especially in emerging economies. Moreover, with these devices now serving as virtual personal assistants, the need for high-speed internet connectivity in them is high.
Banking, financial services, & insurance (BFSI), government, healthcare, retail, residential, information technology & telecommunications (IT & telecom), and others are the divisions under the industry segment. During the historical period (2013–2017), the market was dominated by the IT & telecom category, as this industry makes the highest usage of the WiGig protocols for offering internet connectivity. During the forecast period, the highest CAGR is expected in the healthcare category due to the rising rate of digitization in this industry.
The adoption of various standards of communication to deal with network congestion is one the most-significant WiGig market trends. With the increasing adoption of smartphones and tablets, the number of active internet users is booming, which is making the existing 2.4–5-Hz Wi-Fi dual bands increasingly congested. As a result, new communication standards, such as 60 GHz 802.11ad, are being developed by the market players. The unlicensed 60-Hz band offers faster transmission of data, at speeds of up to 7 Gigabits per second (Gbps).
In addition, the rapid adoption of the bring-your-own-device (BYOD) culture is leading to the deployment of docking stations enabled with WiGig. As employees are more comfortable on their personal systems and this approach also allows companies to save on operational costs, it is becoming popular. However, the individual devices of employees still need to be connected to the internet. Thus, to avoid having individual connections for all the devices, which can lead to an increase in the operational costs, companies are using WiGig-enabled docking stations to connect multiple devices simultaneously.
The strongest factor driving the growth of the WiGig market is the increasing demand for high-speed internet connections. With the rising penetration of the internet in developing countries, the consumption of high-definition video and online music, news, and games is rising. Moreover, with the adoption of autonomous and connected vehicles, the internet of things (IoT) in various industries, intelligent personal assistants, and location-based services, faster data transmission is required than presently. As a result, updated wireless communication standards are being implemented around the world.
North America generated the highest revenue in the WiGig market in 2018 on account of the existence of numerous semiconductor companies and usage of new wireless communication standards in the U.S. and Canada. The highest growth rate is expected to be witnessed in the Asia-Pacific (APAC) region during the forecast period because of the heavy government investments in the advancement of the IT and telecom infrastructure. Moreover, due to the increasing number of internet users in China and India, the existing wireless standards are becoming overloaded and congested.
Therefore, the increasing internet usage will continue to drive the implementation of WiGig solutions across the world.
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